COB

Best Practices: Customer Onboarding - A Visible Target During Economic Uncertainty
Description: Customer onboarding lags behind other business processes in both the quality of customer experience and costs. The poor state of customer onboarding results in customers abandoning the application process, loss of customers, regulatory fines, and damage to the corporate brand. Best practices have addressed these issues through improved transaction management with Enterprise Content Management (ECM) technologies, the use of rich Internet applications, adoption of e-signatures, better distributed capture, and a transition to a client-centric onboarding strategy.
Applying these best practices — especially during a deep economic downturn — can help business process and apps professionals save money and even help push green IT forward.
Publisher: Adobe

 

 

Customer onboarding

Building trust and customer loyalty early on in the customer relationship

Once you’ve managed to persuade customers to come onboard…what do you do with them? Customer onboarding is about cementing loyalty early and leveraging that critical honeymoon period in the relationship to build trust.

• You need to make the most of the first 90 days of every new customer relationship.

  It’s when customers are most receptive to your offers and trust you the most –the ideal time to really deliver on brand promises. It’s not just what you do right that counts, but also what you do wrong. How can you avoid bad interaction and shoddy service that taints the new relationship?
  Customer fulfillment »

• You need to identify the main experience drivers to maximize customer onboarding.

  It’s not just about selecting the right products and offers, but knowing how to communicate to customers across all channels, from people in the contact center to letters, email and everything in between.
  Offer and contact optimization »

• You need answers when customers have questions.

  Customers know you have access to more data than ever before, and increasingly, their expectation is that you ‘know them’. Their expectations are high and they assume you are able to draw upon this mass of data to solve their problems in real time. But can you?
  Real-time decisioning »

• You need to know whether your customer onboarding approach is actually working.

  Customers don’t always praise good service and they don’t always complain about bad. Predictive analytics, for example, not only identifies the right treatment for each customer, but measures its success and helps to spark improvements.
  Predictive analytics »

 

 

Customer Onboarding

This is the process of introducing new customers to your company in an organized and effective manner. It generally commences at the time of order placement and may continue for up to three months, depending on the complexity of the product or service.

Our studies have shown that customers who are effectively onboarded have a substantially higher retention rate, lower cost to serve and higher cross sell rate than customers that are not.

We have proved time and again that customers that are properly onboarded will stay with the company longer and spend more money than other customers.

Elements of customer onboarding include:

• Data integrity management
• Cross-sell leads management
• Product benefit education
• Product activation
• Payment automation optimisation

For information on how Genroe can assist you in this critical phase of the customer lifecycle see our Customer Retention Services.

 

Customer Retention Services

Most organizations know that improving customer retention is a good idea but the difficulty is often how to structure, fund and implement a customer retention program.

We work with you to apply proven customer retention strategies to your business, get funding and coach you in their implementation.

We can mix and match a program tailored to your business from the following elements:

Strategy identification

Identify the most effective customer retention strategies for your customer base and business objectives.

For more about customer retention strategy see cpSTRAT.

Business cases

Creating financially and strategically sound business cases to put hard returns to the customer retention strategies that you can take to your CEO and CFO.

Our customers consistently say that our business cases are the easiest they ever had approved.

For more about customer retention business cases see cpSTRAT.

Implementation planning

Create a prioritized implementation plan that focuses first on quick wins: we're not happy unless we can show you bankable results in three months. We then help you to layer in the longer term strategies to keep the benefits building over 12-24 months.

For more about customer retention implementation see cpMAX.

Implementation coaching

We can coach you in the execution of the implementation plan showing you the short cuts and most effective approaches gleaned from having implemented for companies large and small.

For more about customer retention implementation see cpMAX.

Project management and specialist skills

We can provide project management and specialist/niche skills to help execute the program. If you need short term project management, call center training skills, data analysis or a range of other specialist skills we can provide them through our extensive network of specialists.

In all these areas we can take a more hands on or more coaching role depending on your needs.

For more about customer retention implementation see cpMAX.

Next Steps

So where to now?

Contact Us          

http://www.genroe.com/offering/cpmax/customer-retention-services