Nexudus has unveiled an AI-powered churn and engagement dashboard, an analysis tool created to help coworking and flex workspaces maintain and increase their revenue by exploring the root cause leading to churn or gain actionable insights on members most likely to churn as well as how engaged they are with a space.
Helping workspace operators to support and upscale their businesses while keeping up with the industry through innovative technology has always been a core focus for Nexudus. By learning and understanding the behaviours advising the decision-making journey of their members, coworking and flex workspace operators can arrange their efforts more efficiently to create relevant strategies and in turn, grow their business.
Nexudus’ Churn and Engagement dashboard provides straightforward, actionable insights for businesses to forecast revenue by analysing the interactions between a member and their workspace. The dashboard introduces two important new key metrics – Churn Rate and Engagement Score. Churn rate determines the percentage of active members who are likely to cancel their contract. In general, a space with a low churn rate has better customer retention. Engagement Score is used as a benchmark to measure how engaged each member is with their space and forecast how committed and likely a client is to renew their contract in the near future as well as give you a comparison of how your space is performing in comparison to others in your region.
The Engagement Score also provides an indicator of the engagement rate of the space users, on a collective segment or individual level. Understanding the habits, routines, and interactions of members could allow spaces to improve the member experience and re-engage members. With the new Nexudus dashboard, workspace operators can also access all attributes that impact the score at a glance from the Insight Column. A space with a higher engagement average usually has a better relationship with its members which will lead to more contract renewals.
“Many coworking space operators struggle to understand their members, with the Nexudus Churn and Engagement Dashboard, they can now gain actionable insights on their members specifically by looking at real data and look to improving their churn rate and increasing engagement,” said Adrian Palacios, co-founder, and chief technical officer of Nexudus. “Clients may evaluate a venue beyond visible criteria such as location or facilities, with the help of these valuable metrics, businesses can discover the hidden agendas that lead to client loss and make adjustments in a timely manner.”