Many businesses—coworking spaces included—can fall victim to neglecting retention. It only becomes more expensive to get a new customer than to keep an old one. As competition increases, it can become harder to find new customers and you may be left with unwanted vacancies.
Regardless, we’ve put together a guide for how to retain coworking members. When it comes to retention, there’s not a quick fix, retention should be an ongoing process that happens gradually over time.
Let’s look at the top five strategies for retaining your members.
Activities and Events
Host in-person or virtual activities. Be consistent and organize them on the same day of the week at least monthly. This will help people build a routine and form a habit. Host workshops to support your members and teach them new skills that complement their businesses. Any task that your members must do outside of their area of expertise will be valuable as they are likely wanting to learn more.
By bringing your members together to learn from a professional, they’ll realize they’re not the only ones struggling with these problems. Survey your members to get to know what they would like to improve in their business. Record the workshops, and share them on your blog so your entire audience can enjoy them.
Everyone wants to be successful, including your members. If they didn’t, they would not be a member of your coworking community. Help them out by spreading the word about their business.
A few ideas include:
- A business bulletin board or public member directory
- Rotate community spotlights through available screens or displays
- Feature your coworking community members and links to their businesses on your website
Celebrate Member Milestones
Go above and beyond for your members. This means making their membership anniversary special with advertising and promotions.
Your members will love being featured in your newsletters and on your website as well. The article can be as simple as an interview that has been transformed into a blog post.
You could also create a video or audio recording featuring an in-person interview. Post the video to YouTube or another video platform and make an accompanying blog post — then use all your social media channels to get the word out. Your members will share the article on their social media accounts because they are proud of their own story!
In an email newsletter, showcase your members and the space. It’s important for clients to take the time to become part of your community by opting in to receive email communications.
A simple sign-up sheet should be set up by the entrance or you can ask your members for an email capture when they checkout. In addition, you can use the newsletter to highlight your coworking community, events and member happenings. Any additional information you can share that provides your members’ value will increase their engagement and overall satisfaction.
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Sending annual renewal notices out months in advance is a great way to preempt members before they decide to look for a new space.
Before you offer a discount to close a renewal, try a gift card for a local business. This provides an opportunity for businesses to partner with you and gains exposure in their community. Many people appreciate a business supporting other local businesses, which uplifts the entire community.
Swag bags are also an excellent way for you to show your members appreciation for their business and can be an easy way to get your company name out. Another way to get your members excited about renewing early is a gift card for their favorite print shop, so they can print business cards, marketing collateral, or their own swag.
The full version of our Coworking Retention Guide to get extra tips and ideas for each key strategy to retain coworking members.
As coworking spaces continue to grow in popularity, it will increasingly be important for space owners and managers to put some of their resources toward retaining their members. There’s no one size fits all approach for a given business, but the sooner coworking spaces can start executing on these key strategies, the better chance they will have of keeping their members happy and engaged.