The coworking industry has truly revolutionized the traditional office setup, offering flexibility, community, and a vibrant working environment.

In a recent study, 89% of coworking space members said they’re happier than they were before joining a coworking community and 83% reported being less lonely. This tells a great story; a true testament to the value prop of a coworking space.

As this up-and-coming industry drives forward though, operators are constantly seeking ways to maximize revenue.

While net new members are great for some metrics, what really makes a coworking company profitable is their current members. Once you have a dedicated and loyal customer base who trusts you, you can further enhance their experience by upselling.


Quick Summary

  • Understand your members and the community they’re looking for and tailor your premium offerings accordingly
  • Start slow – Create basic packages to grow and expand upon as your business flourishes
  • Offer premium services that are unique to your space or location. Don’t forget to target the wants and needs of your members
  • Track and measure your upselling efforts and adjust accordingly

Understanding the Concept of Upselling in Coworking Spaces

Upselling is a true art when done with your customers’ best interest in mind. It involves encouraging customers to purchase additional services or higher-end products than what they originally intended.

upselling

Now, don’t get this confused with cross-selling. Cross-selling refers to the promotion of additional products and services to accelerate your sales pipeline.

While they both increase the ticket price, upselling ensures the customer receives a bigger, and often better, version of their intended purchase, where cross-selling promotes the purchase of additional line items. Upselling gives the impression that you’re looking out for your buyer, while cross-selling can come across too “salesy.”

The coworking industry is all about community and building relationships. Upselling to your existing members is one of the best ways to foster your relationships, while also increasing your bottom line. It doesn’t have to come across as pushy or intrusive.

When done strategically, upselling will show the customer you’re looking out for them. It becomes apparent you want them to receive the best bang for their buck and really truly benefit from their investment with you.

How to Upsell Effectively: Knowing Your Clients

The cornerstone of any successful upselling strategy is a thorough understanding of your clients. This involves more than just knowing their names and companies; it requires a deep dive into their behaviors, preferences, and pain points.

We find it helpful to engage with your clients regularly through surveys, feedback sessions, and informal conversations. We also suggest learning about their business challenges, their day-to-day needs, and what they value most in your coworking space.

By truly understanding your clients, you can tailor your offerings to meet their specific needs, making your upsell proposals more relevant and appealing.

An example – let’s say that you learn that the majority of your target audience prefer working at night. Then, you can create special memberships that allow 24/7 access to your space.

The Importance of Client Data and Feedback

Client data and feedback are invaluable assets in refining your upselling strategies. We highly recommend you utilize a robust member management system to collect and analyze data on how clients use your space and services.

You’ll also want to look at your analytics and track metrics like usage patterns and service utilization. This data helps identify trends and opportunities for upselling.

OfficeRnD Flex is a customizable coworking management platform that can help you do all that and much more.

Segmentation and Identifying High-Potential Clients for Upselling

Not all clients have the same potential for upselling. Segmentation allows you to categorize your clients based on specific criteria such as usage frequency, service preferences, and business size.

By segmenting your client base, you can identify high-potential clients who are more likely to benefit from and be willing to invest in higher-priced services and packages.

Personalized Marketing Approaches

Personalization is key to effective upselling. Generic marketing messages are easy to ignore, but personalized approaches can capture your client’s attention and interest. Using the client data and segmentation insights you’ve gathered, you’ll be able to craft personalized marketing messages that resonate with each client group.

The goal is to make each client feel valued and understood, showing them how your more expensive offerings can meet their unique needs and enhance their coworking experience.

Start Upselling: Enhance Basic Membership Packages

Enhancing your basic membership packages is a great starting point for upselling. Incorporating value-added services makes the basic package more appealing.

This could include:

  • Increased Internet Speed: Offering faster internet can be a simple yet highly appealing upgrade for many clients
  • Additional Meeting Room Credits: Adding a few extra hours of meeting room access can make basic package more attractive
  • Access to Exclusive Events: Including invitations to certain networking opportunities, workshops, or community events can enhance the perceived value of the basic package

By enhancing the basic package, you make it easier to transition clients to higher levels of membership in the future.

Tiered Membership Levels with Added Benefits

Tiered membership levels are an effective way to cater to different client needs and budgets, making it easier to upsell. Each tier should offer progressively more benefits, encouraging members to upgrade.

For example:

  • Bronze Membership: Includes standard access to the coworking space, basic internet, and a limited number of meeting room hours
  • Silver Membership: Adds faster internet, more meeting room hours, and access to additional services like printing and administrative support
  • Gold Membership: Offers all the benefits of the Silver membership, plus exclusive access to premium areas, priority booking for events and amenities, and more comprehensive business support services

By clearly differentiating the benefits of each tier, you can make the value proposition of upgrading evident to your clients.

Day Passes

Day passes are a flexible option that can attract a variety of clients, from freelancers needing occasional workspace to potential long-term members wanting to try out your space. You can use day passes as an upselling tool by:

  • Offering Discounts on Bulk Purchases: Encourage clients to buy multiple day passes at a reduced rate
  • Bundling with Additional Services: Include perks like free coffee, printing credits, or access to events with day passes

Day passes can serve as a gateway for clients to experience the benefits of a full membership.

Offering Exclusive Access to Premium Spaces and Amenities

Creating exclusive areas within your coworking space can add a sense of prestige and encourage clients to upgrade their membership.

coworking space amenity

Loyal members willing to pay more for exclusive spaces deserve that luxury, and other members will yearn for the day they have access to those otherwise restricted areas.

These exclusive areas can be anything from private offices to premium lounges and VIP meeting rooms.

Private offices are ideal for clients needing dedicated quiet time and premium lounges and VIP meeting rooms can offer comfortable, ergonomic furniture and feature the latest technology. By making these premium amenities exclusive and desirable, you can entice clients to pay extra for access.

Special Discounts for Long-Term Commitments or Bundled Services

Long-term commitments and bundled services can provide significant value to your members while securing steady revenue for your coworking space.

You might want to consider offering:

  • Discounts for Annual Memberships: Encourage clients to commit to a longer-term membership by offering a discount when they pay upfront
  • Bundled Services Packages: Combine popular services/amenities into bundles at a discounted rate. For example, a bundle might include a higher-tier membership, additional meeting room hours or guest passes, and virtual office services at a lower combined cost than purchasing each separately
  • Referral Discounts: Offer existing clients a discount on their membership if they refer a new member for a long-term commitment

These incentives not only increase revenue but also build client loyalty and satisfaction.

Offering Premium Services or Amenities

Differentiating your space from the rest of the competition becomes increasingly important as you work towards growing your business.

One of the most effective ways to boost revenue from existing clients is by offering premium services and amenities.

podcast

Podcast studios are among the most unique coworking space amenities.

These enhancements not only add value to your membership packages but also create a more attractive and productive environment for your clients.

Common premium services that coworking spaces offer could include:

  • Advanced IT support for members’ peace of mind
  • Enhanced privacy options by way of enhanced private offices, soundproof booths, or extra IT security
  • High-tech meeting and conference rooms equipped with video conferencing capabilities, whiteboards, and other business tools
  • On-demand concierge and administrative support services
  • Premium service bundles geared towards specific client types

Premium amenities are an added bonus and can be the cherry on top when trying to close a deal. Popular premium amenities include:

  • Wellness programs
  • Catering and beverage services
  • Networking events and workshops
  • VIP lounges
  • Quiet zones
  • Podcast studios
  • Outdoor spaces

Offering premium services and amenities is a powerful strategy for increasing revenue from existing members.

By identifying client needs and offering high-value services and amenities, you can enhance the overall client experience and foster customer loyalty.

Enhanced Tech Services

Enhanced tech services can certainly be lumped into premium services, but technology is also a beast of its own nature.

The integration of advanced technology within coworking spaces can significantly enhance the member experience and, in turn, increase revenue. By offering enhanced tech services, coworking spaces can attract tech-savvy clients and provide added value that justifies higher membership fees.

Smart Office Solutions

Smart office solutions utilize the Internet of Things (IoT) to create a more efficient, comfortable, and productive work environment. Implementing these technologies can make your coworking space more appealing to potential and existing clients.

Here are a few ideas to get your juices flowing:

  • IoT Devices: Smart devices like connected printers, smart locks, and occupancy sensors can streamline operations and improve security. For example, the integration between OfficeRnD and Kisi allows members to open and unlock doors right from their phones.
  • Automated Lighting: Implementing smart lighting systems that adjust based on occupancy and natural light can reduce energy costs and enhance the working environment. Clients will appreciate the comfort and energy efficiency.
  • Temperature Control: Smart thermostats that allow members to control the temperature of their workspace can significantly improve comfort levels. These systems can be programmed to optimize energy use while maintaining a pleasant working environment.

Virtual Office Services

Virtual office services are essential for remote workers, freelancers, and businesses that need a professional presence without a physical office.

Offering these services can attract a broader range of clients and provide additional revenue streams. Two of the best options for this include cloud storage and virtual receptionists.

Providing secure, reliable cloud storage solutions allows members to store and access their files from anywhere.

Virtual receptionist services can handle calls, schedule appointments, and manage client interactions. These services add a layer of professionalism and can be particularly appealing to small businesses and startups

Advanced Booking Systems

Efficiently managing resources like meeting rooms and equipment is crucial to a successful coworking space. Advanced booking systems can streamline this process and provide a better experience for your clients.

Public On-demand Booking

Consider offering the following features:

  • Online Booking Platforms and Applications: User-friendly online platforms where members can easily book meeting rooms, equipment, and other resources reduces administrative burden and allows members to manage their own bookings. Check out the coworking booking platform that OfficeRnD Flex offers.
  • Real-Time Availability: Using IoT and integrated software to provide real-time updates on room and equipment availability helps prevent double bookings and ensures members have access to the resources they need when they need them.
  • Automated Reminders and Notifications: Automated reminders and notifications can help clients keep track of their bookings and reduce no-shows. This ensures optimal utilization of your resources and enhances the client experience.

Enhancing your coworking space with advanced tech services is a powerful way to increase revenue from existing clients. By integrating these technologies, you can position your coworking space as a cutting-edge, efficient, and highly desirable workplace.

Building a Community and Providing Networking Opportunities

Building a vibrant community and providing ample networking opportunities are a big part of offering premium services.

After all, hospitality is the most powerful differentiator in 2024. This is something that Edward Hobbs from “x+why” and Kenny Kane from Firmspace discussed during FlexWorld Series 2024.

Hosting events not only enhances the client experience but also fosters loyalty and engagement, encouraging members to invest more in your organization.

So how else can you leverage exclusive member-only events, access to a global network, and community-building activities to boost your revenue? Let’s find out.

Exclusive Member-Only Networking Events

Exclusive networking events are a powerful tool to foster connections amongst your members and add significant value to their coworking experience.

These events can be tailored to the interests and needs of your community, providing opportunities for professional growth, collaboration, and social interaction. Consider the following events:

  • Industry-specific meetups
  • Expert panels and workshops
  • Socials and mixers

For example, Amanda Lewan from Bamboo organizes an introvert-friendly networking and community-building event for like-minded women in Ann Arbor.

By promoting these exclusive events, you can justify higher membership tiers that include access to such valuable networking opportunities.

Access to a Global Network of Coworking Spaces

Offering access to a global network of coworking spaces can be a major selling point for members who travel frequently or work remotely.

This benefit not only enhances the value of their membership but also opens up new revenue streams for your coworking space.

Highlighting the convenience and flexibility of accessing coworking spaces worldwide can attract more clients and encourage existing members to upgrade their membership.

Community-Building Activities and Collaboration Opportunities

Creating a strong sense of community within your coworking space can significantly enhance member satisfaction and retention. Community-building activities and collaboration opportunities can transform your coworking space from a simple workspace into a thriving hub of innovation and support.

Here are a few ideas:

  • Collaborative projects
  • Interest groups and clubs
  • Member spotlights and showcases
  • Mentorship programs

By promoting these community-building activities, you can create a more engaging and supportive environment that encourages members to stay longer and invest more in your services. This is something that fosters hospitality as well.

Promoting Health and Wellness Programs

Health and wellness have become paramount for professionals seeking a balanced and productive lifestyle. Coworking spaces can leverage this trend by offering comprehensive health and wellness programs, not only enhancing the overall health, well-being, and experience of their members, but they can use it to provide an additional revenue stream.

office wellness

Many workers are going to see the opportunity to take part in wellness programs as a must – I mean who doesn’t want to prioritize their health? And if they’re able to prioritize their health while they’re at work (and not take more time out of their day at the top or bottom), then it’s a win-win.

So, how can you upsell wellness in your coworking space?

On-Site Fitness Classes and Wellness Programs

Offering on-site fitness classes and wellness programs is a great way to attract health-conscious professionals and provide added value to your members.

These programs can range from yoga and pilates to high-intensity interval training (HIIT) and meditation sessions.

Promote these wellness programs as part of a higher-tier membership package or offer them as add-ons, providing flexible options for members to choose from.

Access to Premium Gym Facilities

An investment for sure, but access to premium gym fasciitis can be a significant draw for potential clients and an excellent upsell for existing members.

If your space allows for it, set up a well-equipped gym within your coworking space. Include essential equipment such as cardio machines, free weights, and functional training equipment.

Don’t feel the need to transform your office space into Planet Fitness though. If an on-site gym is not feasible, partner with nearby premium gyms to offer discounted memberships or exclusive access to your members. You can offer these as part of a premium membership or as an a la carte option.

Personalized Wellness Plans and Mental Health Support

Personalized wellness plans and mental health support are becoming increasingly important as more professionals seek holistic approaches to their well-being.

Providing these services can set your coworking space apart and create a supportive environment that fosters productivity and well-being.

Promoting health and wellness programs is a powerful strategy for increasing revenue from your existing member base.

These programs not only boost your revenue through higher-priced membership sales, but also foster a thriving, productive, and forward-thinking community within your coworking space.

Offering Food and Beverage Options

One of the last amenities we want to highlight is one everyone can appreciate: food and beverage!

office food

Offering food and beverage options is a powerful way to create a welcoming and productive environment that encourages members to stay longer and invest more. I know if I could just get my morning coffee at work rather than waiting in the drive-thru, I’d definitely be willing to pay more.

Here’s how you can leverage premium coffee services, snack bars, catered lunches, culinary events, and subscription-based meal plans to increase revenue from your existing members.

  • Premium/Gourmet Coffee Services: Invest in top-notch coffee machines and offer a selection of premium coffee blends. Partner with local roasters to provide unique and high-quality coffee options that can become a daily ritual for your members.
  • Snack Bars: Set up snack bars stocked with a variety of both health-friendly snacks and indulgent options. Include items such as fresh fruit, granola bars, artisanal snacks, and more. This convenience can keep members fueled throughout the day without having to leave the workspace.
  • Catered Lunches: Offer catered lunches from local restaurants or in-house kitchens. Providing a variety of lunch options, including vegetarian, vegan, and gluten-free choices can cater to diverse dietary needs.

Upsell these offerings by adding them to premium-tiered memberships, provide food and beverage allowances where members can add money to their account, or charge a la carte.

Subscription-Based Meal Plans

Subscription-based meal plans offer convenience and cost savings for members while providing a steady stream of revenue to your coworking space. Here’s an example of how to design and implement meal plans:

  • Flexible Meal Options: Offer a range of meal plans to suit different needs and budgets. For example, provide options for daily lunches, weekly meal kits, or monthly meal subscriptions.
  • Healthy and Diverse Menus: Work with local caterers or in-house chefs to create diverse and healthy menus that cater to various dietary preferences and restrictions. Highlight the quality and variety of the meals to attract health-conscious members.
  • Convenient Delivery and Pickup: Ensure that meal delivery and pickup processes are seamless. Set up designated areas for meal pickups or deliver meals directly to members’ desks.

Upselling Through Digital Channels

In the digital age, leveraging online platforms and tools can significantly enhance your ability to upsell and increase revenue from existing clients in coworking spaces. It will happen with the right marketing strategies.

digital mraketing

Utilizing personalized email marketing, social media for exclusive offers, and creating a seamless online upselling experience through your website and apps can drive engagement and encourage members to invest more in your services.

Personalized Email Marketing Campaigns

Email marketing remains one of the most effective ways to communicate with your members directly.

By personalizing your email campaigns, you can create targeted messages that resonate with your members’ specific needs and preferences. Here are some strategies to help you get started:

  • Segment your Audience: Divide your email list into segments based on member behavior, preferences, and membership levels. This allows you to tailor your messages and offers to each group effectively
  • Personalized Recommendations: Use data from member interactions and preferences to suggest relevant services, upgrades, or events. For example, if a member frequently books meeting rooms, offer them a package deal for additional meeting room hours.
  • Exclusive Offers: Send personalized emails with exclusive offers and promotions, such as discounts on premium memberships, early access to events, or limited-time deals on additional services

By delivering personalized and relevant content, you can increase the likelihood of members taking advantage of upsell opportunities.

Utilizing Social Media for Exclusive Offers and Promotions

Social media platforms are powerful tools for engaging with your community and promoting exclusive offers and services. Here’s how you can effectively use social media to upsell:

  • Targeted ads
  • Exclusive promotions
  • Engaging content

Social media not only helps you reach a broader audience, but also provides a platform for real-time interaction and feedback, making it easier to tailor your offers to your members’ needs.

Creating a Seamless Online Upselling Experience Through the Website and Apps

Your website and mobile apps are critical touchpoints for interacting with your members and facilitating upsells. By creating a seamless and intuitive online experience, you can make it easier for members to discover and purchase additional services.

Here’s how:

  • User-friendly Interface: Ensure your website and apps are easy to navigate, with clear CTAs and a streamlined checkout process
  • Integrated Booking and Payment Systems: Integrate booking and payment systems within your website and apps to allow members to book services, purchase event tickets seamlessly, or automate their billing processes. For more information on integrating payment systems, take a look at how OfficeRnD uses Stripe2.0.
  • Personalized Dashboards: Create personalized member dashboards that highlight relevant services, upcoming events, and special offers based on their usage patterns and preferences. This can encourage members to explore and purchase additional options.
  • In-App Notifications: Use push notifications and in-app messages to inform members about new services, exclusive offers, and important updates. Personalized notifications can prompt members to take action and explore upsell opportunities.

Digital platforms will allow you to provide a smooth and engaging upselling experience that encourages members to invest more in your coworking space.

Tracking and Analyzing Upselling Performance

Now that you know how to upsell to your current members, it’s time to look at how well you’re upselling initiatives are going. It’s not enough to just implement upselling strategies, it’s crucial that you track and analyze your performance as well.

Workplace Analytics

By understanding which approaches work best and continuously ideating and improving based on data, you can optimize your efforts and ensure sustained growth.

Key Metrics to Track Upselling Success

Identifying and monitoring key metrics is essential for evaluating the effectiveness of your upselling efforts. During our recent FlexWorld Series, we were honored to have the opportunity to talk with industry experts about this very topic.

OfficeRnD CEO, Miro Miroslavov moderated the “Measure What Matters in Coworking” session, and spoke with CCO at Industrious, Anna Levine, COO at Clockwise, Alexandra Livesey, and Product and Data Director at OfficeRnD, Mihail Kyosev about the most important metrics across that successful coworking spaces use.

The group concluded one of the best metrics to measure success in your coworking space is the occupancy rate. However, there are different ways to measure occupancy.

Occupancy almost directly correlates with profitability, but it’s important to look at the overall occupancy rate as well as the revenue occupancy.

Revenue occupancy is the percentage of rental revenue on a monthly basis. This tends to be the preferred occupancy KPI as it takes into account discounts and upgrades.

Sure it’s great if you have a full space, but imagine a space full of members with premium packages and memberships? Revenue occupancy is going to show you where you fall for the month in terms of budget and profit as opposed to just how many people are using your space.

Upselling conversion rates and sole revenue growth from upsells are also highly useful. The conversion rate allows you to see the percentage of members who respond to upselling offers and make additional purchases while the sole revenue from upsells will give you the exact dollar amount brought in from the upgrades.

Both numbers will give you a sense of how well your members respond to upselling and gives you a goal to work towards.

Churn rate is always important to monitor as well. Effective upselling should ideally help reduce churn by increasing client satisfaction and loyalty, so you’ll want to make sure you pay attention to this.

Engagement metrics are another great way to measure your upselling. Take note of how many and how often members are taking advantage of their premium services. Are they attending social gatherings? Are they using the meal services?

If members are not using the services they’re investing in, find out why. The goal is to keep members happy with these extra add-ons, so make sure they’re worth their while.

Continuous Improvement Based on Data

Analyzing performance data is just the first step; using these insights to continuously improve your upselling strategies is crucial for long-term success. Here’s how you can apply your findings:

  • Identify Successful Strategies: Determine which upselling initiatives yield the highest returns and replicate these strategies across your member base
  • Refine Targeting: Use data to refine your targeting efforts, focusing on segments of your membership that are most responsive to upselling offers
  • Optimize Pricing and Offers: Adjust pricing structures and upselling offers based on performance data to maximize uptake and revenue
  • Enhance Member Experience: Use feedback and engagement metrics to enhance the overall member experience, ensuring that upselling initiatives add real value and improve satisfaction
  • A/B Testing: Continuously test different upselling messages, offers, and delivery methods to identify the most effective approaches. Use A/B testing to compare performance and iterate on your strategies
  • Training and Development: Equip your staff with insights and tools they need to effectively implement upselling strategies. Regular training and development based on performance data can improve their effectiveness

Tracking and analyzing upselling performance is essential for maximizing revenue from your existing members.

This data-driven approach not only enhances your revenue but also fosters a more engaging and valuable experience for your members, reinforcing their loyalty and satisfaction

Try OfficeRnD Flex for Managing Your Space

The art of upselling in coworking spaces is a multifaceted strategy that, when executed effectively, can significantly enhance revenue and deepen client relationships. By focusing on the needs and preferences of your existing members, you can offer tailored services and upgrades that provide real value.

Upselling is not just about increasing revenue – it’s about creating a more engaging, supportive, and valuable experience for your members. By implementing these strategies, you can turn your coworking space into a thriving community that meets the evolving needs of its members while driving sustainable growth.

Of course, you will need coworking space management software such as OfficeRnD Flex to manage all coworking aspects. With it, you can:

  • Automate billing and payments to focus on the important stuff
  • Guide your business with data-led decisions
  • Track and analyze each step of the customer journey
  • Integrate the apps you already use and love
  • …and much more

Click here to start an unrestricted 14-day trial with OfficeRnD Flex and see how it can benefit your space.

Asen Stoyanchev
Senior Content Marketing & SEO Specialist | OfficeRnD
Asen is passionate about flexible working and the future of work. He firmly believes that work flexibility directly impacts one's health and well-being. When he's not writing, Asen spends his time devouring business literature, hiking, and parenting.