The coworking space industry has grown dramatically over the past 5 years, and competition has significantly intensified in key markets. To address the growing competition within the industry, some coworking space operators are turning to specific niches in order to continue to provide a unique value proposition.
Niche coworking has become one of the key trends in the industry, and some experts have stated that specialization is key in order to be successful in the long-term. Today, there are various niche coworking offerings across the globe; there are now coworking spaces for chefs, for women, for musicians, for lawyers, for medical practitioners, for high-growth startups, for technology companies, etc.
While specialization can help coworking space operators better reach their target audience, it by no means should be that the spaces should be exclusive of other types of members. One of the key value propositions of coworking spaces is that they are inclusive spaces that want to create a vibrant community. Vibrant communities need a diverse member-base.
Niche coworking spaces can be successful, however, they need to be done right. The idea behind a niche coworking space is to specialize your offering and make sure that you are providing your target customers with the tools and resources that they need. However, just because you are focusing on one niche doesn’t mean you should forget about other potential audiences and that you should place all of your eggs in one basket.
Nichification can improve a coworking space operator’s marketing and sales efforts. Once you know how and why you add value to a specific customer segment, it becomes easier to appeal to them and to stand out from the competition.
Just as in other industries, like food and hospitality, there’s something for everyone, however, it’s risky to err on the side of being exclusive. For example, just because you open a restaurant for vegans doesn’t mean you won’t serve meat-eaters, you’ll still welcome them in your restaurant and serve them your food.
The same goes for coworking spaces; while your space is designed and equipped with chefs in mind, it doesn’t mean that you should turn away a marketing professional. They might not make use of all the equipment you have available, but for them, your value proposition could be your location, your Wi-Fi, or your service.