Net Promoter Score (Member NPS)

Member Net Promoter Score (NPS) is a metric used to measure the loyalty and satisfaction of members within a coworking space.

It indicates how likely members are to recommend the coworking space to others, providing valuable insights into member satisfaction and overall service quality.

Your NPS score is measured with a single-question survey (“How likely is it to recommend our space to a friend?”) and reported with a number ranging from -100 to +100, where a higher score is desirable. Members are grouped into Promoters (10 or 9), Passives (8 or 7), and Detractors (6 – 0).

NPS is a leading indicator of member churn. Detractors are more likely to leave your space, while Promoters are more likely to stay and bring their friends.

How to calculate Member Net Promoter Score?

NPS is calculated using a simple Survey Question: “On a scale of 0 to 10, how likely are you to recommend our coworking space to a friend or colleague?” This question gauges the member’s likelihood of promoting the coworking space based on their experience.

Coworking operators often run it regularly, like yearly, quarterly, or rolling.

Then, the person who analyses the results will classify the responses into:

• Promoters (Score 9-10): Highly satisfied members who are likely to recommend the coworking space and contribute positively through word-of-mouth.
• Passives (Score 7-8): Satisfied but unenthusiastic members who are less likely to actively promote the space.
• Detractors (Score 0-6): Unsatisfied members who are unlikely to recommend the space and may even discourage others from joining.

Next, calculate the NPS: NPS = % Promoters – % Detractors.

The score ranges from -100 to +100. A positive score indicates more promoters than detractors, while a negative score suggests the opposite.

The general rule is that a good NPS is anything above 40, and 60+ is an outstanding result.

Why is Member NPS such an important metric?

Although the NPS question may seem very simple, it reveals many details about your operations. It is a leading indicator for the following metrics:

• Customer Loyalty and Retention: A high NPS indicates strong member loyalty and satisfaction, which can lead to higher retention rates. A low NPS can be an early warning system for potential issues leading to member churn.
• Growth and Referral Potential: Promoters will likely refer new members, driving organic growth and reducing customer acquisition costs. Satisfied members become brand ambassadors, enhancing the coworking space’s reputation.
• Continuous Improvement: NPS surveys often include follow-up questions asking for reasons behind the scores and providing actionable feedback for improving services. Regularly measuring NPS and acting on feedback demonstrates a commitment to member satisfaction, fostering a culture of continuous improvement.

How can you Enhance your Member NPS?

First and foremost, you can start by improving the overall member experience. You should focus on the quality of service, ensuring high service standards, from cleanliness and maintenance to the reliability of amenities. You can also provide personalized services and support to meet individual member needs.

Next, invest as much as you can in community building! Start organizing events, workshops, and networking opportunities to foster community and belonging. Encourage interaction and collaboration among members to build a supportive and dynamic community.

Last but not least, build the so-called feedback loop. Improving your NPS is not a means to an end. It’s a never-ending quest for perfection. Pay attention, actively listen to member feedback, and make necessary improvements to address concerns. Maintain open and transparent communication with members about changes, updates, and new initiatives.

To summarize it

Member Net Promoter Score is a vital metric for coworking spaces, offering deep insights into member satisfaction and loyalty.

By regularly measuring and analyzing NPS, coworking space operators can identify strengths, address weaknesses, and enhance the overall member experience. A high NPS signifies happy and loyal members and drives organic growth through referrals, contributing to the long-term success of the coworking space.