Surviving COVID-19: How TTP Retained 65% Members with andcards
TTP is a “Creative Workroom" located in Seoul’s Hapjung neighborhood. It’s designed for balanced individuals to gather and become stronger, just as a fully balanced tetrapod (hence “TTP”) gathers and blocks the waves.
Hapjung is where people have their own senses beyond the trend. For them, work is the way of self-expression. Their ideal workspace should be planned more delicately. From relaxing and getting new ideas to personal focus, every space in TTP is meticulously designed for the most creative work environment.— Minyoung Choi, Director of TTP Creative Workroom here and below unless otherwise noted.
TTP has two floors—a relaxed L-Floor, “where coffee, music and freedom coexist” and a business-focused B-Floor featuring an “optimal working environment”. There are three types of memberships: for “pioneers” who need an optimal work setting, “nomads” who work anywhere, and “travelers” who look for a workplace for a day.
TTP’s launch coincided with the spread of COVID-19. But unlike other coworking spaces, TTP weathered the storm with the help of careful planning and smart use of andcards technology.
- Direct physical contact with customers
Since TTP coworking space started its operation in a highly unfavorable pandemic environment, it was crucial to minimize direct physical contacts with members for everybody’s health and safety. Using oldschool Google Docs or Calendar to keep track of bookings and customers wasn’t ideal because everything had to go through the admin.
When we opened our space, the COVID-19 began to spread. Because of the virus, we had to be very careful. The biggest pain points were managing meeting room reservations and communication with members...
Naturally, facilitating contactless experiences for customers to make TTP a safer place for everyone was a primary goal of the team.
- Lack of hands
Various circumstances, such as COVID, high labor cost, and low occupancy, resulted in a shortage of hands at TTP. Minyoung and the team were very focused on growth and didn’t have enough time and resources to manage TTP operations and build a community.
We couldn't sell some seats in the open space. Even now, about 10% of the reserved seats and 40% of the hot desks are prohibited. So, the initial target seat occupancy has not yet been reached, and we made little profit.
Minyoung quickly realized that she needed an instrument to streamline operations and build customer loyalty. Something that on one hand would remove some of the manual routines, but also, on the other hand, facilitate communication and improve customer service. All without having to micromanage bookings, payments, and members.
- Challenge to build a contactless community
However, things were not that bad for the coworking business and TTP clearly understood that they just needed the right approach to take their coworking space up from the ground.
But it wasn't as bad as we thought... COVID-19 had increased the number of people telecommuting and moving to smaller offices. Since TTP’s main customers were freelancers and small businesses, the pandemic didn't have as much negative impact as we anticipated.
The decision to use technology to manage a coworking space came naturally and was unambiguous. TTP just needed to pick out the proper solution that would help them achieve their goals.
We considered many options but only andcards seemed to check all checkboxes on our requirements list. Moreover, it’s the only coworking space platform that supports Korean language. During the onboarding process, andcards team listened to and reviewed our requests so well that we were very satisfied and started to use it trouble-free.
- A powerful platform for TTP
andcards published branded web and mobile applications for TTP administrators and members. On the one hand, the apps serve as an easy way for customers to book rooms, discover and get TTP services, join events, and connect with the community. On the other hand, TTP apps are a powerful coworking space automation platform that saves TTP managers’ time and boosts efficiency.
- Members book rooms in seconds
andcards room booking system enabled a quick, simple, and contactless booking experience for members. Members just open a friendly TTP app on their smartphone, pick a room, date/time, and a preferred payment method. They can do it on their way to the coworking space, while eating lunch in the cafe, or sitting on a train.
Administrators of the coworking space don’t have to manage bookings at all since reservations are done by members through the app. At the same time, administrators retain full control of the meeting space.
If the Rooms feature didn't exist, we'd have to use Google Calendar or make a reservation for a meeting room offline. andcards app gives us a helicopter view of when the meeting room is vacant. We can process reservations and payments instantly.
- Credits ensure fair room use and easy in-app payments
Credits for meeting room usage are assigned automatically according to the membership plan—no admin’s effort required. Automation saves TTP hours of time by completely eliminating the need to manage membership plans.
When members book a meeting room, they choose credits as a payment method and complete the reservation. If a member doesn’t have enough credits, they can pay with a banking card immediately or add the expense to an upcoming bill.
Besides, the credit system prevents meeting room booking abuse (when a member makes a reservation and never shows up) and unfair meeting room usage (when one member stays in the meeting room too long and their peers can’t access the facility.)
By using the credit system, we can set the cycle and amount of credit to be recharged for each user. Credits are automatically deducted from a member’s account when they are using a meeting room, which prevents one person from monopolizing the facility.
- Virtual communication and announcements are incredibly effective
TTP uses andcards’ community Stream to organize an active controlled communication within the community. Stream proved to be a much better tool to convey company offers, announcements, and messages than any other chat apps or social networking services.
Since Stream is exclusive for TTP community members only, managers don’t worry that some important information may get buried under a heap of ads and posts from relatives as it happens on Facebook or Instagram. TTP members are well informed of the community news, benefits, and opportunities.
We use Stream for notifications and announcements. Of course, we put notices all over our space, but notifications that come directly on members’ phones work much better.
Application of andcards solutions at TTP contributed to business stability and increased member happiness.
- 65% customer retention rate
According to statista.com report, the hospitality industry is one of the business niches with the lowest customer retention rate with an average of 55%. TTP managed to achieve a 65% retention rate even during the pandemic which is very impressive. Minyoung thinks andcards coworking management software is one of the factors that improved customer happiness and service.
More than 65% of our users are long-term contractors for more than six months, and most of the users are renewal contractors. There are many reasons for customer loyalty, but I'm sure the TTP app is playing a big role.
- Better than competitors
The availability of a stylish and frictionless TTP companion app gives a clear advantage over other coworking spaces in the area that rely on oldschool software and inefficient communication.
There are many small coworking spaces like ours, but most of them don't have membership apps. With the TTP app, we are the only workspace that can benefit from user management and networking.
- Physical contacts were reduced by 80%
Since members have immediate access to all coworking space services and perks right from their smartphones, they don’t have to come to the reception desk and ask the manager for help. This has made TTP space much safer and 100% compliant with all the anti-COVID guidelines the hospitality business has to follow during the pandemic.
The TTP app created by andcards made it easier for managers and members to communicate and network remotely. Members use the app to reserve rooms, pay, and communicate, without having to come into direct contact with the TTP team. Although users may have to face each other at some point, andcards easily handles 2 of 3 stages digitally in the meantime.
- Connected community despite pandemic and social distancing
andcards’ Community directory allows members to discover each other, share contact, network. andcards Stream feed is a source of essential announcements and a great way for members to share ideas and opportunities. Together with andcards Events, allthesefeatures are a fantastic way to build community, improve member engagement, and create a sense of belonging at TTP.
Despite the COVID-19 situation, our users are communicating with each other on TTP Stream. I love seeing our members sharing goods, posting vacancies, or enjoying hobbies. Andcards Stream helps people feel more connected and stay with TTP.
- Manual managers’ work was reduced by 50%
Since the system automates bookings, purchase of services, benefit applications, billing, payments, and other routines, managers don’t have to run any records manually or spend time tracking and handling the processes.
Parking reservations, personal locker applications, and buying additional services would have taken more than twice as long without andcards. Our company has other businesses besides coworking space, and it was necessary to automate and streamline operations. Labor costs are prohibitive of hiring a dedicated operations manager, but andcards removed the need altogether.
- andcards just keeps getting better
andcards covers essential aspects of coworking space management, including room and desk booking, billing, services and benefits catalogs, events booking. The team constantly improves the product, taking TTP’s feedback closely. For example, andcards added visitor management and Analytics features at no extra cost.
We used to choose andcards thinking only about room reservation function and announcement board, but now we are actively using all features the platform offers. Services, Benefits, Events, and others, are all very helpful.
I give andcards' products and services more than 10 out of 10. We are really impressed by the professionalism of andcards team that is continuously improving and developing the product. We highly recommend andcards to anyone looking for the right software for the coworking space.