37. SWOT Analysis of Experienced Operators in a Rapidly Evolving Market
This episode is brought to you by the Global Workspace Association.
Guest: Wendy Spreenberg goes through a SWOT Analysis for experienced shared space operators
Strengths of experienced shared space operators:
Longer view of the industry - have seen the expansion and contracting of the industry
They know how to generate profit
They have had thoughtful response to change in the workplace - IT, staffing,
They know what has worked in their market (space size, configuration, location, type of amenities that work for their users
Lower marketing costs overall based on the location and longevity of their space
Weaknesses for experienced shared space operators watch out for:
Choosing whether or not to be reactive or responsive
How to synthesize their experience into the next wave of change
Be careful to avoid a knee-jerk reaction - either a) no change or b) too much change too soon which takes a successful operator away from their identity and strength
Avoid “me too” approach as the market shifts - how do the trends apply to your members and your identity?
Opportunities for experienced shared space operators:
Thank you to WeWork for changing consumer awareness and demand of shared space both by startups and by corporate users (“Rising tides lift all boats”
An excitement in the marketplace for more investor dollars available (for expansion, not just acquisition)
Potential threats for experienced shared space operators:
Global players that want to enter the US market. It’s Regus entering the market back in 1998. We may be poised to see this cycle again. We are likely in expansion mode in the next 5 years before consolidation
Members expect better technology, better amenities, not just in the building, but in the space. Look for creative opportunities to develop productive relationships to deliver on experience.
There’s a new type of workspace that is more open plan, contemporary design, and really responsive to having events. So if you’re not looking at building community and being even more hospitality focused, you could get left behind.
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