As Jeff Bezos says:
Your brand is what people say about you when you are not in the room.
So, a brand is a perception people have about our businesses. Meaning we don't actually own our brands. But what we do own are the assets that "shape" that perception. Considering that there are many factors we can't control that influence this perception, is key to focus on those we can control.
Here's a list of 5 keys to boosting your coworking brand (well, at least the cut of it you own)
1 - Know your audience If a brand relies on an audience's perception, the more we connect with that audience, the more we own our brand. And the coworking market is not an exception. With the current market growth, a precise definition of our target audience is vital. Who is your ideal customer? What do they look like? What are their motivations? What about their pain points? Where do they hang out? All these questions will lead to an accurate representation of your target customer, and help define the strategy to reach, attract and make them buy. Tools: An efficient way to shape a clear idea of this ideal client is to start by crafting a value proposition canvas. And then using it to create buyer persona profiles (we recommend 2 profiles per customer segment).
Value proposition canvas (Strategyzer)
Buyer persona profile sample
2- Know your competitors There are plenty of fish in the sea, and even if you are the best option in your market, you are not the only one. If your space is the only one in the city, you still have to convince workers to choose you over their homes or a Starbucks. So, competitive analysis should not be limited to exploring only your direct competitors, but also your substitutes. Tools: You can start by crafting a competitive analysis chart. Once you finish it, you can use the insights you gathered to plot a perceptual map, an easy yet clarifying way to start!
Perceptual map (Email marketing platforms market)
4- Touchpoints cohesiveness Brand touchpoints are the interactions and exposures that a consumer can have with a brand. This includes both deliberate messages from a brand and any interactions the consumer will have with it as part of their everyday life. In order to forge a seamless brand experience, cohesiveness within the different touchpoints is crucial. Is the brand tone of voice the same in its different communication channels? Are the brand messages aligned with its core values? Are your print and digital ads expressing the same identity? Tools: A great way to analyze your brand experience is by conducting a touchpoints audit. This process leads to diagnosing and taking control of almost every interaction your brand has with the audience.
Touchpoints audit (automotive industry sample)
5- Keep your strategy up-to-date A major mistake regarding brand strategy is thinking of it as a static resource. Investing resources to build the brand structure, and once the development process is done, never revisit the document to check if is there room for updates or improvements. The market shifts, customers evolve and communications are in constant change. In order to maintain a solid positioning, businesses need to keep their brands fresh and their strategies up-to-date.
But, how often do I need to update my brand strategy? Well, it will depend on the complexity of the document. For our Strategic Brand Development solution, we recommend checking for potential update needs once a year, if possible (we actually perform an audit after the first year and provide the framework for the next revisions). Brands are dynamic, and there's always room for improvement. These tips and tools are just a few resources you can rely on to keep your brand competitive and up-to-date.
Cheers :)
Matt
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