A global real estate leader launching a flex-workspace brand abroad.
Hines is one of the largest privately-held real estate investment, management, and development firms renowned globally for the quality of their various properties.
A recent endeavor from Hines’s was the launch of The Square – a flexible workspace that allows building tenants, local businesses, and remote professionals to rent office space as needed while receiving best-in-class hospitality, security, and amenities.
Hines is one of the largest privately-held real estate investment, management, and development firms renowned globally for the quality of their various properties. Since their founding in 1957, Hines has had a hand in developing, redeveloping, or acquiring over 1,500 buildings and currently has a presence in 258 cities and 28 countries.
A recent endeavor from Hines’s was the launch of The Square – a flexible workspace that allows building tenants, local businesses, and remote professionals to rent office space as needed while receiving best-in-class hospitality, security, and amenities. The Square initially launched in 2019 to provide a new and differentiated way to access office space, a trend that started before the COVID-19 pandemic. Now, more than ever, how business owners and employees utilize office space and seek access to high-quality meeting and event space on demand has shifted, and The Square by Hines provides a differentiated office product to clients of all sizes.
With the Mexico City location opening in January 2023, Hines engaged FullFunnel’s expertise in global staffing to help their team build a more scalable demand generation and sales process outside of U.S. borders. Currently, FullFunnel manages Alexander Rosales, a Mexican-based BDR, to coordinate and schedule tours, send proposals for new business, and manage potential new opportunities for the Square.
One sales resource, no local language, no local data.
The Hines team had a goal of opening their Mexico City location at a 40-60% committed capacity, and, despite offering some of the most flexible workspace solutions for modern businesses, they faced the following challenges as it relates to their continued expansion:
- Resource Limitations: The sales funnel for The Square has been managed by a single sales resource that does not have the bandwidth, language capability, or understanding of the Mexican market to fuel the growth into international territories.
- Virtual Tours: This was the organization’s first attempt at securing customers before the location opened, so they relied on virtual and “hard-hat” tours for the first time.
- Competition: This space has many competitors, including businesses like WeWork, Regus and IOS Offices. The Square at the Neuchatel office building is one of the highest-quality buildings and coworking spaces in Mexico City, thus they are not the most cost-effective option for flexible workspace in Mexico City.
- Data Limitations: Tools like ZoomInfo and CoStar that have helped them identify businesses that are selling their offices or use co-working spaces have been less effective or not available to Hines at all in Mexico City.
Local staffing, tailored to each specific gap.
FullFunnel identified the aforementioned challenges and addressed them with a tailored solution:
- Resource Limitations: FullFunnel staffed a Mexico-based sales representative with local knowledge and language capabilities to build relationships and understand the nuances of the market. In addition, omnichannel sales training in both Spanish and English were provided to bridge the gap in understanding the Mexican market and the Square’s needs.
- Virtual Tours: In conjunction with scheduling virtual tours and with the addition of a diligent sales asset to the team, in-person tour booking & management was able to be accomplished while also leveraging effective marketing collateral.
- Competition: FullFunnel was able to assist Hines with identifying and highlighting unique features and benefits that The Square offers compared to its competitors. In addition to booking tours and managing the generated pipeline, the representative provided additional value to the team by drafting and presenting proposals for new business, contributing to overall generated revenue.
- Data Limitations: While conducting industry specific research and leveraging both inbound and outbound leads, FullFunnel has found it effective to run various campaigns including re-engagement to maximize on the number of tour books on a monthly basis.
- Strategic Sales Management: FullFunnel added a Strategic Sales Manager to the team who collaborated closely with the SDR and provided direct oversight. This included pitch refinement, strategy development, and campaign adjustments to optimize efforts for Hines and the Square in CDMX.
Following a period of onboarding,, the SDR yielded impressive results. Over the course of a few months, the tour goal for The Square was met and surpassed. Please find progress of achieving & exceeding targets outlined below:
- April 2023: 195.85% to Goal
- May 2023: 235.71% to Goal
- June 2023: 171.43% to Goal
- July 2023: 128.57% to Goal
Local, bilingual staffing
A Mexico-based sales representative with local knowledge and language capabilities, plus omnichannel sales training in both Spanish and English to bridge understanding of the Mexican market.
Virtual + in-person tour management
Virtual tour scheduling paired with in-person tour booking and management once the dedicated sales asset was in place, backed by effective marketing collateral.
Competitive differentiation
Identified and highlighted The Square's unique features versus WeWork, Regus, and IOS Offices, while the representative drafted and presented proposals for new business.
Data workarounds
Industry-specific research combined with inbound and outbound leads, including re-engagement campaigns, to maximize monthly tour bookings where standard data tools fell short.
Strategic sales management
A Strategic Sales Manager collaborated closely with the BDR, providing direct oversight, pitch refinement, strategy development, and campaign adjustments.