With the adoption of coworking amongst corporate establishments, operators are increasingly looking to expand their service offering to cater to the demanding requirements of corporate tenants and stand out from the crowd. What operators overlook, however, is making their services easier for occupiers to consume and pay for. To set yourself apart from competition and delight members, here are the benefits of introducing a credits payment system into your flexible workspace.
What are Coworking Credits?
Credits in coworking spaces are essentially virtual money that tenants can use to book desks and meeting rooms as well as any other products or services operators offer.
It’s common for flexible workspace operators to offer meeting room credits, but why stop there? Be different from your competition and roll out credits across all services and products and benefit from improving your tenants’ experience.
The Benefits of Offering Credits in Coworking
Offering a credits system in your coworking space brings payments forward rather than an invoice at the end of the month. This enables accurate forecasting of future tenant purchasing and aids strategic business decisions such as introducing new products or services.
Get to know your customers better by diving deep into customer spending habits with extensive insights and data. Operators can identify most popular services consumed, which clients spend the most, and even compare the effects of purchasing with “real” currency versus “virtual” currency. All of this is highly influential for the long-term strategy of coworking workspaces as this data supports important business decisions as well as the ability to tailor packages of on-demand services to tenants. Operators can even spot upselling and cross-selling opportunities, benefiting their bottom line.
Flexibility and Control
Operators can have full control of how they want to sell credits in their flexible workspace as they adapt to any business scenario. One major advantage of a credit system is the ability to alter the price of credits quickly and easily, it doesn’t have to be set in stone. You as the operator can decide the package and monetary value of credits and have the option of listing services as price only, credit only, or price and credit options. The ability to fully configure and tailor credit packages to suit a specific business model is a major benefit for flexible workspace operators.
Selling credits in bulk or as a monthly package is a great opportunity to encourage your members to consume more as they are benefiting from a lower price than if they paid with “real” money. Setting individual prices for different packages may incentivize members to buy more and ultimately spend more long-term. Similarly, the psychological cost associations of digital currency such as credits can contribute to increased consumption. For example, charging 2 credits for an hour’s use of a meeting room may seem less expensive than charging $150. You can also increase member satisfaction to those with higher spends by offering them discounts and, again, encouraging more spend. A credit payment system is a great tool for strategic and tactical marketing campaigns to make members happy. You can use credits as compensation if something goes wrong for your tenants or to improve the experience of an unhappy member.
It sounds simple but offering your tenants a simple, quick and easy way of purchasing products and services can be a key differentiator against competitors. You need to ensure the purchasing process for members is seamless to encourage them to spend more and keep them coming back for more. Offering a credits system in your coworking space can provide product stickiness. Use credits to stand out from the crowd and increase customer satisfaction by providing a certain amount of free credits to new members. Things like this won’t go unnoticed and can contribute to a positive member experience.
Extra Revenue Stream
With a credits payment system, operators can automatically send top-up email reminders to tenants to strengthen frequent and consistent spending. When it comes to using “normal” money, email reminders aren’t required and as a result, members will purchase on an ad-hoc basis rather than in advance. Credits encourage advance payments. This links back to the benefit of accurate future forecasting and customer insight reporting.
What are the Benefits to your Members?
- Easy to use and manage
- Discounts for larger packages
- Secure payment process
- Flexible pricing options such as recurring credits on a license, purchasing credit packs and playing with open or hard credit limits
- Receive helpful reminders to make sure they remember to top up
- All-in-one solution means members can manage and purchase from one easy to use interface
- Access to insightful reports such as a monthly spend statement to make sure they stay on top of their finances
We’ve recently launched the new essensys credits system allowing coworking members to purchase and spend credits on goods and services, whilst operators can manage billing and package prices from a single, enterprise-grade platform. Discover more here.