Coworking Space Analytics: Google Data Studio Integration
From this article, you are going to learn about the importance and advantages of an analytical approach to running a coworking space. We will discuss andcards integration with Data Studio from Google and find out how this professional tool can address all your analytical needs.
Operating a coworking business without good statistical and analytical software is similar to traveling without a map. Innovative technologies change our behavior, our habits, the way we manage a business, and take strategic decisions.
For instance, modern coworking brands tend to automate everything, from meeting room booking to billing and inviting new members to coworking space app with the help of Zaps. No asking for reservation at the reception for members, no pen and paper work for managers anymore, no Excel spreadsheets and manual data input.
It's obvious that workspace automation incredibly improves member experience and increases coworking productivity, but let's return to the main topic of this article, data analysis and data mapping.
Today data analysis is not something done by data scientists only as those numbers and figures have become much more accessible. 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.
Analyzing strategic data you will be able to make predictions on coworking business trends, workspace profitability, and customer behavior. This awareness is driving coherent decision-making.
Implementing data analysis at the coworking business, you will have accurate data along with technical apprehension to clearly understand the triggers of particular events, enterprise objectives, and directives not to mention rival analysis. All these explained in an easy-to-comprehend language.
Let's elaborate on the main reasons to adopt data analysis technology for your coworking business.
Processing statistical data can help to improve your coworking business in many ways.
Not all of your marketing strategies bring equal results. By analyzing the data of promo performance you can identify the most efficient advertising forms that reach your potential customers and convert them into paying members.
Using data analysis you figure out the most impactful methods of advertising your workspace and services and decide on the scale of such promotion.
Besides, you get to know the cost of your promotion and the possibility to reduce it as you don't spend on the practices that don't work.
The primary goal of data analysis is to check how well your coworking business and supplementary services are performing in the market. At first, you make sure that the products and services you offer fit the consumers. After that, you can decide where to focus and how to marry your offerings with clients.
Monitoring coworking market trends is also a very informative activity to collect vital info about the tastes and spendings of your target customers. When you are 100% sure about such things, you can guide your business in the right direction and provide products and services that fulfill the desires of your prospective customers.
For example, the probability that customers' requirements after the coronavirus crisis will change is very high. So you need to tailor new solutions to address the most urgent issues corporates and entrepreneurs (virtual coworking, focus on office space rent) reveal. An insightful coworking market report will help you set optimal prices, determine what advertising to apply and what customers group to target.
By analyzing data, you can make predictions on consumer behavior changes. Such foresight enables you to introduce usable futuristic technologies in your coworking center and place your brand on top of the industry.
For instance, after a long period of social distancing during the COVID-19 outbreak, it would be wise to offer members mobile apps for remote meeting room booking instead of coming to reception for assistance. The same goes for many other processes at the coworking space, such as access control or printer management.
Innovations that simplify members' lives give you a sharp edge advantage over your competitors which leads to drastic profit increase.
Every operator wants to run their business smoothly and efficiently. Using data analysis you will quickly detect the leakage points where you are using unnecessary finances as well as gaps, which are the areas that need some investment.
Through numerical reports, you will get an idea where you can use the technology to cut the operational costs. For example, having an access control system at place, you don't need to pay community managers for the night shifts.
Furthermore, when you know exactly what advertising campaigns to run, what services to offer, and who to present them, you will stop unnecessary expenses and activities and concentrate on methods that bring value to your business.
Nobody wants to tolerate losses at the coworking space. So, it's better to prevent problems that may cause them. This is possible when you are well informed about all aspects of workspace operation, in other words, when data analysis is a part of your daily rituals.
This is a surefire way to exclude the possibility of losses. You notice malfunctions in your business mechanism before they seriously affect your services and members' piece of mind. Just like in the case with the pandemic, you prepared your coworking space for Covid19 and protected members' health as well as brand image.
Well, we talked a lot about data analysis and reasons to introduce it in your coworking space. Now let's see how to do it with the help of Google Data Studio, a business analysis tool integrated with andcards coworking software.
Image credit: Custom backgrounds for Google DataStudio reports
You can hardly find a single business that doesn't use Google Analytics to track its performance online. Google Analytics is an awesome tool but sometimes you want to go beyond its data and dashboards. Data Studio has been developed by Google as a reporting solution available for free for individual users and small teams.
If you are still not familiar with Google Data Studio, it is a dashboard and reporting tool that you can easily use, customize to your particular needs, and share. It enables you to transform your data into beautiful informative reports that are easy to comprehend.
Data is all around the coworking business. However, you need to find a way to structure it, otherwise, there is no sense in collecting those infinite files. What Data Studio makes for you is turning every bit of information into a wholesome accessible doc that can be used not only by you but community managers and all team members to find and share answers to burning questions.
No matter the source of data you want to feed to this beast, Data Studio masterly jungles its authentication, access rights, and structure and uses your files in calculations, transformations, and data visualizations. You can connect Data Studio to Google Analytics, Google Ads, Google BigQuery, Campaign Manager, MySQL, and many other systems to import data from all these sources.
Then you can transform bulk data into metrics suitable for creating intelligible reports and dashboards. The best things are that you don't need to be a data scientist, to know coding, or create SQL queries to cleanse, combine, explore, and transform all your data. Data Studio empowers you to create meaningful, shareable charts and graphs with a few mouse clicks.
Creating a report with Data Studio is as easy as drag and drop. If you want it to look branded and professional, you can customize colors and logos, add shapes and images, insert dynamic controls. You can allow viewers to select the data they want to see in a report from multiple sources such as Google Analytics, Google Ads, Google Search Console, YouTube, and Campaign Manager.
Having detailed sharable business reports is especially relevant today when personal contacts and meetings are limited or absolutely impossible. Your partners and team members can easily edit, view, add comments, and manage versions of dashboards and reports. They don't need to be at the same place or inside the same location for this collaboration.
It's up to you to grant access to your reports and give permissions to edit or view them with a click. You can invite managers to edit and collaborate on your dashboards and reports in real-time. The changes all of you do, will be saved automatically.
I have already mentioned that you can use various data sources to build engaging reports in Data Studio. You just need to use special connectors for the purpose. Your coworking software is surely one of the top priority data sources for analysis with the help of Data Studio. The good news is that if you are using (going to use) andcards, you don't need to look for additional plugins as integration is already at place.
This serviceable integration enables you to easily access all of your andcards data through Google Data Studio. Here are some of the benefits you get from it:
- Firstly, you can synchronize all your data from andcards into Data Studio in real-time (member sign up, bookings, revenue, etc.)
- Secondly, you can quickly build interactive reports and dashboards with Data Studio’s web-based reporting tools every time you wish to overview the performance of each aspect and of course when you need to make a strategic business decision.
- The reports and dashboards you create in Data Studio can be shared with anyone in the world.
- You can involve your team members to collaborate on the report in real-time.
- You can save your time and efforts and introduce some automation here, schedule regular email reports and get rid of manual work.
- Download all your data in CSV file format and do whatever you need to do with it — print out, send out, present.
If you are not sure about the KPIs that require your constant attention, take a look at this article: Key Growth KPIs to Scale Your Coworking Business.
As you see, andcards integration with Data Studio is pretty practical. It moves you one more step further in digitalizing the workspace, better understanding all business processes and making well-grounded decisions that make a difference.
Want to know more about andcards, its integration with Google Data Studio and other solutions that can take your brand ahead of competition? Schedule a demo call with us!
I am sure that being an entrepreneur focused on coworking empire growth, you are not a stranger to fancy notion of business intelligence. But have you ever thought to couple it with workspace management software as the source of most essential data? Now you have such a possibility and I would like to know what you think about it.
Do you agree that data analysis will help you cut unnecessary expenses, optimize your promotional efforts, and make your reports understandable even to a seven-year kid? Feel free to leave your opinions in the comments section and share this article on socials to involve your friends in discussion.