Former Members (Alumni Members)

Alumni or Former Members refer to all people who are still part of the coworking space community but no longer have a recurring membership plan with the space.

Many coworking spaces manage their alumni network carefully and invest in maintaining these relationships. They also consider their alumni members part of the coworking space community.

What are the reasons people may cancel their membership with a Coworking space?

There are many potential reasons why someone may cancel their membership, thus becoming a former member. Some are within your control, and others are outside of your control. You should focus all your attention on the first that is within your control. Keeping your members happy is extremely important to minimize churn and improve your Average Length of Stay, which are key metrics for a coworking or flex space.

1. Business Growth or Downsizing: Companies may outgrow the coworking space and move to more extensive, dedicated offices or downsize and no longer require external office space.
2. Financial Constraints: Economic factors or budget cuts might lead businesses or individuals to terminate their membership to save costs.
3. Relocation: Members may relocate to a city or region without a current coworking space.
4. Change in Work Style: Changes in work arrangements, such as a shift to permanent remote work or a different office setup, can result in the termination of the coworking membership.
5. Service Dissatisfaction: Issues with the coworking space’s amenities or community might lead to a decision to leave.

You should focus all your attention on point five. The first step is to conduct regular NPS surveys to determine your level of member satisfaction. These will give you enough information to build a better retention strategy and focus on what matters.

How do you manage your Former Members or Alumni Network?

You’ll alwayYou’ll members leaving you. Most will go on good terms and for reasons outside your control, like outgrowing your space. Keeping these relationships and engaging your alum members as much as possible is extremely important. Following is our list of activities you can do to manage your coworking former members better.

1. Feedback Collection: Gathering feedback through surveys or interviews to understand why members leave and how services can be improved.
2. Maintaining Goodwill: Ensuring a positive exit process to leave the door open for potential future membership or referrals.
3. Marketing and Re-engagement: Keeping former members in the loop with updates, newsletters, and special offers to encourage them to consider rejoining in the future.
4. Alumni Network: Creating a community of former members who can still participate in certain events or networking opportunities, maintaining a long-term relationship.

Conclusion

A former coworking member has terminated their membership and no longer has access to the space and its services.

Understanding the reasons behind membership termination and maintaining a positive relationship with former members can provide valuable insights for improving services and potentially re-engaging them. Managing the transition from active to former members with care and professionalism can enhance the overall reputation and appeal of the coworking space.