August 1, 2019
Why having a coworking app will help your business generate more revenue
In this blog series, we reveal how providing a mobile experience will help you deliver seamless member experiences, build strong relationships with your members, and more.
In our first blog in this series, we explored how a mobile experience enhances your members’ productivity through real-time connectivity and mobile resources. In our second blog, we tackled how having a first-class mobile experience helps you deliver a seamless member experience and enhance your service strategy. In this third installment, we explore the ways in which having a coworking app can help you generate more revenue.
In today’s world, expectations around digital experiences are shaped by the apps that permeate our everyday lives. Services such as Uber and Open Table have mastered the creation of seamless experiences, and in doing so have set the bar for user experience in every software tool we use, including those in the workplace. Further, according to research from The Boston Consulting Group, mobile now drives or influences more than 40% of revenue in leading B2B organizations. As a coworking space marketing to other businesses, providing your prospective and current members with the ability to interact with your brand on their mobile phones is imperative.
Coworking spaces that offer seamless mobile experiences and that connect their website and coworking app will more easily attract and convert prospective members. In addition, coworking spaces that offer the ability for their members to pay for items such as snacks, coffee, and printing within an app, are likely to generate more revenue per user than a coworking space that requires members to pay for something at the front desk.
People are spending more time on their mobile phone
There are conflicting perspectives on whether the use of mobile phones at work should be restricted or embraced as the new normal. We believe that mobile is the future and that focus should be given to the ways in which our mobile phones can make us more productive in the workplace. This is especially true in the more fluid coworking environment where a coworking app can support a range of functions including booking a meeting room, connecting with the community on-demand, expediting payments, and more. From a member’s perspective, convenience is value. The more you can do to create seamless experiences, the more likely your members are to stick around and continue to pay for that value.
We make purchasing decisions on our mobiles
BCG’s research also showed that purchasing time is reduced with mobile technology – often fast-tracking it by 20 percent. In an environment where you are trying to support the growth and success of your members and their businesses, enabling them to connect and advertise on your coworking app is key. Your member’s success is your success – the more they grow, the more your revenues from their expanded team and increased use of your spaces and amenities grow.
We have higher spends at increased frequency with mobile payments
According to a research study performed earlier this year, mobile payments encourage people to spend more money and mobile payment users conduct 23%+ more transactions.
When you are thinking about how to maximize your revenue per member, you may be thinking about charging for snacks or meals, or offering additional services and experiences. If you want to offer and encourage adoption of those services, a coworking app is the way to do it. It’s much easier to pay for something with a click of a button on a mobile phone than it is to wait for someone at the front desk, pull out your wallet, and see the cash leaving your pocket.
Your members are more likely to recommend your coworking space
We all know that referral marketing is powerful and can be one of the most effective membership growth tools in your arsenal. If that’s the case and we know that positive experiences on mobile increase a person’s likeliness to recommend a brand, your coworking business should aim to maximize its mobile brand exposure. What better way to do this than having your brand front and centre on the homescreen of their phone. In addition to this, providing multiple positive interactions each and every time someone opens your app is important – having a pretty logo isn’t enough.
A coworking app can help you deliver exceptional experiences and value to your members, support your members in growing their businesses, increase your potential revenue per member, and grow your community through encouraging your members to recommend your brand. Providing a mobile experience is important to maximize your revenue potential and will support with the growth of your business in the long term.