As entrepreneurs explore unorthodox routes to drive efficiencies and bottom lines, they can gain immensely from the value propositions that CRMs and co-working spaces can bring to their endeavour.
Triggered by the unprecedented explosion of startups in the Indian business landscape, co-working spaces – a more evolved concept in the west — are now a popular trend in the Indian startup ecosystem.
One of the hottest real estate trends for small businesses is the concept of an open, communicative, barrier-less work culture. Sixteen percent of millennials who work remotely say they frequently use co-working spaces. About 50 million new startups are launched every year, which means 137,000 startups every day (on average) nudging the need for innovative ideas to serve their ever-evolving needs.
Value proposition of an open office culture
Ever on a shoestring budget, startups are lured with the greatest value proposition that co-working spaces bring to their model: a ready-to-use work space as opposed to the high-rentals and maintenance hassles that are typically associated with traditional office spaces.
Networking opportunities, basic amenities such as stocked pantry, Wi-Fi, cultural and de-stressing activities, and a friendly non-competitive atmosphere make up some of the other common benefits.
In fact, research has revealed that startups that work from a co-working space have a higher chance of success than those that do not. 91Springboard, OneCoWork, Smartworks are some of the notable co-working spaces in the country offering unique selling points to a flourishing startup ecosystem. These spaces, however, need to arm their remote workers/startups with the right technologies to provide an edge and ensure a robust growth trajectory.
The combining effect of CRMs and co-working spaces
Apart from working in a free environment, a fundamental need of entrepreneurs and businesses is sustainable business growth. To ensure that, businesses need to create long-term value from their work without exhausting the finite resources at their disposal. Here CRM turns out to be the true icing on the cake. The advantages of a CRM coupled with the numerous benefits offered by this open space culture bring in a slew of benefits for startups.
CRMs have simplified functionaries of the market as companies get an added advantage of calibrating their operations with relevant inputs on consumer behavior and retention. For example, during the initial phase of a business, while the product is being developed, and the business model is refined, the pedal needs to be pressed very lightly to conserve cash. There is no point indulging in a hiring spree and expanding the sales and marketing division, if the company is still in the process of finishing work on the product to the point where it really meets the market need.
Whereas co-working spaces are helping startups get a lively space to work, sales CRMs are helping budding organisations to automate their sales and marketing initiatives successfully. By virtue of a CRM tool, they can store volumes of organised and categorised consumer data for quick-and- easy reference.
Further, statistical and analytical tools can be effectively utilised to understand and decipher and manage large quantities of consumer data. This will not only facilitate in identifying customer needs but at the same time, help business leaders make informed and quick decisions.
Fuelled by an escalating demand, the number of co-working spaces in India is growing at a breakneck speed, making it the perfect time for leaders to step up and integrate sophisticated tool to amplify the ecosystem. Co-working spaces are playing a vital role in supporting the development of the startup nation that India is now, and CRM serves as a perfect ally adding tremendous value to operations. Startups working in co-working spaces unanimously agree that CRMs are the way to go in today’s complex market landscape and are actively integrating sophisticated applications to enhance the bottom line.
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