2017 State of Workspace and Communications Services [Report]
Workspace-Workstyles Drive Transformation
This is an exciting time to be a workspace operator and communications services provider. Evolution in the business workplace and workstyles, coupled with demographic and economic changes are transforming how businesses manage their workforce and workspace. At the same time, technological disruption enables workers to redefine when, where, and how they perform their jobs. The 9-to-5 workday—and for that matter 5-day workweek—is dead.
Davinci Virtual Office Solutions was fortunate to be on the “ground floor” when changes began to take place. There has been an exponential rise in the use of on-demand workspaces and meeting rooms in the form of coworking spaces, day offices, conference rooms, training facilities, and event spaces. In some cases, these are replacing permanent office space. In other instances, these supplement permanent offices, providing businesses with workspace for remote workers, offices in new locations, and venues for special customer, partner, and employee meetings and events.
Customers—Anytime, Anywhere, Any Device
Many technologies are transforming how businesses deliver sales and services experiences. Customers want real-time, omnichannel engagement and the ability to use any device, anytime, anywhere when they encounter questions, problems, or simply want additional information. They also expect these sales and service engagement experiences to be seamless, with information being portable and following them across whatever channels the use. And just as we were an early mover in the on-demand workspaces and meeting rooms sector, we were an early provider of omnichannel communications services to solopreneurs and small businesses.
A Report with Deep Data Analysis and Business Insights
As one of the leaders in the workspace and communication sector and seeking to provide business office service providers with benchmarks and data that they can use to increase their revenues and improve their profit margins, we decided to produce a state of industry report. Admittedly, we’re almost awash in these reports, which typically conduct a survey of customers and providers in their particular industry segment and produce the results in a report format. We wanted to do something different, to produce a report that dived into deeper detail than a survey-based report and produced intelligent business insights.
In addition to industry research and findings, we tapped our vast repository of customer data and worked with TIRO Communications to identify, organize, and analyze several hundred thousand data points that were turned into meaningful business insights. The report is broken into seven sections:
1. Business Disruption
2. The Solution Providers
3. Market Opportunities
4. Business Drivers
5. The Market
6. Customer Acquisition
7. Key Takeaways
A Few Highlights from the Report
As our team reviewed the business insights resulting from the analysis of our customer data, it became quite obvious that there is a vast market opportunity for workspace and communications service providers. Our analysis also pinpointed which industry segments exhibit the highest percentage of revenue across all four of our products: workspaces and meeting rooms, virtual offices, live receptionists, and live web chat. It also ferreted out repeat workspace and meeting room bookings per each industry segment. A few findings of interest include:
The average booking ratio of meeting space for live inventory is 49% higher than non-live inventory and at a 38% higher reservation value.
Churn rate for subscription services is more than twice as good as standard SaaS-accepted rates.
Customers continue to prefer multiple engagement channels (for lead origin), with phone remaining the leading preference across all four product groups, but chat now coming in as not so distant second.
For business office service providers offering multiple products, there is a significant opportunity to grow revenue through cross-selling (e.g., 20% of live receptionist leads come from cross-selling).
The 2017 State of Workspace and Communications Services Industry Report contains significant of insights that business office service providers can enact today. So, dig into the report and let us know what you think.