How to Scale Peerspace
Peerspace is a peer-to-peer marketplace for commercial spaces.
This week’s case study: https://www.peerspace.com/
It's no secret that rising e-commerce penetration has been eating away at physical retail's core value proposition for some time now, and COVID has only accelerated this trend. Storefronts were the first to get hit, but event spaces, restaurants, and alternate spaces like gyms have been forced to seek out alternative revenue streams as virtual events, ghost kitchens, and home gym solutions experience skyrocketing adoption.
Now that tenant's future financial prospects are less reliable, property owners are stuck having to deal with fickle tenants who can't afford to commit to long leases and inflexible terms.
Peerspace is one of the core players emerging to help cater to space owners and operators who need to fill their spaces with more short term renters to plug the revenue-leaking holes their operations have been springing over the past decade
Peerspace is essentially a marketplace platform that allows owners and operators to list their space and manage bookings online. Think Airbnb for commercial spaces. Here's how I think they could unlock new levels of growth.
Peerspace's website is built around the idea of use cases rather than space classifications. Users aren't searching for a convention center - they're searching for a wedding venue, or a filming location.
To take advantage of this, Peerspace already has paid search campaigns set up around these 'use case + city' keywords, but they could take it a step further. They should be building SEO optimized landing pages not just for use cases within a city, but also more specific location searches within a given city. The keywords "Wedding Venue Toronto" get roughly 2900 searches a month, but "Wedding Venue Scarborough" (an area within Toronto) gets 480 searches a month, and with considerably less competition. Take advantage of this by building search optimized landing pages for each neighbourhood or area with search volume, and add these keywords to the paid search campaigns with keyword insertion ad creative to plug in each suburb into your ad copy.
To build more space inventory, create location-specific templated content that will filter in space operators and retarget visitors with ads to list their space. For example, a wedding venue owner clicks an article created by Peerspace titled "Five things Toronto Venue Managers Need to Know in 2021", and later receives ads from Peerspace about having their space "Featured" by Peerspace. Boom - a new pipeline of new spaces.
Many of Peerspace's use cases are well-positioned to provide repeat business. Filming locations, conference rooms, fitness studios, and even wedding venues could turn into multiple bookings over time. With this in mind, Peerspace should be building use case segmented email lists for each city they operate in, and capture leads with the promise of promoting new event spaces and monthly discounts. Use social ads to retarget non-converting users who've visited 'use case + city' landing pages with ads promoting them to join the list.
For venues, we need to drive revenue for them as quickly as possible. Bookings bring more bookings, so feature nice new listings in these newsletters and on landing pages with attractive pricing to get some bookings and reviews coming in as soon as possible.
Event spaces are all about referral and local word of mouth, so Peerspace needs to be empowering local influencers to promote their service and spaces. Build an affiliate network with local publications, blogs, and influencers within each use case. Have them drive relevant traffic back to Peerspace in exchange for generous compensation structures.
For existing customers, offer accumulating credit loyalty for multi-booking use cases, with strong referral bonuses. This should help empower people like wedding planners and location scouts to improve their margins by booking with Peerspace, building a strong retention effect. Do the same for venue owners by paying cash for activated additional spaces to incentivize them to invite their friends and potentially bring more of their own properties online.
That's it for today. Thanks for reading!