Coworking spaces have become vibrant epicenters of collaboration and innovation as the world experienced an unprecedented surge in remote work due to the Covid-induced lockdown. Despite their booming popularity, these shared workspaces face unique challenges regarding member retention.
A report by Mint suggests that the net absorption of coworking spaces has increased by 90% from Q1 2019 to Q4 2019, from 1.3 million square feet to over 2.18 million square feet in the top seven locations. This signifies the increase in competing businesses that coworking spaces need to consider.
One way to generate revenue amid such growing competition requires focusing on member retention by creating a strong coworking community. Moreover, maintaining an existing member requires less work and is more lucrative. For instance, if a business can increase customer loyalty by only 5%, its profits could boost by 25%-95%.
Let us delve into five actionable insights to optimize coworking space member retention.
In this article, Ryan Chatterton from Coworking Insights mentions some key reasons that drive members to leave coworking spaces. He underlines the importance of prioritizing member satisfaction by catering to their fundamental needs to minimize diverting attention to secondary aspects like unique perks and alluring add-ons.
Chatterton meticulously dissects the basic needs of coworking members to suggest how much of a workspace provider’s attention should be directed to each.
Every expense, amenity, and effort should unequivocally back one of these four core needs when designing a sustainable office space that prioritizes members’ needs.
Coworking community members may seek more than just a quiet corner to hammer out reports or craft business plans. Instead, they welcome the affiliation and networking opportunities that these spaces can provide. Such coworking culture will have members valuing warm nods of recognition from fellow members, awaiting impromptu brainstorming sessions springing to life in common areas, and making valuable connections emerging from a collaborative environment.
The strength of the community in a coworking environment can be a compelling force that makes way for symbiotic growth. Emotional involvement and loyalty differentiate successful coworking spaces from those that fail. Therefore, members who feel associated with a particular coworking space would prefer to stay, contribute, and champion their business. Statista suggests that 55% of people who start in a coworking space still work there. If needed, introduce a loyalty incentive program to show appreciation for their continued business.
Cater to your existing coworking members’ needs, grievances, and recommendations as a way that helps overcome challenges at the workplace. Keeping them satisfied is one way to retain the community of your coworking space. Try identifying, assessing, and valuing your members’ input, ensuring they understand their contributions are valued and encouraged.
Conduct periodic surveys to gauge members’ sentiments about your space and identify any changes they may suggest. Leveraging tools like Google Forms, especially with open-ended questions, could help tap into the thoughts and feelings of your members.
Coworking community members must feel motivated and included in a coworking setup to continue their association. Therefore, provide them with an unmatched experience. One easy way is to commemorate their subscription anniversaries via marketing initiatives and special offers.
Your members will relish being spotlighted in your periodic communique and on your online platform. The feature could be a short chat session reworked into an engaging blog piece similar to how we published these success stories of brands from Shark Tank India.
Additionally, create content like membership experience videos, blogs, etc., to demonstrate the community aspect of your coworking space. Try to promote an interactive dialogue over their business achievements or success on all possible communication channels to maximize the visibility of your member’s achievements and business milestones.
Here’s our post on Instagram that featured one of our client’s employees.
Similarly, you can think of community members with inspiring stories to share.
The coworking members will likely distribute such content across their social platforms, reflecting pride in their narratives while providing positive word of mouth that can turn your existing members into evangelists.
Instead of being apprehensive about sending emails to current coworking members, you can plan to send subtle, self-promotional emails. Consider how these emails can add value to clients by placing members at the forefront.
For starters, here are some of the email items you can schedule for regular dispatches:
A habit of sending regular members will have members anticipating updates from the coworking space. Therefore, a monthly schedule with additional content as required might serve as a good starting point. Identify a suitable format and prepare a content schedule to ensure that the emails remain engaging for the members.
Ready to enhance your coworking experience? Discover how The Address goes beyond simply providing a beautiful coworking space by nurturing a sense of community amongst its members.
Connect with us and rest assured, we will prioritize your growth since we have an entire coworking community operating in tandem towards achieving the common goal of helping each other and driving the business forward.