214. Why You Should Build an Email List for Your Coworking Business

We recently hosted training sessions on the following topics for our Community Manager University members….which got me thinking about sharing some ideas around what you can do with an email list and why you should build one.

  1. How to grow your email list and 

  2. What content to include in your newsletters.

Three things you can do with a “marketing” email list:

  1. Sales Funnel tool: To nurture those that aren’t “search and join” members. Help your potential members answer the following questions through email content:

    1. Do people I admire and want to spend time with work in the coworking space?

    2. What is the ROI on a coworking membership?

    3. What happens in a coworking space?

    4. What is the vibe in your coworking space?

  2. Direct Sales: To announce office openings, run BOGOS, sell event tickets

  3. More advanced: Affiliate revenue and membership sales that aren’t attached to your physical space.

Why email is better than social media

Your organic social media posts go to maybe 10% of your followers. Organic reach is limited and unpredictable. Your email list is yours. You own it and assuming you’re using a good email service provider, your emails go to 100% of the people on your list. Not all of them open it, but your open rates should be closer to 20-30% vs. 10%. 

What are email service providers that are popular with coworking space teams?

Keep it clean!

Make sure you are following anti-spam and GDPR requirements for your opt-in process. Key to Success?Consistency. List-building is a marathon, not a sprint.

Opt-in sources for coworking spaces might include:

Action Items:

  • Make sure you have an email opt-in opportunity for:

    • Tours

    • Event attendees

    • Guests

    • Opt-in to free resource on website

  • Make sure you’re sending a marketing newsletter at least monthly.

  • As your list grows, start thinking about how to leverage your list. 

    • Automations for tours that don’t join.

    • Quarterly email promotions (BOGO, waive a setup fee, free week)

    • Indirect revenue - affiliate marketing, promote a local partner, etc.

Everything Coworking Featured Resources: 

Community Manager University

Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space

Resources Mentioned in this Podcast:

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Podcast, Coworking Industry, Community, SalesJamie RussoCoworking Space