How Flexspace® Dynamic Pricing helped Werqwise increase capacity and revenue

Founded in 2017 with locations in San Francisco and San Mateo, Werqwise has differentiated themselves as a forward-thinking coworking space operator from the very beginning, emphasizing true flexibility, not only in lease terms but in the actual look, feel, and design of the space for companies who want that extra touch.

There’s always been an emphasis on true hospitality too, where professionals can really feel at home, allowing them and their businesses to grow, offering a variety of options and amenities that create an atmosphere that’s more than just an office.

And, as more companies with bigger office footprints in the Bay Area have started downsizing and transitioning to a hybrid or even fully remote setting, Werqwise has become the perfect option to support the needs of businesses who need to bring their teams together without the expense of a full-time physical space.

Going on-demand with Flexspace

To help increase on-demand bookings, Werqwise chose Flexspace’s E-commerce revenue platform as their preferred provider because of the “easy-to-use platform and the simplicity of being able to make changes on the fly,” shared Ramsey Salah-mars, Digital Marketing Director at Werqwise.

While Werqwise does use other distribution channels, the majority of their bookings are made through Flexspace. When a potential customer finds Werqwise through a Google search, they’re most likely booking through the Flexspace platform.

He also cited the consistent development of new and exciting features and capabilities, which recently included Flexspace® Dynamic Pricing.

Increasing capacity and revenue with Flexspace® Dynamic Pricing

When Flexspace reached out to Werqwise with the opportunity to pilot Flexspace® Dynamic Pricing, Salah-mars said it was “a no-brainer to see what it could do for us.”

But how do you convince your executive team to take a chance? “One of our directors came from the high-end hotel business, so dynamic pricing was familiar to her, and shared the potential benefits with our CEO. It just made sense to everyone on the executive team, so we were able to pull the trigger pretty quickly and receive some pretty great benefits. The ease and the automation of it made it a no-brainer.”

He added, “Given the success dynamic pricing has had in various industries, from airlines to hotels to concerts and sports teams. So for us, we see that the middle of the week, Tuesday through Thursday, is much busier than Monday through Friday. So our first task with Flexspace Dynamic Pricing® was to offer a cheaper rate on Monday and Friday to attract people on those off days and increase our revenue, which we’ve seen consistently now.”

Before Flexspace® Dynamic Pricing, Werqwise staff would need to go in on Mondays and Fridays (for example) and change the pricing themselves, which was frustrating and time-consuming. But with this new capability, it was simple to set the discount for those days, and then watch the bookings (and revenue) increase.

Using Flexspace® Dynamic Pricing for high-demand weeks

Looking ahead, Werqwise will be experimenting with Flexspace® Dynamic Pricing with the upcoming conference season, given their prime location and meeting room offerings that are often in high demand for conference attendees.

Traditionally in hotels, meeting rooms and suites were often the only option at these types of events, for both team meetings and customer/client meetings. But the seating can be challenging in a hotel room or suite, and there’s no video conferencing equipment. A coworking space is a better option because rooms can be booked by the hour, with flexible seating arrangements, amenities (like coffee and espresso), as well as technologically-equipped rooms.

With that in mind, Werqwise plans to tap into Flexspace® Demand Pricing to help maximize pricing during those high-demand times as well, without having to worry about having a staff member manually make the pricing changes.

Success is in the numbers

Piloting Flexspace® Dynamic Pricing has done more than just make increasing capacity a whole lot easier. There’s been a spike in revenue for Werqwise as well.

“We’ve increased the number of our meeting room bookings by like 960%, which led to like an increase in revenue by 850%, quarter over quarter, which was awesome to see. We also saw an uptick in meeting room bookings and lounge bookings on Mondays and Fridays, which were our lower usage days.”

As they look ahead to 2024, Werqwise is hoping to expand to new locations, and continue to tap into the power of Flexspace for their growing on-demand business, as well as seamless membership bookings. And of course, they’re excited to see how Flexspace® Dynamic Pricing continues to help build its revenue and increase capacity when its full power is implemented.

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