OF YOUR CUSTOMER ONBOARDING JOURNEY...of additional costs incurred during onboarding e˜orts are...
Transcript of OF YOUR CUSTOMER ONBOARDING JOURNEY...of additional costs incurred during onboarding e˜orts are...
HIDDEN COSTSOF YOUR CUSTOMER ONBOARDING
JOURNEY
A Rocky Road in Customer Onboarding
It’s all about timing
The causes of delays
The cost of poor communication
Who pays the price?
Your customer onboarding process is a journey, both for you and your customer, and it could mean the di�erence between loyal clients who stick around and those who leave in search of a di�erent solution.
You may think your onboarding process is working, but have you considered the hidden costs? From a lack of communication to poor visibility to scope creep, every day your onboarding program is delayed results in lost revenue and lower customer growth and retention.
Understanding and addressing the considerable hidden costs of your customer onboarding program adds an element of urgency to the strategic mission of customer expansion and retention.
In a recent survey, Smartsheet sought to identify the successes and challenges that companies face when onboarding new customers. Here are just a few of the key �ndings.
A one-point decrease on a ten-point scale corresponds to at least a 3% decline
in revenue-growth rate.
Nearly all services professionals face challenges that delay customer onboarding e�orts
70% of customer onboardings are
delivered late
Top reported reasons:
Top reported reasons:
Last-minute requests &changes by the client
Lack of necessary sta�
1 in 4reported that poor
communication also caused delays
90% of additional costs incurred during
onboarding e�orts are client-driven yet are absorbed by the company
Ine�ective coordination between internal teams
Lack of trackingand reporting
Ine�cient onboarding processes
75% of customer onboardings are
over budget
Scheduling issues from the client
Client-driven scope creep
According to McKinsey, a bad onboarding process could lead to a less successful and lower paying customer.
Most are client-driven
Some are on the company side
70% 75%
83% of services professionals want an agreed-to and
repeatable onboarding process
This Way to Viewpoint Top action to reduce hidden costs: A consistent process
73%want a single source of
work management and tracking
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