Empowering Your Coworking Space With Analytics

Let’s face it—running and growing your flexible workspace business requires data-driven decision-making. But it's a real challenge to collect, reconcile, structure, and visualize all your data.

Of course, you can use modern tools such as Google Data Studio, Microsoft Power BI, or Tableau to transform raw data into a maneuverable format. But with all respect to their vendors, these complex tools are absolutely useless if you have no extensive skills in statistics and data analysis.

The goal of this article is to show you that data analysis is not something done by data scientists only. All those numbers and figures can be much more accessible with the right niche-specific analytical tools. In other words, every coworking operator can arrange recording, analyzing, disseminating, and presenting data insights in a form that is easy to decipher and make business decisions.

So here we go. Please meet Spacebring Analytics—a new data platform and business intelligence tool created for coworking space operators.

 

What Is Spacebring Analytics and Why Is It the Best Solution for Your Coworking Business?

Spacebring Analytics is a reporting tool developed specifically for coworking and flexible spaces. It allows you to analyze all critical sides of your business by collecting data and transforming it into easy-to-comprehend visual reports. Spacebring analytics is the simplest yet the most powerful resource for numeric information on your business performance and customer interactions.

For instance, with a click of a mouse or a tap of your finger (if you are using your phone), you can review all numbers critical for your business health on a single dashboard. Then, you can go deeper into the matters you are concerned about at the moment, such as paid and pending invoices or statistics extracted from your booking calendar, to see which rooms/desks are really popular and bring you the most money and which underperform and stay empty more often than not.

You can even learn which of your Feed posts get the most likes and comments at a glance!

But more about Spacebring Analytics reports later. Now, let's figure out why Analytics from Spacebring is better for a coworking business than any other tool available in the market.

• Developed specifically for coworking business. Spacebring Analytics was developed by coworking software professionals for coworking space industry professionals. It includes pre-built report charts featuring only the data that matters for your business the most.
• No setup is required. Analytics is immediately available to all Spacebring customers without a complicated setup or additional cost. You just enter the Analytics page on your web or mobile application and start exploring. No third-party apps are involved, and all key data sources are already connected for you.
• A homepage for all your top reports. Spacebring Analytics solution features a neat and comfy dashboard with major KPIs that organizes all your charts by category. This dashboard gives you an overview of the reports and metrics you care about most. It lets you monitor many metrics at once, so you can quickly check the health of your business and see correlations between different reports.
• Ready-made reports. Analytics is full of best practice reports illustrating your business performance across every channel you've enabled on Spacebring: community, subscriptions, bookings, payments, invoices, events, feed, and more. You track all your business metrics from a single place using any device at hand.
• Easy to understand. Just like everything else on Spacebring, Analytics is user-friendly, easy to use, and presents you with glanceable visualizations and charts. The charts are flexible and adjust to any screen width for ultimate usability and convenience. Analytics enables access to your coworking insights that can make your business better—no statistics degree is required.
• Available on mobile phones. Perhaps the most obvious benefit of having coworking space analytics on your phone is that you can access all these essential data wherever you are, which gives you the flexibility to make decisions on the go. You no longer have to wait until you get back to the office to review your latest sales figures or customer data. With Spacebring analytics on your phone, you can get a quick snapshot of how your flex space is doing anytime, anywhere.

Our team finds analytics from Spacebring very advantageous. We can see the numbers and monitor our growth. The tool is user-friendly and intuitive, which is also essential for a non-geeky person like me. — Kenneth Penn, The Lab on Dexter

 

Spacebring Analytics Reports

You already know that our coworking space analytics provides valuable snapshots of how your coworking business is performing across a number of key variables. Now let me walk you through the major types of those variables available on the page.

 

1. Community/Subscriptions analytics

Knowing your members is critical for business. And membership analytics is the best place to go when you need to see which of your members are activated and happy with the service and which require your particular attention to get involved in the community life.

You can also check how many tenant companies reside in your flexible workspace, learn every company by name and team size, and check your members' subscriptions.

 

2. Invoices/Payments analytics

Operators start coworking spaces to earn money first of all. That's why this batch of financial reports is one of the most important for a businessman. It will give you a clear understanding of major revenue sources (subscriptions, rooms, desks, shop, etc.). You will be able to compare general revenue and revenue from each source by days, weeks, and months to spot positive and negative trends and make necessary adjustments.

Besides, financial reports will show you current and historical data (up to one year) on paid and unpaid invoices and the quantity of revenue associated with each payment source.

 

3. Rooms/Desks analytics

Room and Desk bookings are probably the most frequent activities at a coworking space. You surely want to know how many times each room/desk is being booked during a certain period of time, which days of the week are the busiest for bookings, and how customers pay for bookings (free, credits, invoices, external payment, etc.)

The report gives you precise numbers at a glance. Knowing which amenities are overbooked and which underperform, you can improve workspace utilization and make it more even and efficient.

 

4. Feed/Benefits analytics

Not all activities at your coworking space are aimed at direct sales. However, this doesn't make them less important. I am talking about activities targeted at member engagement, happiness, and retention.

Many dashboards on Spacebring Analytics are dedicated to your “community” and “member experience” metrics. For instance, you can see how many publications on the Feed you had for a certain period of time and how many likes and comments they got.

You can see how much members like your perks, how many applications for benefits you have daily, weekly, monthly, and so much more.

 

5. Events/Visitors

Most coworking spaces organize events for members and external customers and allow visitors. Arranging an event is a laborious task, so it’s quite natural that you want to know if these investments return in some form or another. Spacebring analytics will show you how many events have been hosted at your workspace during a specified time lapse, how many people attended them, and how much money did you earn.

Visitors' report will update you on the number of new people coming through your door every day. It will also give you a summary of approved, rejected, and pending visit requests, as well as visitor contacts.

 

6. Shop

Coworking spaces not only lease desks, rooms, and offices. They offer a-la-carte products such as merch, branded stuff, office supplies, and more to their members and guests. on Spacebring, the above-mentioned items are offered in a Shop, which is connected to Analytics. Thereby, you can easily track how successful is your online store, how many orders you have daily, weekly, and monthly, and how they are paid.

 

7. Support

The last, but not the least important, report on our list is related to member support at your coworking space. It will give you a good understanding of how members feel there, what issues they face, how often they face them, and how efficiently all those issues are addressed by your managers.

Please note that the above list is not exhaustive. Our product team is constantly adding more useful reports, filters, and functions to the tool.

 

Use Cases of Spacebring Analytics

You can use data provided by Spacebring Analytics in a million different ways beneficial for your coworking business.

For example:

• Achieve business goals faster

You can set specific, measurable business goals and then track your progress quickly, detecting slowdowns and making necessary changes to get planned results on time.

• Increase workspace revenue

By monitoring all your revenue streams, you can easily pinpoint the most promising opportunities. By focusing on areas that bring you the best ROI (return of investment), you will be able to cut down inefficient activities that drain your resources and grow your revenue faster.

• Improve customer retention

By getting insights into customers' preferences, you can tailor your offers more precisely and give members exactly what they like. Such extraordinary care for the customers will surely make them happier with their memberships and leave no chances to drop off.

• Grow your brand

With an analytical tool tightly integrated with your main coworking space management software, you will be able to generate comprehensive reports full of quantifiable data in no time. You can share these easy-to-understand graphs with your team for encouragement and inspiration or present them to prospective business partners/investors. This way, it will be much easier for you to prove that your flexible workspace is a viable business model that is capable of expanding to multiple locations.

 

How Can I Start Using Spacebring Analytics?

After everything read above, you surely want to know how to start using Spacebring Analytics at your coworking space.

Are you an Spacebring customer? Then we have great news for you! For all Spacebring customers, Analytics is available inside their main web and mobile apps at no additional cost. No need to activate anything. Just make sure you have admin permissions, click the ‘Analytics’ button on the main screen, and take a deep dive into the main health parameters of your business.

Not an Spacebring customer yet? Schedule a demo call with us to learn how to sign up and how it will make operations at your workspace easier