Running a Coworking space, like any other business, requires attracting clients, and then keeping them at a high rate. Otherwise, you’ll be in a constant state of churn which is a burden for your operation, but also is an indication you’re not doing some things right, making members want to seek greener pastures.
Let’s take a look at some of the methods you can take to improve retention rate, and understanding your members’ needs.
According to the results of the recent Global Coworking Survey, about 40% of members are not planning to stay at the space they’re currently at for more than one more year. So if you take into account roughly 100 members per space in North America, you’ve got about 40 people who feel they’re not compelled enough to stay long term.
With so many more options than ever before for those seeking coworking space, it’s not enough to just be good. You have to be unique, and provide exceptional service. That’s the starting point to maximize retention.
Pay attention to the details. While this may be more of a challenge the more your space grows, don’t lose sight of the most important aspects of your space. Make sure everything is clean and tidy every day. Ensure the amenities in the kitchen and restrooms and supply closets are stocked before they run out. Maintain a birthday calendar to send a small note or personal touch on a member’s special day. Take care of any concerns as quickly as possible, especially if its something that would make for an uncomfortable experience like furniture issues or air/heat concerns.
Again, it’s going to be somewhat easier to maintain personal touches when your space is still relatively small. That being said, there are still many ways to make members feel like they are top of mind.
When you create newsletters, whether its weekly or monthly, make sure to spotlight individual member achievements. The best way to do this is literally speaking to as many of them as you can, and interacting with their tasks. Do the same on social media. Run a campaign where you showcase your uniquely talented members.
Make sure you and your staff are active on your community boards. Shout out upcoming birthdays. Find out notable personal information like for example, what they like to eat, what type of coffee they like or if their kids are graduating soon. These things not only lend to unique personal interaction, but makes each member feel like they’re part of something bigger than just a work environment.
You cannot expect the retention process to go smoothly if the initial onboarding does not. Make the member feel at home and immediately integrated into the community. Going back to the personal touch, this is a great time to gather information about them to use later on in their membership.
Staffing is very important in this step. Hiring personnel that isn’t overtly worried about profits over member experience is a huge key to retention. This starts even before they sign up to join. From their first phone call, to a tour, to onboarding when they join. The more you go out of your way to welcome a new member, the higher the odds they’ll stay long term.
Make sure to include them immidiately in event invites, especially if you do welcome events on a monthly basis. Gather their feedback about their onboarding, and then continuously ask members for feedback throughout their time in the space.
If you’d like to learn more about how Yardi Kube is the platform of choice to maximize member retention, please click the link below.