Coworking Space Most Important KPIs— The Definitive Guide 2020 Updated
Coworking spaces can’t be measured by traditional office space key performance matrix.
Then How can we measure KPIs for shared office spaces? Why it’s important to learn different business models for your shared space?
Brief about KPIs or Key Performance Indicators: It helps you track the growth of your coworking space, give you insights on where you must improve, and help you analyze how far you have reached your business goals.
In this blog, we will be analyzing the important KPIs needed to track the targets of your coworking space, and also look at ways to grow them.
Contents
Curating ( KPIs) Key Performance Indicators for Coworking space
Important KPIs For Your shared office space & How to Grow Them
- Revenue Per Member
- Member Churn
- Member Signups
- Tours Completed
- Member Satisfaction
Conclusion
Curating KPIs
● Choosing The Right KPIs
The most successful coworking businesses develop KPIs that are directly linked to their goals as a company. What are the priorities of your coworking space? What are your business goals? Once that is laid down, you then need to ask yourself what metrics can help you analyze how far you’ve reached the said goals and where you must improve- these metrics go a long way for your business. Choosing the right KPIs is imperative for running a successful coworking business. You get what you put in on your KPIs, the more you curate them according to the needs of your coworking space the more you will be able to analyze them and implement changes to better your business. That being said, developing KPIs alone is not enough to grow your company, routine analysis of the same plays a huge role in how far your company can grow.
● Routine Analysis
Once you’ve identified the KPIs that mirror your goals and go hand-in-hand with your priorities, it is now time to establish a habit, as a company, to regularly and seriously analyze these KPIs. When you do a routine analysis, you get to draw out your insights and therefore make the necessary changes to grow your business. KPIs become extremely useful when you and your team analyze the right elements and actively work to turn these insights into action to better your coworking experience.
● Zero Down Your Strategy
There are several KPIs out there to choose from, but in order to know what works best for you- you must decide with your team what the top-priorities of your coworking business are. Are you more focussed on increasing members per revenue? Perhaps your main goal is to curate a specific community for your coworking space. Based on these priorities- choose the list of KPIs you will want to work towards and regularly track. When you zero down on your strategy this way, you are more likely to be clear about your approach towards further increasing your KPIs.
● Generating and Testing Hypotheses
Generating and pressure testing hypotheses play an important role in developing your KPIs. Once you have zeroed down on your strategy of KPI development, come up with hypotheses based on the same. For example, if your goal is to make your business the go-to coworking space for artists, you could generate a hypothesis that says “More and frequent touchpoints between artists and your brand give more artists trying out your space”- this will further help you narrow down your priorities and ensure you are focussed on what is immediately important for your space.
● Identify Your Ideal Data Set
Identifying and setting your ideal data points can help as a tool to achieve your hypotheses. Once you compare your ideal data set with reality, you will know where you have to invest more or where you need to improve the quality of your service.
You don’t have to feel overwhelmed with too many data points at once, try introducing one new data point every month of two months- this will not only ensure that you have enough time to analyze this data and implement the necessary results but also enough time to do the same efficiently.
● Enforce a Decentralized Tracking System
This is very important because here is where your ideas actually take shape. Now that you have identified your KPIs, generated your hypotheses around how you want to achieve these KPIs, and also curated your ideal data set- it is time to actually bring the results of the same alive.
Enforcing a decentralized tracking system means assigning different KPIs to different teams. This not only holds everyone in the office accountable to the KPI they were specifically responsible for but also ensures that the achievement of the said results is done in a much more efficient manner. Doing so creates an environment of improvement and your team is driven to achieve/increase these KPIs.
You must also ensure against collecting stale data- unreviewed data that was collected so long ago that it is of not much use to you anymore. Periodic analysis and reviewal can avoid the same, which is essentially what my next point is about:
● Reporting of KPIs, Data, and Insights
After coming so far in collecting all this data, it is now time to analyze the raw data and develop insights. Doing so in a periodic manner will prove most efficient for your coworking space. Involve the whole team while doing so, this will not only make them feel motivated to reach higher goals before the next time you review your data set, but also enhance the sense of accountability in them because the data being reviewed is something they worked upon to achieve.
Now that we have seen how to develop KPIs- let’s take a look at the different KPIs you can enlist and track for your coworking space, and ways to increase such KPIs.
Important KPIs For Your Shared office spaces & How to Grow Them
1.) Revenue Per Member
When we think about growing our coworking spaces we always turn to increase the number of members associated with our business, however, it is also important to focus on enhancing the experience and increasing the revenue from existing customers. Revenue per member is thus an important KPI for the following reasons:
Why Do You Need This KPI?
Rethinking your value
Given that you are collectively driven to grow your coworking space and have it reach bigger heights with new members, you may tend to forget about those you have already won over. Considering Revenue Per Member as a KPI will thus enable you to think home first before thinking outside. It will push you to rethink your value and enhance what you already have before wanting to push your horizons farther and help your business stay grounded.
Fine-Tuned Membership Experience
With this KPI you are able to analyze how you can increase your revenue from the members you already have, and for doing so you must invest to provide better experiences for your community. With Coworking, you get what you give- fine-tuning and enhancing membership experience is thus not only going to improve the environment of your coworking space but will also help grow your business tremendously.
All of This Inturn Attracts New Members
When you reinvest your profits to better your space according to the needs and expectations of your community, you are now paving the way for new members to join your space. Any prospective member is more likely to consider being a part of your coworking space when they see your active involvement in bettering the experience of your current members- so this KPI is not only going to help you track where you are at with your existing community but with time it also helps you, invariably, extend your community and thereby playing a huge role in growing your business.
Now that we saw the reasons as to why you must consider enlisting this KPI and actively tracking it, here are a few ways to do so/increase the KPI of Revenue Per Member:
How to Increase Revenue Per Member KPI
1.) Increase Space Utilization in A Day
A coworking business model is all about flexibility, there is no hard and fast rule that members must utilize your space in peak hours and complete a daily 9–5 routine. Most freelancers prefer coworking spaces because they can rule out the limiting boundaries of conventional offices.
Offer lower rates for non-peak hours, it will help you maximize your space’s utilization throughout the day. As discussed above, such discounts may prove extremely advantageous to freelancers and other workers who are looking to escape traditional office timings/settings- thereby encouraging them to become a permanent member in your space.
2.) Emphasize on Enterprise-Centred Business Plans
When you observe frequent check-ins into your space by a said group or enterprise, you can offer that enterprise specially crafted amenities and rates. Amenities for enterprise-focused plans may include:
● Private Office Spaces
● Conference Room Privileges
● Special events to promote that enterprise
● Customized amenities- You can allow these enterprises to customize their own plan, like in a flexible membership plan, have them choose the amenities they require based on their expectations and needs, and have the pricing adjust according to the amenities they choose. You can also give packages where you reduce the pricing when they look to purchase more than X number of amenities, in a way where they save money when compared to buying those amenities individually.
Enterprises can be great sources of revenue if managed well.
3.) Update Your Amenities
Keeping your budget in mind, offer add-on amenities that would instill value in your core product. Some of these include a gym, childcare facilities, converting an unutilized or underutilized part of the land into a small movie room, etc.
Updating your amenities from time-to-time gives another reason for your customers to stay within your business, and attract new customers as well.
4.) Vertical Integrations
This is nothing but extending yourself to strategic partnerships and providing other services such as food, fitness, and childcare in your coworking space. This attracts more customers into your space, retains existing customers by meeting their needs in different ways possible, as well as helps ride out the competition.
5.) Implement a Credit-Based System
Another way to grow revenue is by using a credit-based system for your members.
Members can buy credits ahead of time and can then redeem these points for various amenities such as
● Utilization of wanted space for additional durations of time.
● Passes for events
● Privileged access to the conference room
Once these credits are easy to use and transferable, it will do wonders for your business’ growth.
These are a few ways to increase/grow your KPI of Revenue Per Member. If you want to extensively study about growing revenue and building a profitable business plan, check out our blog on the same for detailed analysis and helpful tips.
Most importantly, create a schedule to regularly track this KPI and analyze this data before it becomes stale- by doing so, you will know where you are performing well, and where you must improve. The best way to better this particular KPI is by talking to your members, coworking is all about the community- ask them what they need, what they expect, and how your services have been benefiting them/what else can you do to better benefit them. By doing so, you are not only building a personal relationship with your members, which will in turn help in them being loyal to your space, but you are also finding ways to better the environment so as to attract new members. Revenue Per Member is a very important KPI that every coworking business must enlist and track.
2.) Member Churn
When your members leave your space for a better one, you will have to actively invest to drive in new members to fill in that void- this is called member churn. Reducing member churn should crucially be among your goals for growing your coworking space.
Why Should You Enlist Member Churn Among Your KPIs?
- Deducing Your Weakness
If a member leaves your space for another, then it’s time for you to deduce where you are not meeting the needs of your community and how you can meet them. Tracking Member Churn as a KPI exposes your weak points and paves the way for you to strengthen them as well.
- Results In Saved Time and Resources
When members quit from your space, then you will have to restart your whole cycle of bringing new members in to fill in that void, reducing member churn saves that unwanted expenditure by making sure your members don’t want to leave in the first place.
Member Churn is thus an important KPI to track. Here are some ways you can increase this KPI:
How to Reduce Member Churn:
- Unique Selling Points (USPs)-
Focusing on your Unique Selling Propositions will not only bring you more permanent customers but also generate a considerable amount of revenue in the long run. With more and more startups joining the coworking business model, investing in your USPs will help you ride the competition and grow your business. A crucial aspect of deciding on your USPs is analyzing the competition in the coworking market, about which we will discuss shortly.
Come up with novel innovations, look at what the other coworking spaces don’t offer and look to offer that within your cost- range. You are, at the end of the day, appealing to the community which is the heart and soul of coworking culture. The more you pave the way for different people to integrate ideas, discuss and produce new strategies for their work, share experiences and opinions, the more you are appealing to the community because this is what’s expected of an ideal coworking space.
How can you broaden these expectations? How can you bring in new amenities and plans that will better the environment of freelancers and teams exchanging and feeding off of each other’s knowledge? What more can you offer? The more you push the capacity of your community to integrate and collaborate, the stronger your Unique Selling Proposition gets and the more revenue your business generates.
- Arrange for Like-Minded Members to Collaborate Through Your Space
Coworking is all about integration and collaboration. The main reason most working individuals prefer heading to coworking spaces is so they can interact with like-minded people, brainstorm, feed off of each other’s ideas, and collaborate. Enabling such an environment for integration means your members are more likely to be happy interacting with each other and that they are satisfied- they are thus less likely to want to leave your space for another.
Some ways to enable collaboration from your part may include:
● Arranging events and workshops for like-minded groups of members
● Making room for a common area where members can socialize and interact
● Arranging social hours, small contests for like-minded members
● Offers to members who work with other like-minded members
By doing so, you are majorly reducing member churn.
- Timely Membership Surveys
Conduct routined surveys on your members and find out what they need/expect, what they’d rather do without/with. This way, you are directly getting to know what it takes to keep every individual member a part of your community, and what you must do to ensure that they don’t leave.
- Communicate With Your Members One-On-One
Direct personal interactions are what sets coworking business apart from the rest. While running a coworking space, you get to know your members personally and there is a relationship built there, which you can utilize to re-invest into your community-building/coworking experience. Talking to your members individually, not only builds the said relationship and therefore makes members happier with their overall experience, but also gives you insights on where you must improve right through your community’s lens.
Tracking this KPI thus allows you to reduce member churn whilst enhancing the overall experience of your business.
3.) Member Sign Ups
It is no news that Member Sign Up is a major source of revenue for coworking spaces. Your revenue is thus directly linked to the number of members signed up with your space. It, therefore, goes without having to state reasons as to why this KPI is important for your business. Let’s look at some ways to increase this KPI:
How to Increase Member Sign-Ups KPI
- Promotions and Smart Discounts
Offering fast-action initiatives such as promotion and well-planned discounts can do wonders for your member sign-up. The goal of this KPI is to increase the member sign-ups or to generate “new member sign-ups”. Offering promo codes and timely discounts encourage prospective members t ogive your space a try. However, you must be careful while crafting such discounts. A price too low will have the members undervalue your business, a price too high is counterproductive to the very idea of fast-action initiatives such as these. You must also consider when you are offering these discounts, and whether they are going to be exceedingly detrimental to your profits as such. Another aspect to consider is who you are offering such promotional discounts to. A member is more likely on the fence of joining your space, is a better receiver of such discounts when compared to someone who is unaware of your community in totality- in which case your discounts can be exploited as freebies. For targeting such people who are unaware of your business as a whole but would benefit from it, investing in community building is important.
- Curate Personal Tours
Although we will explore this as a separate KPI in itself later in this blog, it plays an important role in increasing the KPI of Member Sign-Ups. Arranging one-on-one tours for prospective customers will go a long way. It is always better showing than telling. The individual gets a clear idea as to where they are going to be spending most part of their days if they sign up, understand your work ethic, culture, environment, and the core essence of your coworking space. Virtual reality tours on your website don’t give the experience personalized tours do. With such individual tours, you may customize it for every member- for example, if you are showing your place around for a freelancer, then you may personally explain to them what your space offers to the freelancing community specifically, the events/discounts, and show them the special amenities/ facilities that you provide for them. They are more likely to want to be a part of your coworking space if they personally experience the environment first. Such tours largely increase the KPI of Member Sign-Ups.
- Growing Your Digital Community
Digital marketing is another important aspect to increase Member Sign-ups.
Before we dive into the various ways you can digitally market your space to boost customers and profit, do not forget that your existing customers are the best way to expand the reach of your community. Word-of-mouth always proves to be an extremely helpful way of welcoming new people into your business.
You may choose to provide discounts for people who join on the recommendation of a set few loyal members or those with premium memberships.
Good marketing can help attract more consumers into your coworking space. Here are a few ways to do that:
- Create Your Website- A well-designed and accessible website go a long way in your marketing plan. You may use popular service providers such as Wix and Wordpress to do the same. Make your website as user friendly as possible. A website that is aesthetically pleasing creates a positive impact on potential clients. Make sure to specify your vision and mission on the website so the viewers understand your brand to its very depth.
All essential information must be included such as pricing, discounts, location, timings, the various plans, your facilities, etc.
- Social Media Marketing- You can either hire an intern to market your company on various social media platforms or do it yourself extensively.
Platforms like Twitter can be used to directly engage with the members and potential future members. Platforms like Facebook and Instagram can be used to promote your business and regularly update the various events you’re conducting, etc.
You may also consider investing in social media ads such as Facebook and Instagram to expand your reach.
Some tips to consider while marketing in social media:
● Maintain the same theme through all platforms. This might be one solid color or a specific aesthetic.
● Decide the look of your pages- do you want it to be minimalist or over the top?
● Respond to comments and queries on a regular basis
● Keep updating offers and discounts on your social media pages to attract more customers.
- Content Marketing- Hire content writing interns, or generate blogs yourself in your website related to coworking. Provide well-detailed resources to various aspects of coworking so as to attract more viewers to your page. Make sure to be well versed in SEO optimization while doing the same.
To know more about marketing and partnerships for growing the revenue of your coworking business, you may check out our detailed blog on the same.
Building a digital community thus increases the KPI of Member Sign-Ups
- Offer Free Trials
Offering free trials gives the same result as offering personalized tours, only with more detail and insights. You can offer such trials for your social members. What are Social Memberships?
● Social Memberships- This is more of a light-weighted membership without conventional commitment. It is a great way to bring in more people into your community. These people are committed to your spaceless, they may not be looking for a dedicated desk or but they are still looking to be a part of the community. Amenities for social members may include passes to events being conducted in your space, access to open desks for every X entries made into your space, etc.
Social membership is a great idea because you are not only using it as an on-and-off revenue stream, but you are also promoting your business culture, your space, and what it has to offer without completely investing in offering it. Most importantly, you are allowing the time and space to build trust with these members so that, with time, they opt for a more permanent membership plan and become a constant part of your community.
You are thus directly serving prospective members through a social membership plan.
Providing free trials to such social members makes a lot of sense because they are already on the fence about deciding whether or not to join your community. This way you are not only investing in community building but are also increasing Member Sign-Ups KPI.
Member Sign-Ups KPI thus is a required one for every coworking business. Although, you must remember that it is not only important to keep track of the “who” along with the “how many”. Who are you looking to attract towards your community? There will be times when some members just won’t fit into your community/prove good to your overall environment or the essence of your space- in times like those, you must know when to say no. All of this comes under community building, after all, coworking is all about the community.
Let’s now move on to look at another KPI.
4.) Tours Completed
Given we already touched upon this topic earlier in this blog, tours completed can act as an imperative KPI for your coworking space in terms of community building and enhancing your space’s overall experience. An individual is more likely to consider joining your community after they’ve personally set foot in your environment and understood the ethics and core of your space as such. Personalized tours offer several benefits to both you, and your prospective member in comparison to a mere virtual reality tour on your website. Here are some reasons why Tours Completed is a required KPI for the growth of your coworking space.
Why Are Tours Completed Important KPIs?
- Expresses Your Uniqueness
When a prospective member gets a customized on-one-one tour of your space, they directly see what sets your place apart from the hundreds of other options in the market today. It is thus critical for you to invest in your USPs in order to increase this KPI. When prospective members see what’s unique to you that the others don’t have, they’re more likely to join your community than wanting to join upon seeing your digital outreach.
- Builds a Personal Relationship With The Prospective Member
As discussed before, a customized tour helps build quality relationships with those who are potentially on the fence about joining your community. Personalize each experience based on your target audiences, it will enhance the experience for the prospective member and urge them to join your coworking space even more so.
How To Increase Tours Completed KPIs?
- Rise Traffic In Your Marketing Website
Use SEO Tools to make sure the traffic on your website and digital community increase as such. Although this is a broad goal, it is the starting point for most people who might consider touring your space and checking it out. You may hire an individual to take care of content marketing as a whole or do it yourself. The best part about SEO optimization is you give less and get more, all you have to do is strategize the content on your digital platforms wisely.
Also, consider the value of member reviews and testimonials, potential members are more likely to rely on that as their first step of trust towards your business which you can, later on, build through on-on-one interactions and enhancing their experience in your coworking space.
- Include Referrals to Grow Your Community
34% of coworking members found their spaces through word of mouth. Your current members alone can do wonders when it comes to growing your community. Offer your existing members some sort of discount or offers/special membership plans for every X number of members they bring in for tours through word of mouth. By creating such referral offers through recommendations, you are letting both yourself and your member benefit.
- Use Events and Open Houses As Tour Opportunities
Hosting events, classes, and workshops not only pave the way for prospective members to tour your space but can also be another revenue-generating option for your space through tickets for the same. You may want to find out from your existing customers what skill they might want to learn as a group and have those workshops hosted in your space.
Some of the events and workshops you can host are:
● Opening Event- what you’d host when you first launch your space.
● Skill- Development And Training Workshops- upon asking existing customers the skills they expect to develop.
● Group-focused Workshops- this might be specifically curated to certain individuals/enterprises, providing resources on how to grow their business, such as workshops specifically meant for freelancers, digital nomads, etc.
● Team-building Workshops- The essence of coworking is integrating ideas and experiences. Team building workshops enable active socializing that better the culture of coworking.
● Fitness Classes- If you have a fitness center in your space, this might be useful. A Zumba class every now and then or perhaps an aerobic trainer who’ll prove useful to your members. This can also be included as a part of your membership plans, that would be an innovative way to attract members.
● Counseling Sessions- Working together might prove to be hard at times, to overcome the challenges of socializing and bringing together ideas and different people, you may call an Organisational Psychologist to come and lecture your members on successfully overcoming these challenges. These classes also promote motivation and teach your members methods of productivity and concentration.
This helps in both community development and building, so you are both bringing in potential members for tours of your coworking space, and also enhancing the overall experience for your current members.
- Focus on Your Digital Platform’s UX and CTAs
CTA or Call to Action is a marketing term for any function designed to give an immediate response or prompt an immediate sale. Include CTA buttons on your website or app and make them more accessible and user-friendly. The overall UX design of your digital platform is also important in selling the idea of your place to your digital community who you view as potential members. Curate a good balance on your website, giving in enough information that would benefit the viewer while understanding the core of your coworking business, while at the same time- ensure not to bombard them with too much information, that becomes counterproductive. When you do provide tours, all these details will lead up to people wanting to take them and explore your community to see whether it matches their needs and expectations.
Most importantly, track every tour completed- the whos, when, how long, their feedbacks, literally everything. You can use this to enhance your tour experience and be a better host as such- which is another important aspect to increase the KPI of Tours Completed.
Finally, we will look at one more KPI before we conclude-
5.) Member Satisfaction
At the end of the day, coworking is nothing without community satisfaction. If your members are happy, your business will prosper. Member satisfaction is thus one KPI that every coworking business must actively track and update. Listening to your members and learning from them is imperative for growing your coworking space, their feedback should be actively analyzed and regarded. There is no point in running a coworking space with a semi-satisfied community, making this KPI all the more important. When we refer to tracking this KPI- it includes by-enlarge surveys, feedbacks, and questionnaires.
How To Increase Member Satisfaction KPI?
- Timing of Surveys
It is important to zero down on “when” you are going to survey your members. Surveying too soon/too late can both deprive you of quality feedback. So when is the ideal time to survey your members? You can perhaps enlist different surveys administered at different points in time- like a survey specifically curated for new members can ask questions regarding how satisfied they are with the ease at which they joined your community/what attracted them towards your space/what do they expect from you, etc. For accustomed members who’ve been around for a while, the surveys can be a bit more detailed regarding their experience so far/ if their initial expectations have been met, etc. Conducting such surveys categorized with the duration of membership can help give you better insights that you can then convert into action for enhancing your overall coworking experience.
- Accessibility of The Questionnaire
Once you have designed your questionnaire, you must ensure it is easily accessible by the audience you are surveying. Post it in the digital platform that connects your members so as to make it easy for them to answer. The Optix app allows you to publish these surveys directly on your feed and then send push notifications to all members to increase the response rate.
● Net Promoter Score (NPS)
An important indicator that you can include in the form of a question in your survey is the Net Promoter Score or NPS. It typically goes “On a scale of 1–10, how likely are you to recommend our coworking space to others”. It acts as an important metric and can help you analyze the experience you provide. It is a crucial question because it hits at the sentiment your members hold for your coworking space. It also indicated customer loyalty, which is another important aspect you must analyze through such surveys.
Also, remember to include such feedbacks as reviews and testimonials on your websites and other review platforms.
Data Analysis
Once you have decided on the questionnaire and collected all your data, the important part of the analysis kicks in. This is where you define, track, and analyze your KPIs.
When you get to the analysis, list down your KPIs, and align metrics that will help you track these KPIs.
For example, here are some metrics you may use to track the KPI of Revenue Per Member. We have explained these in detail in this blog, you can check that out too!
1.) Reporting-
This is based on the origin of revenue streams. License fees and membership are the recurring rental incomes from tenants or members. A good indicator of success is when monthly rent constitutes 80% of your workspace’s total revenue. The rest 20% will come from the amenities/services you provide (conference rooms, food, etc)
RECURRING = LICENSE FEES + MEMBERSHIPS
REVENUE
TOTAL REVENUE= RECURRING + SERVICES
REVENUE
2.) Occupancy Rate
We talked about how increasing the Utilization of Space in A Day is a way to increase Revenue Per Member KPI. Calculating the occupancy rate and workstation occupancy rate helps you track how well your space has been utilized, therefore helping you track how well you have achieved the KPI of Revenue Per Member.
Calculating this over frequent periods of time would refer to “rigorously tracking occupancy”.
There isn’t a benchmark occupancy that indicates profitability, it is subjective to each business.
OCCUPANCY = OCCUPIED SQFT RATE X 100
UNOCCUPIED SQFT
3.) Workstation Occupancy Rate
Calculating this, in particular, is challenging because desks and usage of other workstation units are constantly changing. Having software to help with occupancy calculations might help arrive at the required results. This will thus regard as tracking Revenue Per Member KPI because of analyzing how many of your workstations are occupied and what revenue you gey from that.
WORKSTATION OCCUPIED WORKSTATION
OCCUPANCY = X 100
UNOCCUPIED WORKSTATION
In terms of revenue from occupancy, there are two metrics to keep in mind:
● Revenue Per Occupied Workstation (REVPOW)
TOTAL REVENUE
REVPAW =
AVAILABLE WORKSTATIONS
● Revenue Per Available Workstation (REVPAW)
TOTAL REVENUE
REVPAW =
AVAILABLE WORKSTATIONS
Other important metrics that can help in tracking various KPIs include:
● Current and Historical Rates
Such metrics help in data analysis of how far you’ve achieved your chosen KPIs.
3. Convert Your Insights Into Actions
Now that you have analyzed all the data required to track your KPIs, it is time to convert these insights into actions. Upon analysis, you understand where you lack, where you need to invest more, what the members stated as their expectations in the surveys, where you can better your experience, and actually get to the ground level of implementing these changes. You must also analyze where you are excelling, what are the aspects of your experience that customers are satisfied with- you must then look to strengthen the areas you received positive feedback in.
Coworking requires constant learning. It is a dynamic industry. With the number of coworking businesses rising in the market, you must always stay hungry and curious to look for new ways to better the experience for your members and grow your community. Constant tracking of KPIs and using that analysis to enhance your coworking space is thus a continuous learning process that will never stop, but will only get better with time.
Conclusion
In this blog, we studied about KPIs or Key Performance Indicators required for the growth of your coworking space and how to increase each of them.
We first saw how to curate or develop these KPIs, after which we moved on to list out the important KPIs you must track for your coworking business- Revenue Per Member, Member Churn, Member Sign-Ups, Tours Completed, and Member Satisfaction.
For each of these KPIs, we comprehended in detail vastly two questions- Why do we need this KPI? How to increase this KPI? We looked at several ways to increase every KPI through a detailed analysis going to the very crux of each concept.
We hope this blog helped you understand the KPIs you need for tracking the development of your coworking business and ways to improve them. Do check out this place for more such resources.
Happy Coworking!
Related Articles
https://coworkcompany.com/co-working-spacehow-to-grow-revenue-and-make-it-profitable/
https://coworkcompany.com/how-to-build-coworking-space-from-scratch/
About Author
Balaji Ingole
Built many companies including co-working space Coworkcompany.com, Level212.in, real estate company LivyoungRealty.com, SEO and Marketing company
He expresses his thoughts on Mindfulness on his personal blogs
