Hey Coworking World-
I am working on identifying benchmarks for our space. Can you share with me some of you Key Performance Indicators and how you track them?
Thank you!!
Jenifer Ross
Founder + [email protected]
Not there yet but I would assume that churn would be a good indicator.
···
On Monday, July 20, 2015 at 3:24:49 PM UTC-5, Jenifer Ross wrote:
Hey Coworking World-
I am working on identifying benchmarks for our space. Can you share with me some of you Key Performance Indicators and how you track them?
Thank you!!
Jenifer Ross
Founder + Co-owner
W@tercooler
Good topic.
We don’t have anything firm yet but also beginning the conversation (a few months in). Here’s a few things we’ve started to watch closely.
-
Tours - we get a good conversions on tours. It’s one of the best ways to get people to signup. The more tours we do, the more people signup.
-
Churn - getting people to stay is important. We use baremetrics.com to watch this. Right now we’re a bit high at 14% - 7 months & 4 days). We’ve been at roughly 10% for awhile.
-
People in the space - this depends on how you want to track this but we focus on the amount of people during the hours of 8:30am - 6pm. We are usually around 35-40.
I watch a few other things as well like monthly revenues, how interactive people are together, etc…
···
Aaron Schaap
The Factory - www.workthefactory.com
@schaapy and @coFactory
On Monday, July 20, 2015 at 4:24:49 PM UTC-4, Jenifer Ross wrote:
Hey Coworking World-
I am working on identifying benchmarks for our space. Can you share with me some of you Key Performance Indicators and how you track them?
Thank you!!
Jenifer Ross
Founder + Co-owner
W@tercooler
Aaron:
A quick note on churn. **Churn is not always a bad thing. **Let me explain!
You mentioned one of your goals is to decrease churn:
···
Perhaps it might be best to measure why people are leaving instead of just the sheer number of people leaving. If your churn is 14% and they are all leaving because they have flourished in your environment – isn’t that something you strive for? This churn would be a result of your customers being successful and growing along with your decision not to accommodate companies with more than X employees.
This is not only a good thing – it is a GREAT thing. This statistic (how many companies graduate from your coworking space because they have flourished) is great for marketing your coworking space and services. It is a statistic to be encouraged and not discouraged.
However, if your churn is due to customers leaving because they do not see the value in the services you provide – this is a problem and yes, you need to pay attention to this statistic. As with any company providing a service, you need to ensure your customers are receiving value. Limiting their growth due to a wrongly identified KPI, I am sure is not your intention.
Wishing you all the best,
Janice Caillet
~ ~ ~ ~
Janice Caillet
Founder & Chief Catalyst
iStartup.cc
+1.617.874.6923
Our Mission
To assist individuals, teams, organizations and communities to turn on and realize their potential.
Hi Jennifer - here are some of ours:
All leads called (if phone number) and emailed within 8 business hours of being assigned
Number of tours completed
Number of new member sign-ups
Average sales per member w/ room booking revenue
% gross sales/expenses (margin)
Member Upgrades
Monthly Member Outreach
Member Attrition
Outstanding invoices end of month (outside of deposits)
···
On Monday, July 20, 2015 at 1:24:49 PM UTC-7, Jenifer Ross wrote:
Hey Coworking World-
I am working on identifying benchmarks for our space. Can you share with me some of you Key Performance Indicators and how you track them?
Thank you!!
Jenifer Ross
Founder + Co-owner
W@tercooler
I mostly keep taps on the number of tours per week, the churn, and we have an idea on the number of members in the space on any given day just as Aaron stated.
Here some of our numbers:
Churn: Members average stay is 9.7 months for people that could have been for at least 6 months.
Number of members per day: 20 at the main and 20 at the second space
Emails for tours: About 6 per week
Tours given: 4 per week, this has been creeping up to 6 per week in the last two months
Sign-ups: Goal is one per week but we have been getting 2 a week in the last two months
Drops: Two per month
Revenue: Growing about 6% a month
Thank you everyone - very helpful!
···
On Wed, Jul 22, 2015 at 5:32 PM, Craig Baute - Creative Density Coworking [email protected] wrote:
I mostly keep taps on the number of tours per week, the churn, and we have an idea on the number of members in the space on any given day just as Aaron stated.
Here some of our numbers:
Churn: Members average stay is 9.7 months for people that could have been for at least 6 months.
Number of members per day: 20 at the main and 20 at the second space
Emails for tours: About 6 per week
Tours given: 4 per week, this has been creeping up to 6 per week in the last two months
Sign-ups: Goal is one per week but we have been getting 2 a week in the last two months
Drops: Two per month
Revenue: Growing about 6% a month
–
Jenifer Ross
Co-Owner & Founder
W@tercooler
21 North Broadway | Tarrytown, NY 10591
914-332-1400 | 914-261-1470 c
Like us on facebook + follow us on twitter | Watch our Video
Going back to what Aaron was saying about our churn, I ran some quick stats and here are the top reasons people are leaving. Interestingly enough, it is not so much about things about our space. It is more around life:
Period: Jan 2015 - Present
45 Total Cancels
19 - New Job
10 - Moved (mostly out of state)
7 - Growth (needed private space)
7 - Financial Reason (lost income or unemployment)
2 - Wifi issues (these were one-offs)
Rob Macy
Community Manager
The Factory
···
On Monday, July 20, 2015 at 4:24:49 PM UTC-4, Jenifer Ross wrote:
Hey Coworking World-
I am working on identifying benchmarks for our space. Can you share with me some of you Key Performance Indicators and how you track them?
Thank you!!
Jenifer Ross
Founder + Co-owner
W@tercooler
This is very helpful as I am working on KPIs. Thanks for sharing everyone!
···
On Monday, July 20, 2015 at 4:24:49 PM UTC-4, Jenifer Ross wrote:
Hey Coworking World-
I am working on identifying benchmarks for our space. Can you share with me some of you Key Performance Indicators and how you track them?
Thank you!!
Jenifer Ross
Founder + Co-owner
W@tercooler
I’m very appreciative of this conversation thread, I’ve been interested in this in a long time and curious to hear from other people here, thank you.
The main statistics I look at and work on:
-
culture Tools - CultureSync
-
alignment with/success of our values throughout the day and week (the values are pretty well described on our homepage at http://collectiveagency.co and we’re in the process of updating them)
-
how much active outreach is happening and being asked for, for us to reach more people
Those provide the base for:
-
referrals and reviews online and in-person
-
revenue and expenses by category, per day, per week, per month and per year. I think monthly is most important for me to measure.
-
number of members (which comes from people being members for years, new people signing up, people returning after awhile not here, and people quitting or pausing)
-
growth in success of the above
Alex Linsker, Collective Agency, Portland Oregon, http://collectiveagency.co
···
On Monday, July 20, 2015 at 1:24:49 PM UTC-7, Jenifer Ross wrote:
Hey Coworking World-
I am working on identifying benchmarks for our space. Can you share with me some of you Key Performance Indicators and how you track them?
Thank you!!
Jenifer Ross
Founder + Co-owner
W@tercooler