We are curious what other co-working spaces turnover rate is? We have month-to-month memberships at our space. We have always seen some turnover and we were wondering how it compares to other spaces.
Any information would be great!
Melissa
Green Spaces Denver
Before this goes too far…there are many different and not-quite-compatible ways to calculate churn and turnover. I just dug up this previous thread from about 18 months ago about how difficult it is to compare these rates:
https://groups.google.com/d/msg/coworking/Atp74gnKr98/F-zCvgyH79wJ
Like we talked about in that thread, you’ve got to compare the same things, over the same period. Are you comparing members, or revenue? Or membership lifetime? Averages, over how many months? How do you handle upgrades and downgrades? Tricky tricky 
So…what exactly are you tracking, and how are you calculating it?
The #1 mistake in community building is doing it by yourself.
Join the list: http://coworkingweekly.com
Listen to the podcast: http://dangerouslyawesome.com/podcast
On Wed, Dec 9, 2015 at 3:55 PM, Melissa Walford [email protected] wrote:
We are curious what other co-working spaces turnover rate is? We have month-to-month memberships at our space. We have always seen some turnover and we were wondering how it compares to other spaces.
Any information would be great!
Melissa
Green Spaces Denver
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Should have search prior posts before posting. That helps. I will post additional information and questions after we take a look at our numbers.
Thanks
Melissa
On Wednesday, December 9, 2015 at 2:19:48 PM UTC-7, Alex Hillman wrote:
Before this goes too far…there are many different and not-quite-compatible ways to calculate churn and turnover. I just dug up this previous thread from about 18 months ago about how difficult it is to compare these rates:
https://groups.google.com/d/msg/coworking/Atp74gnKr98/F-zCvgyH79wJ
Like we talked about in that thread, you’ve got to compare the same things, over the same period. Are you comparing members, or revenue? Or membership lifetime? Averages, over how many months? How do you handle upgrades and downgrades? Tricky tricky
So…what exactly are you tracking, and how are you calculating it?
The #1 mistake in community building is doing it by yourself.
Join the list: http://coworkingweekly.com
Listen to the podcast: http://dangerouslyawesome.com/podcast
On Wed, Dec 9, 2015 at 3:55 PM, Melissa Walford [email protected] wrote:
We are curious what other co-working spaces turnover rate is? We have month-to-month memberships at our space. We have always seen some turnover and we were wondering how it compares to other spaces.
Any information would be great!
Melissa
Green Spaces Denver
–
Visit this forum on the web at http://discuss.coworking.com
You received this message because you are subscribed to the Google Groups “Coworking” group.
To unsubscribe from this group and stop receiving emails from it, send an email to [email protected].
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Never hurts to peek, but it’s not always obvious what the best/right thread is either (or what terms were used to find it) so I’m happy to point you in the right direction.
While you’re looking at your numbers, I might make a couple of suggestions based on things that I’ve learned over the last year and have turned up valuable insights in our own data:
1 - Compare membership plans to membership plans. If you look at all members, you don’t get to see how churn varies depending on the membership level. In our case, full time membership generally has the highest relative churn compared, which I’ve always found fascinating.
2 - Compare monthly cohorts. This one is trickier to pull off without some software to back you up. I use http://firstofficer.io which pulls subscription data right out of Stripe automatically, always giving me up to the minute reports including monthly snapshots, but my FAVORITE graph is this one:
This is a retention graph, organizing retention data by the month that a group of members joined.
Once I have a graph like this, I can look at growth patterns and then see which months brought us members who stayed for a long time, vs months who brought us members and were gone within 1, 3, 6, or 12 months.
**My favorite pattern: months surrounding periods where we grow fast tend to have the worst performing long-term retention. **
Historically, those “boom” months were driven by the seasons (January/February, August/September/October).
At the end of the day, this stuff doesn’t change what we do: we still focus on relationships between coworkers. But we can deduce that if someone joins during a “boom” month it’s possible that they’re joining in exuberance and weren’t going to stick around no matter what we do…but it’s also possible that they came looking for relationships and the existing coworkers were overwhelmed with all of the new faces and not as many of the personal bonds that make a difference to our retention were formed.
With that information, we can make choices and be strategic. For some, we can actively work to improve the causes for retention proactively. For others, we can try to catch those statistically-about-to-churn members and look for ways to help them get the value they might not be getting…or at the very least, prepare better for that 3-month later churn window.
-Alex
On Wed, Dec 9, 2015 at 5:25 PM, Melissa Walford [email protected] wrote:
Should have search prior posts before posting. That helps. I will post additional information and questions after we take a look at our numbers.
Thanks
Melissa
On Wednesday, December 9, 2015 at 2:19:48 PM UTC-7, Alex Hillman wrote:
Before this goes too far…there are many different and not-quite-compatible ways to calculate churn and turnover. I just dug up this previous thread from about 18 months ago about how difficult it is to compare these rates:
https://groups.google.com/d/msg/coworking/Atp74gnKr98/F-zCvgyH79wJ
Like we talked about in that thread, you’ve got to compare the same things, over the same period. Are you comparing members, or revenue? Or membership lifetime? Averages, over how many months? How do you handle upgrades and downgrades? Tricky tricky
So…what exactly are you tracking, and how are you calculating it?
The #1 mistake in community building is doing it by yourself.
Join the list: http://coworkingweekly.com
Listen to the podcast: http://dangerouslyawesome.com/podcast
On Wed, Dec 9, 2015 at 3:55 PM, Melissa Walford [email protected] wrote:
We are curious what other co-working spaces turnover rate is? We have month-to-month memberships at our space. We have always seen some turnover and we were wondering how it compares to other spaces.
Any information would be great!
Melissa
Green Spaces Denver
–
Visit this forum on the web at http://discuss.coworking.com
You received this message because you are subscribed to the Google Groups “Coworking” group.
To unsubscribe from this group and stop receiving emails from it, send an email to [email protected].
For more options, visit https://groups.google.com/d/optout.
–
Visit this forum on the web at http://discuss.coworking.com
You received this message because you are subscribed to the Google Groups “Coworking” group.
To unsubscribe from this group and stop receiving emails from it, send an email to [email protected].
For more options, visit https://groups.google.com/d/optout.
The #1 mistake in community building is doing it by yourself.
Join the list: http://coworkingweekly.com
Listen to the podcast: http://dangerouslyawesome.com/podcast
