Back in 1999, 1% represented the percentage of white-collar knowledge workers who had the authority to make an office space decision. Given the limited audience, I built marketing programs to target this one niche. At the time this was purely a B2B play. Advertising in business journals included headlines that targeted the CFO: “How do you stop a speeding company? Drop a Ton of Bricks on the Balance Sheet.” To the CEO: “If you think this economy is crazy, take a look at your long term leases.” And to the VP Of Real Estate: “Place 20% of your property portfolio in flexible space.” We built the product and formulated pricing and promotion to provide a compelling B2B value proposition.
Fast forward to today and the traditional forces of change: globalization, shifting of social norms, technology and competition have made that limited 1% audience a thing of the past. According to IDC, there will be 1.5 billion mobile workers globally this year. The US Government is reporting that 50% of all small businesses are run out of a home, with 8% of those companies making in excess of $500,000 and 35% over $150,000. Perhaps the most compelling statistic is from the Bureau of Labor Statistics, reporting that 65 million Americans or 40% of the workforce will soon be comprised of freelancers, solopreneurs and consultants.
Gone is the 1%. Gone is the B2B play. The doors of opportunity have blown wide open as your audience has been transformed. Welcome to a business 2 consumer world where 40% of the workforce is at your doorstep and your client’s decision criteria involve the individual, his/her family and the business. And as your audience has completely evolved in a new direction, so must your product, your pricing, your strategies for both lead generation and conversion. Are you ready?
In follow-up posts, and a webinar series I will address the key steps that workspace providers must take to evolve their offering to speak to this new, expanded audience and to seize this tremendous opportunity.
Save the date for our kickoff Webinar on July 24th at 3:00 EST.
“Using Virtual Product as a wedge product to tap into the pockets of 65 Million decision-makers.” Details to follow.
About Andrea Pirrotti:
Pirrotti Marketing Group has been crafting and executing marketing strategies to fuel revenue for more than 800 workspace locations across 65 countries since 1999. Andrea Pirrotti is the Executive Director for the Workspace Association of New York (WANY) and is the chair of the Marketing Committee for the Global Workspace Association (GWA).