The lease office space industry is undergoing a significant shift as more and more companies move towards flexible and cost-effective solutions. Almost a year ago, we had a chance to work with Sharespace. A platform that is revolutionizing the way businesses lease office space. Together we managed to remove bottlenecks in the customer onboarding that eventually resulted in 2x faster onboarding of new customers, and +30% revenue growth.
Note: This article is a short summary of the case study that we had the privilege to do with our client - ShareSpace.
ShareSpace is a cutting-edge digital marketplace that makes it easy for businesses to find and lease the perfect office space. With its headquarters in Poland, the company has expanded its reach to the UK, Germany, and beyond, serving over 3,000 customers, including some of the biggest names in the industry, such as American Express, Bitpanda, and Uber.
The vision behind ShareSpace was to bring commercial real estate into the digital age, making it transparent and accessible to businesses everywhere. The co-founder and CTO of ShareSpace, Marcin, has been instrumental in bringing this vision to life.
A year ago, ShareSpace was looking to expand into new markets in order to lease office spaces. The challenge was that entering a new market is always a risk - one that can be time-intensive, expensive, and potentially damaging to the business. To mitigate these risks, ShareSpace needed to collect data on the commercial real estate markets in Europe and insights into customer patterns and competition.
However, the conventional methods of collecting this data were either time-consuming or too costly. And as a marketplace company, ShareSpace needed to network-effect power as fast as possible, making it crucial to have a fast and cost-efficient customer acquisition process.
In addition, the signup process for the ShareSpace platform was manual and has a high drop-out rate. This was due to the extensive information customers needed to provide in order to become a user of the platform.
Without solving this problem, it would be difficult for ShareSpace to scale up customer acquisition cost-efficiently and provide an optimal user experience.
In Forloop, we saw that problem as a huge opportunity. Working with external data and data pipelines, we quickly found several solutions that might improve lots of work.
With the data gathered using Forloop, ShareSpace was able to make informed decisions about what market segments to target and capture those cost-effectively. This resulted in a ROI of 20x.
But that's not all. The use of Forloop also had a major impact on customer acquisition, by streamlining the onboarding process and providing a much more user-friendly experience. With the pre-filled profiles generated by Forloop, ShareSpace was able to remove the bottlenecks in the onboarding process and offload customer success. The process of gathering all the office data needed to create profiles was fully automated, which meant that ShareSpace could focus on what it does best: matching businesses with the perfect office spaces.
"The best part about using Forloop is that it's so much more than just a tool for gathering data" says Marcin. "It's a complete solution that helps us make better decisions, improve the customer experience, and ultimately drive growth. We've seen a significant increase in our customer acquisition rate, and we're confident that this trend will continue as we continue to expand into new markets."
In conclusion, ShareSpace's success story highlights the importance of data in making informed decisions and driving growth in the competitive world of commercial real estate. With the help of Forloop, ShareSpace was able to overcome the challenges of entering new markets, improving customer acquisition, and upselling existing customers, all while providing a fantastic user experience. Whether you're a startup or a well-established company, there's no doubt that the power of data can help you reach new heights.
If you are interested in a detailed overview of that story, please go to forloop.ai/case-studies/sharespace. We share there more insights related to a solution that we proposed to Sharespace.