You’ve worked hard to build a thriving coworking space, attracting talented individuals and fostering a collaborative atmosphere.
But let’s face it: attracting members to your space is just half the battle. The real challenge lies in retaining those members. If you can manage to increase your customer retention rate by 5%, you can enjoy an over 25% increase in profit.
Now, how can you make your members feel like they’ve found their professional home away from home? Don’t worry. By the end of this guide, you’ll discover five tried-and-true strategies to help you retain coworking members.
Ready? Let’s dive in.
#1 – Create a Strong Community
A strong community establishes a sense of belonging and connection among your coworking members. When members feel they’re part of a vibrant community, they are more likely to stay engaged, collaborate, and renew their memberships. All these contribute to long-term growth.
But how can you achieve this feat?
First, make sure your onboarding process is seamless and carries everyone along. Offer personalized tours and assign a dedicated staff member to address their questions and concerns.
Next, encourage interactions among members. Organize networking gatherings, workshops, and other social events. You can also set up channels like online forums, chat groups, or a dedicated community app. Consider providing each member with an e-business card that can be easily shared and exchanged through online platforms and networking events; you facilitate seamless connections and encourage collaboration among professionals.
All in all, you want a coworking environment where professionals from different industries can connect, share knowledge, and forge valuable relationships.
Plus, celebrate your members whenever they achieve a great feat. Highlight their successes through newsletters, social media channels, or dedicated bulletin boards. This not only boosts morale, but it also creates a culture of encouragement and support.
Further, reward members for their loyalty by implementing a loyalty program. A digital business card can play a valuable role in this initiative.
While doing all these, stay connected with your members through regular email communications. Share updates on upcoming events, new amenities, community achievements, and member spotlights.
#2 – Provide High-Quality Amenities and Services
Your members expect an exceptional experience that goes beyond a standard office setting. By offering top-notch amenities and services, you can create a coworking business that stands out in the competitive market. The result? You retain them as your coworking members.
So, make sure your coworking office is functional and comfortable. Invest in ergonomic furniture, ample lighting, and well-designed workstations that promote productivity. Ensure your space is clean, well-maintained, and equipped with reliable Wi-Fi and technology infrastructure.
Further, be sure to stock your coworking space with essential amenities that make members’ lives easier. This can include:
- High-quality coffee and refreshments
- Printing and scanning facilities
- Phone booths
- Exercise and wellness activities
- Secure storage options
- Professional meeting rooms equipped with audio-visual tools
You should also consider that different members have different working preferences. So, provide a range of workspace options, such as private offices, dedicated desks, open workstations, and comfortable lounge areas.
Remember that the journey to perfection in providing services and amenities is a never-ending one. So, you should always consistently assess and adapt to the changing needs of your members.
If you’re not sure about how to do that, you can always ask your coworking members what they want you to improve. Proactively engage with your members through surveys or regular check-ins. You can use a generative AI tool like Ask Writer to come up with survey questions.
Ask current members about their experience and the quality of amenities. This will help show your commitment to continuous improvement.
#3 – Offer Flexible Membership Plans
Flexibility is the key to meeting the diverse needs and preferences of your coworking members. When you provide a range of membership options, you empower individuals to choose a plan that suits their specific needs. This increases the chances of long-term commitment and helps you retain coworking members.
So, you want to know whether your members are looking for full-time access, part-time access, or occasional usage. You can ask them yourself through, again, surveys and discussions. Then design flexible plans that cater to their needs based on what you find.
For instance, you could develop a tiered system of membership plans, each offering a different set of benefits and amenities.
So, you could have:
- A basic plan for occasional users
- A standard plan for regular users
- A premium plan for those who require additional perks such as dedicated desks or meeting room access
Similarly, some individuals may prefer short-term commitments, while others may seek long-term stability. You can therefore offer multiple duration options like daily, monthly, quarterly, and annual plans.
Life is ever-changing, and so are your members’ needs. So, make sure your membership plans allow for easy upgrades or downgrades.
#4 – Build a Culture of Feedback
When you build a culture of feedback, you show that you value members’ opinions and are committed to providing an exceptional experience. I’m not just talking about seeking feedback through surveys to improve your offerings as we mentioned above. I’m talking about making it easy for members to reach out to you any time they have concerns.
When you build a culture of feedback, you don’t only help retain existing members. You also attract new ones through positive word-of-mouth.
To begin, create a culture of open communication where members feel comfortable expressing their opinions. Emphasize that their feedback is valued and assure them that you will take their input seriously. If possible, you can incentivize your coworking members to share their opinions.
You can also offer multiple channels for members to provide feedback. These include suggestion boxes, online surveys, or dedicated email addresses.
You can also include a feedback form on your site. Just make sure your website loads quickly and smoothly. If you’re just in the process of creating a website, don’t worry. The best web hosting providers for beginners are not hard to find. Just do a quick Google search, and you’ll find your options. Perform your research on each provider’s offerings, then choose the one that fits your business needs.
Whichever channel you choose, remember that around 90% of customers want immediate responses to their concerns. So, of course, you also need to always acknowledge each submission promptly. Ensure that your response is personalized.
You also want to keep your members informed about the progress made in addressing their concerns. Provide regular updates on the changes implemented and how they have positively impacted their experience.
#5 – Provide Additional Value-Added Services
If you want to retain coworking members, you need to go beyond just offering a workspace and the amenities we discussed above. You need to create an experience that members can’t resist. This involves going the extra mile to offer additional services that cater to their professional and personal needs.
To ensure that you’re not barking up the wrong tree, you can start by finding out your user preferences (use strategy 4). This way, you’ll know what’s most beneficial to them.
But generally, here are some value-added services to consider:
- Personalized business support: This can include mentorship programs, training sessions, business coaching, or access to industry experts who can provide guidance and insights. You can also sell online courses that contribute to their specific professional development at a discounted rate.
- Wellness and lifestyle services: Introduce wellness programs such as yoga classes, meditation sessions, or fitness challenges. Make sure you also offer a wellness space.
- Virtual office services: These could include mail handling, business address, and phone answering services for remote or part-time members.
All these additional offerings help you offer an excellent user experience and an environment that supports your members’ professional lives.
Conclusion
Your coworking space is in a better position for long-term success when you retain coworking members. To do this, make sure you’re building a community and providing high-quality amenities and services.
The journey doesn’t end there. Take things further by offering flexible membership plans and building a culture of feedback. Finally, provide more value-added services.
Implement these strategies and watch your retention rates soar!
