The importance of analytics for coworking and flexible workspaces

The importance of analytics for coworking and flexible workspaces

Analytics and reporting make for powerful tools in coworking. Together, they can lead to cost savings, workspace optimisation and happier members. Although gathering performance data itself is an age-old business practice, it hasn’t always been as easy as it is today. 

In decades gone by, managers had to rely on Excel skills and statistical prowess to get the job done. Nowadays, our software systems can do the hard work for us. Fortunately, you don’t need to know how spreadsheet formulas work – or have oodles of spare time – to gather insightful analytics for your stakeholders, and make better business decisions whilst you're at it. 

A strategic approach to analytics.

If you’re new to the world of analytics, you’ll need to familiarise yourself with the reporting tools that facilitate an analytical approach. For now, think about what you need the analytics for - is it to gauge how a new pricing model is performing? Or to understand how much of a certain breakout space is being used? Perhaps to determine energy usage in meeting rooms, or even as simple as how many members engaged with your previous newsletter. 

The reports that help you gather these analytics serve a range of purposes: they can be used to communicate progress to your board, monitor aspects such as member churn and lead-to-conversion rates, or to inform strategic decisions about the physical structure of your workspace.

Creating reports on a wide range of variables.

What you choose to report on will depend on your own goals and the services your workspace provides. Of course, it also hinges on how much time you can dedicate to reporting. You can always start small and expand as your understanding deepens.

Let’s take a look at some common reporting variables for coworking spaces, and the analytical benefits that can be gained by monitoring them on a regular basis.

Lead generation and conversion rates.

You can use analytics tools to gain an insight into lead generation sources and conversion rates. Understanding where new members are finding out about you – whether it’s from your website, social media or a completely different source altogether – can help you to improve your marketing strategy and allocate resources more effectively. 

For example, you might find out that the majority of your leads (after word of mouth) come from Instagram, and that your website is the least effective source. After learning this, you may decide to audit the website with a view to improving the user experience. Perhaps it could benefit from some up-to-date images and clearer call-to-actions.

Space utilisation and occupancy.

You can use analytics-based reporting to monitor occupancy rates and resource utilisation, as well as the types of memberships people are signing up for. This will give you an insight into which areas of your workspace are proving popular and which aren’t. 

You might find, for instance, that a certain meeting room isn’t being used on specific days, or that desks in a particular part of your space aren’t being booked as regularly as others. This information can enable you to make better decisions about your pricing and layout. Always think about why – is there a lack of natural light in part of the building? Have you run any promotions recently? Is the decor outdated?

Finance-related metrics.

Many of us associate reporting with finance, and this is something you can use your reporting tool to track. You can create granular reports on different sources of revenue and expenditure, and use this information to identify areas for savings. 

After all, financial health and ongoing profitability is crucial for longer-term survival. 

Membership retention and satisfaction.

Understanding the elements that make members want to keep their desk or office is key. Information from optional member surveys can feed into your reports and help you identify factors that contribute to turnover. Importantly, you might discover ways to make your workspace more inclusive or accessible for members.

How to access your coworking space’s data.

The easiest way to ‘pull’ data and generate reports is through your coworking software. A good workspace management system should have reporting capabilities that enable users to see how their business is performing in different areas.  

How you choose to view your data depends on the tools at your disposal, as well as your preferred way of working. If you’re a whizz at spreadsheets, you might decide to export your data to a spreadsheet and use formulas to decipher the information. 

But if spreadsheets aren’t your thing, you can utilise your coworking software’s inbuilt reporting tools. At the end of the day, choose the method that aligns with your reporting goals, technical proficiency, and the level of customisation you require.

How you present your reports will also depend on who will be reading them. Fortunately, you can tailor your reports to the needs and knowledge level of your audience, whether they’re executives, team members, clients or other stakeholders.

Reporting using tools in Nexudus.

Nexudus provides users with a choice of reporting tools: default reports, Nexudus Explore, Explore Designer, Excel and API-driven solutions. Let’s take a look at each in more detail: why not trial a couple of methods and see which works best for you?

1. Default reports.

Nexudus has designed default reports with the most popular KPIs in mind. 

Default reports in Nexudus gather data from your Nexudus account. As long as you have access to reports, you can download a report on over 140 variables in PDF or XLS format. From how long members spend at your coworking space to your overall financial health, these reports are easy to access and quick to download. 

2. Nexudus Explore’s reports.

Explore is perhaps Nexudus’ most exciting new innovation. It’ll become your go-to tool if you want to track specific metrics and like your data to be presented in a visually engaging – and clear – way. You can use Explore to access existing default reports or create new ones that are more aligned with your needs. 

If you already use Nexudus, go to Explore. You’ll see your data organised neatly in dashboards with charts that let you see what’s happening in the various areas of your business. You can find and compare the number of check-ins, the most popular membership plans, the average contract span…you name it.

Explore Designer goes one step further, allowing you to build custom reports and query the system for the exact answers you’re searching for. It’s an incredibly valuable tool if you want a report on very specific information (default reports don’t cover everything, and if they do, they might not cover it in granular detail). 

3. Exporting data to Excel.

If you’d like more autonomy and flexibility when it comes to your reporting, and are comfortable with navigating spreadsheets, you can always do it yourself. Nexudus allows you to export your data to Excel. Once you have the raw data at your fingertips, you can formulate, analyse and calculate to your heart's content!

4. Utilising an API.

Nexudus is an API-first system, so it can integrate with a host of other workspace tools and technologies. If you can code or are working with developers, you might decide to use the API to connect to your systems, gather data and generate reports. It’s another (albeit more technical) way to create customised reports.

Data-driven decisions lead to better outcomes.

Analytics and reporting tools offer a competitive advantage to coworking flexible workspace operators who want to improve the member experience, become financially sustainable, or grow. 

But don’t feel the need to ace reporting straightaway – for some, it’s a learning curve. Share your reports with stakeholders and ask for constructive feedback. It also helps to keep an eye on the latest reporting trends and practices – like many things in the coworking sector, it continues to evolve and improve as time goes by.

At Nexudus, we’re passionate about creating fully customisable, easy-to-integrate software that manages your entire space - from reception to rooftop. For over 11 years, our award-winning tech has helped workspace owners and operators be more efficient, provide users with an unforgettable experience and gather advanced analytics for better decision-making. Discover how we can help you today.

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