How do you measure the success and impact of your marketing efforts in attracting new members to your coworking space?
I know this quote is often attributed to many people, not just retailer John Wanamaker.
These days it’s a cliché about the effectiveness and risk of what you should spend on marketing.
In 2023, the quote is not true any more because so much of our marketing is done 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 journey being conducted online 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.
In a 2021 report found that over 60% of shoppers research online before buying, and the way consumers shop is changing all the time with digital advancements.
No matter what you may think, internet is extremely important 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.
In fact, the internet may play an even bigger role in the buyer journey than the commonly cited 70% to 80%.
Why online is good news for your marketing
Which is good news for you because it is online you can track all that stuff!
So you can see whether people are just “liking” what you do or actually coming through and giving you a pay cheque.
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 on your own, or hire someone to do it for you.
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.
It’s like every tool below is a gem I’ve picked up in 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 lots more.
It’s like having a window into what your customers really 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 out newsletters or offers by email, platforms like MailPoet give you the lowdown on how they’re doing.
You’ll see who’s opening them, clicking on links, and more. It’s a great way to make sure your emails are hitting the mark. - Staying on Top of Customer Relationships:
Using a CRM system like Salesforce or Nimble helps you keep track of all your interactions with customers.
You can see where your leads are coming from and how they’re turning into sales.
It’s like having a roadmap to your customers’ hearts. - Seeing What Visitors Really Do:
Ever wondered how people use your website?
Heat map tools like Crazy Egg show you exactly where people are clicking and scrolling.
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 make sure you’re putting your efforts where they’ll do the most good.
Online is also an email list.
In early 2020, when COVID-19 emerged, coworking spaces that had neglected their website, email list, and online community had to put in more effort to survive.
When people are not in your building, you need a way to reach them.
✅ And like my friend Jon Buscall has been saying for over 10 years now, 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.
📚 Todays 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 done their online courses.
I’ve watched them all grow, and keep growing 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
Have a remarkable day.
Be careful out there.
It is a jungle.