How do you measure the success and impact of your marketing efforts in attracting new members to your coworking space?
This quote is often attributed to many people, not just retailer John Wanamaker.
Nowadays, it’s a cliché about the effectiveness and risk of what you should spend on marketing.
In 2023, the quote is not accurate any more because so much of our marketing is online.
“Half of my advertising spend is wasted; the trouble is, I don’t know which half.”
John Wanamaker
70% to 80% of the buyer journey is done online – I’d say even more!
In today’s rapidly digitising world, 70% to 80% of the buyer’s online journey may seem almost conservative.
A shift towards online research, comparison shopping, and even virtual consultations has emerged as a fundamental change in consumer behaviour.
Google has weighed in on this transformation as well.
A 2021 report found that over 60% of shoppers research online before buying, and the way consumers shop is constantly changing due to digital advancements.
No matter what you may think, the Internet is essential for helping buyers make purchasing decisions, like where to work from.
Buyers can gather information and make more informed choices before walking into a physical space and buying something.
The internet may play a more significant role in the buyer journey than the commonly cited 70% to 80%.
Why online is good news for your marketing
This is good news for you because it is online, and you can track everything!
So you can see whether people just “like” what you do or are coming through and giving you a paycheck.
You will be amazed at how many pages of your website people need to read before they make a buying decision.
How the hell do I track my online marketing?
I don’t want to scare you!
It has taken me years to learn all these things below, and I still need help with the more comprehensive parts of Google Analytics.
Tackle one tool at a time if you are alone or hire someone.
Over the years, each tool has given me a better insight into the communities and groups I work with.
I’ve become very fast at searching for people and places online and connecting.
Every tool below is a gem I’ve picked up in a video game!
- Using Google Analytics:
Want to know what’s happening on your website?
Google Analytics will show you.
You’ll see where people come from, what pages they like, and more.
It’s like having a window into what your customers want. - Keeping an Eye on Social Media:
Tools like CoSchedule and Social Bee let you watch all your social media in one place.
You can see what posts are a hit, where you’re gaining followers, and even how your ads are doing.
It’s like having your finger on the pulse of your online community. - Checking Out Your Emails:
If you’re sending newsletters or offers by email, platforms like MailPoet can give you the lowdown on their performance.
You’ll see who’s opening them, clicking on links, and more. It’s a great way to ensure your emails hit the mark. - Staying on Top of Customer Relationships:
Using a CRM system like Salesforce or Nimble helps you track all your customer interactions.
You can see where your leads come from and how they turn into sales.
It’s like having a roadmap to your customers’ hearts. - Seeing What Visitors Do:
Have you ever wondered how people use your website?
Heat map tools like Crazy Egg show where people click and scroll.
It’s like watching over their shoulder so you can make your site even more engaging.
These tools can be like having a personal guide to what’s working (and what’s not) in your online marketing.
They’ll help you connect with your customers and ensure your efforts are directed where they will do the most good.
Online is also an email list.
When COVID-19 emerged in early 2020, coworking spaces that had neglected their websites, email lists, and online communities had to make more effort to survive.
When people are not in your building, you need a way to reach them.
And as my friend Jon Buscall has said for over ten years, marketing is a commitment, not a campaign.
“Marketing is a commitment, not a campaign.”
Jon Buscall
So please do not entrust your marketing department to an intern.
You wouldn’t give your finances to an intern.
Don’t give your marketing to your intern.
BUT
Do include your interns in the marketing program.
Teaching them marketing and communications skills is one of the BEST things you can do.
Check out these books:
I’ve read hundreds and hundreds of books about marketing since I joined Audible in 2005.
These are the three books I’d recommend.
Over the last few years, I’ve read these books, worked in person with all the authors, and taken their online courses.
I’ve watched them all grow to where they are now.
They generously offer battle-tested marketing advice without any crappy trendy fads and gimmicks.
Read them in the same order I post them here.
The first book by Susan will help you get your head and your story straight – when you’ve done that, you can go anywhere.
- The Business of Stories – Harness the Power of Storytelling to Demonstrate Your Value, Attract Your Ideal Clients and Get Paid What You’re Worth
By: Susan Payton
- They Ask, You Answer – A Revolutionary Approach to Inbound Sales, Content Marketing, and Today’s Digital Consumer, Revised & Updated
By: Marcus Sheridan
- Marketing Made Simple – A Step-by-Step StoryBrand Guide for Any Business
By: Donald Miller, Dr. J.J. Peterson
