Increasing Sales Revenue for Coworking Businesses
The coworking industry is gaining in popularity, with more businesses arriving and more people taking advantage of coworking memberships. While the popularity of coworking is good for coworking spaces, it also means that there is more competition. To improve your revenue, you need to take steps to differentiate your company from the others.
Know Where Leads Come From
One of the first things you should do to increase your sales revenue is to make sure you know where most of your leads come from. This will let you focus your energy on that marketing strategy, whether it is emailing forms, making cold phone calls, or social media advertising.
Caption: Use analytic tools to evaluate where you get your leads from so you can focus efforts on those sources.
The revenue from coworking comes from membership sales, so you need to make sure that memberships are appealing to potential members. The best way to do this is to bundle your services, such as wireless internet, access to the conference room, notary services, coffee, and more. Instead of offering most services separately, bundle them all into the membership price to provide clarity for members.
Offer Membership Tiers
Since every person is different, you also want to offer a range of membership tiers for your coworking space. This way, you can offer bundles for people depending on the amount of time they need access to the space or the amenities they need to use. To help with sales revenue, allow for certain amenities to be bought a la carte so members do not have to feel pressured to upgrade plans just for a single feature.
Sell Virtual Services
While many people look for coworking spaces as a place to work, others just want to take advantage of virtual services. You can offer these virtual services and amenities with no space requirements on your end as another revenue stream to supplement membership sales.
As with any other business, you should use analytics to make sure that you know how your space uses various resources and technology. This way, you can make sure that everything is being used to its full potential and see if you are offering any amenities that are not necessary. In that case, you can cut costs by eliminating those underutilized amenities. Alternatively, you could change their pricing method from bundling them into membership packages to making them a la carte.
Curate the Community
One of the many methods of improving revenue for your coworking space is to promote a feeling of community. Most people join coworking spaces for their community feel as well as the amenities offered, so do what you can to promote this feeling. One of the best ways to do that is to offer a range of events, both social and business-related or educational. You can also work to design the space in a collaborative space.
Caption: Host events, including workshops and social activities, to foster a sense of community.
Consider a Credit System
Another option is to create a credit system that lets members buy credits ahead of time. They can then redeem these credits for access to the conference room, a guest pass, extra time in the space, or something else. Make the credits transferable and easy to use to maximize their value and boost sales.