9 Business Growth Strategies for Space-As-A-Service Business Providers in 2022
Space-as-a-service business provides a growing network of private workspaces built for productivity. Their aim is to enable businesses to access flexible workspace by the hour, day or month.
1. Negative frequency-based freemium model
It is like the customer pays only if the product is not used for a period of time. The freemium can last up to 28 days and then the user has to pay a fee that corresponds to the number of unused days/months or another approach is to charge a monthly or yearly software license fee. Another strategy is to give the users real-time updates and feedback on how much they have saved by using your service and how much it could be if paid customers used this service (see also Hotmail ETRM) or get them involved in meetups and other networking events using location services.
2. Multiple locations
Create a network of your spaces in many different cities. Such a network can make it easier for your customers to find spaces near them. Therefore, you will benefit from the social interaction by customers visiting your different spaces to share ideas and camaraderie.
3. Let them share
Encourage users to share their experiences on other platforms. You can build a platform to allow users to take photos inside workspaces and instantly post them on Instagram, Facebook, Twitter, Foursquare and Linkedin. People using the service are users who value a professional image and they already have a network in place via social media.
This way, you can spread awareness about your product, making it more popular and attractive for people looking for a suitable work environment. On the other hand, you can leverage on their existing customers to create an affiliate programme for them to encourage others to join them. Another idea is to build a strong online community where your customers are active participants.
4. Virtual map
Encourage users to share their experiences on other platforms. This will enable them to record their experiences in this particular workspace. This is very similar to the reviews that Air BnB offers its users.
5. Viral Loop
Integrating with Twitter's retweet function would allow users to share space for a day when using "spaces" from your service, potentially creating another viral loop for the site.
A user buys an hour of space at your office, then invites a co-worker who was unable to get into the Manhattan office on West 35th Street. Later when that co-worker is planning his team's retreat, he'll think of your service.
7. Private spaces
Every private space that is reserved through your service, they must simply mandate that the next reservation also goes through your service (unless the user explicitly books the space outside of your service). The main advantage of this strategy is that it renders competitors’ product offerings obsolete since it is not possible for users to reserve spaces outside of the product!
8. The power of coupons
Get people to book your service online or via mobile. Whenever someone books a space, the app/website displays promotions/coupons to get them to use their service more.