With the rapid digitalization and technological advancements, offices are being shrunk to laptops. For running a business, all you need is a smartphone, internet, and a laptop.
Meanwhile, the cities are getting overpopulated, and rent for commercial spaces is getting higher. In this situation, the usage of coworking spaces is increasing.
There are over 11,000 coworking spaces in the Asia Pacific region, which is greater than any other region. The number of coworking spaces is increasing rapidly with time.
This rapid increase has enforced a battle on the space owners. Every business is focused on attracting new members. Though retaining existing members is considered to be more feasible rather than attracting new members.
Let’s discuss some of the strategies that are effective in retaining coworking members.
Retaining pre-existing members is more focused on businesses. The main reason for this is the feasibility of retaining members contrary to attracting new ones.
Retaining even 5% of members can increase your profit by 25% to 90%.
The solution of retaining members is far beyond providing a physical space. Many other factors can be supportive for retaining members. See the following tricks and tactics for retaining members.
The basic key for successfully retaining your members is to target them adequately. Position your space in accordance with the people visiting you.
See the following illustration, which reflects different categories of the target audience.
We all have heard that if you try to please everyone, you’ll end up pleasing no one. Make the arrangements and ambiance as per your specific targeted segment.
Provide them with the facilities which they require in their working space. Only 12% of members are above the age of 50. But it is your responsibility to cater to them with the necessary facilities. With the parameter of age, you should be focused on the specific type of niche.
If your niche is software developers, then allow only related members at the space.
Your space must provide at least basic facilities to the existing members. To calm down the member’s craving stomach, you should have beverages and snacks. If your target audience is millennials, then provide them with a fresh salad bar, as 60% of them are health conscious.
Yoga and napping facilities will be an additional one for the members. These facilities will increase members' engagement level, and switching the space will be reduced.
We all have heard that the first impression is the last. This is the case when you are onboarding a new member. Remember that you are focused on retaining members, and every new member is an opportunity.
The onboarding process must be smooth and efficient. If your onboarding process is effective, it can increase member retention by 82%.
Greet them well, and elaborate on all the benefits of joining your space. Tour them around the place and introduce them to other members.
Provide them access to connectivity and software or social media groups. The more personalized the tour is, the more chances of new member’s retention.
Every coworking space is working hard to engage its members. The competition is getting tougher for you. It is a difficult task to build an adequate community culture that attracts the members back.
This is the point where the concept of networking will support you. Create an online community of your members and run different attractive campaigns and offers on it.
Provide work-trade opportunities to freelancers working there. Post the names of freelancers and services they provide along with their rates. Encourage members to communicate and trade with each other. See the following reasons people join coworking space, contrast it with the services you are providing.
It is significantly difficult to retain members if you are unaware of the core issues they are facing. The requirements and demands of coworking members change with time.
It is necessary to evaluate and get first-hand knowledge regarding their expectations. Ask for feedback from your consumers. You can use different digital platforms to conduct the survey.
Google Form is one of the most suitable platforms to conduct the survey. Use open-ended questions so that they can write what they feel.
85% of people will provide you with feedback if they are satisfied with the services. You can use the Net Promoter Score to gauge the satisfaction level of members.
Email is considered to be one of the most effective marketing strategies for the coworking space. Around 93% of marketers use email marketing to reach out to their customers.
The majority of coworking spaces avoid sending a promontory email to the members. This is because they find themselves promontory and create a negative impact on the peace of members.
But if you are confident about the level of services you are providing, it’s worth trying the option. Use email to communicate with your members, send discount flyers or attractive offers. Introduce new features through email; it will reflect a more professional side of the space.
Around 16% of the total events in Pacific countries are official. Do not go for a formal corporate event. Arrange events for your space members that are more attractive, cheerful, and relaxing.
Make the event inclusive, and provide what members are interested in. The type of events can range from simple to complex. You can do a happy hour on Friday night and include everyone in the event. If most members do not want to sit and chit chats, arrange an outdoor event.
The concept of personalization is not new; marketers are using it for a long time to attract consumers. Around 80% of the people get inspired by the personalization provided to them. For retaining members reflecting personalization is necessary.
The first step is to write a personalized subject line in the email. If any of the members are allergic, place their allergy chart in the cafeteria. Make special arrangements if someone is struggling with a medical condition.
Service providers are long using loyalty programs to retain their regular and potential customers. Around 90% of the organizations have some loyalty program for their customers.
It is a way of delivering back to your loyal customers. If you are raising your membership fees, exclude them from this increase. Please provide them with freebies and free take away after they spend years with you.
Make it tough for them to switch to other spaces; make this practice part of your system.
Surrounding your working place has a significant impact on your productivity and efficiency. Around 64% of global leaders accept that working from different locations can increase employees' productivity.
Set the mood of your members to work and feel encouraged.
A comfortable seat and silence are not all that is required. Use bright wall colors to emit positive vibes.
Use sunlight instead of white light, and provide enough light in the space, do not make it dark. You can also use indoor plants to create an attractive yet relaxing workplace.
It may sound weird for many people, but you can use your members for advertisements. For promoting your space and retaining the existing members, you can use advertisements.
Share the experience and journey of your members with other people. Use their story to promote your space on social media platforms.
You can also frame their achievements and use them to attract new customers.
Around 60% of people prefer to avail happy hour strategy. It is an efficient way to show loyalty towards the customer and increase their engagement level. Ensure that there are alcoholic and non-alcoholic beverages, as some people are sober and do not prefer alcohol.
Along with these beverages, there should be quality food items to be served. See the following illustration, which reflects the reasons and preferences of people during happy hour. Make sure all your offers must align with these desires.
The best time to launch a happy hour is when there is a new member. It is the best time to introduce new members to existing ones.
Managing a workplace is not an easy job. The majority of people believe that managing a workplace is similar to corporate jobs where you are responsible only for 9 to 5. But, managing the workplace is an anomaly.
You have to be present every time to engage and coordinate with the members. Adopt a community management style; you’ll be responsible for doing all the communication with the members.
See the following illustration, which reflects the necessary skill set required to become a community manager.
Pro Tip: Luckily, modern coworking space managers don't have to make all the administrative job manually, they use coworking space software that automates almost everything (starting from billing and ending with organizing events) and allows to manage a flexible workspace on the go.
It is necessary to define your norms and regulations for the working space. Around 78% of members believe that they are more productive with flexible rules and regulations.
But this cannot be applied to the workplace as no one is a member there, and everyone requires peace to work. See the illustration reflecting the main causes of distraction.
Make sure to address these norms when you are making new rules and regulations. Assure the compliance of regulations with the culture and requirement of the space.
Take suggestions from members while creating norms to gain their trust and increase their engagement level.
We all are aware of the fact that lockdown has created a significant impact on community places. The coworking places also have faced significant financial loss and difficulty in re-opening.
In recent times every business owners are focused on increasing their membership. Try not to suffocate your space too much. Adopt the strategy of optimum level like students. They write my essay for me to maintain their marks.
In a similar manner, you have to maintain an optimum level of members in the working place.
See the following illustration, which reflects the average size and number of people in coworking space.
Ensure that you can cater to the social distancing measures and have an open-air area. If you are receiving an adequate response, then try to segment the working hours of the members.
For instance, if someone is a freelance teacher, they will be teaching during office hours; try to negotiate with them and confirm the time of their presence.
Pro Tip: If you want to ensure even coworking space utilization, which is comfortable for members and cost-efficient for you, implement a booking system. With this simple technology in place, a company of 100 people can use an office for 30 without any conflicts.
One thing that you have to learn is that customer is the main entity of any business. Regardless of the service or product, you are providing, your consumers are the adequate ones.
According to Student Essay, your focus shall be on facilitating your consumers, nothing else. For instance, if most of your consumers do not prefer Air Conditioning, exclude it from the space. Be flexible in providing the facilities that they desire for.
The rapidly increasing urbanization is suffocating the cities. People are in a continuous search of a more peaceful working environment. This trend is supported by a large number of remote and freelance working.
Coworking spaces are the future of the workplace. Many organizations are now considering outsourcing their work and saving their fortune.
Coworking spaces are being suggested by the organizations. Being a manager of space is a difficult task, as the job is demanding. There are many factors counted to retain your distinct position in this concentrated market.
Therefore, additional efforts are required to hold existing members of the space. I hope the tips that I have provided will be supportive in managing a coworking space like a professional.
The article was written by Stella Lincoln. Stella is currently working as Assistant Editor at Assignment Assistance and Dissertation Assistance, the organization famous for its essay writers UK. She is a renowned editor and has worked in a number of publishing houses. She is also a passionate writer. Her passion and dedication to writing is visible in her blogs.