Customers are the lifeblood of any business. No business today will thrive without the help of customers. Hence, entrepreneurs are always striving to attract new customers and maintain their existing ones. Like any other entrepreneur, you can relate to the feeling of landing a new customer or when your previous clients keep coming back to do business with you. You and your team are more likely smiling because your customers are the key elements to keeping your business running.
The economic impact of the current pandemic has driven more businesses to rethink their strategy. Entrepreneurs like you saw how valuable customer experience is. Finding how to deliver a better customer experience has become inevitable for your business.
Over the years, many businesses have overlooked the significance of their onboarding process. Do you want your customers to tap your service repeatedly? That would be a definite yes. For example, you own a subscription-based business. Of course, you want your customers to continuously renew their subscriptions and prevent them from switching to a competitor. Your onboarding process will play a crucial role in keeping your customers.
Why Is The Onboarding Process Important?
Here is a story that most of you can relate to when it comes to the customer onboarding process. John tried to open an account with a famous online bank. He needs to submit required forms and documents using the bank’s online facility. While going through submitting these pertinent documents, John realized that the bank’s onboarding process was too complicated. He also waited for weeks just to be notified his application was unsuccessful. He found out that his uploads got lost in the bank’s IT system.
Do you think John will be interested to reapply again to open an account? Other customers, who have the same experience as John, will they continue patronizing the bank? The bank left a wrong first impression on prospective customers. More likely, customers will no longer transact will the bank and switch to a competitor. The story clearly illustrates how essential to make your onboarding process more convenient to your customers.
Researchers have found out that customer retention is less expensive than attracting new customers. Getting new customers for your business, depending on your industry, will usually cost you up to 25 times more than retaining your current customers. Studies have shown that 44% of companies focus on customer acquisition while only 18% focus on customer retention.
The customer experience of your onboarding process could provide two things – a positive or a negative impression. A successful onboarding process will result in happy customers. Having satisfied customers is beneficial for your business. Happy customers will come back to you again, and you might turn them into loyal customers.
Avoid These Mistakes On Your Onboarding Process
A successful onboarding process will help you get more customers and allow your business to thrive. Here are four mistakes that you should avoid making your onboarding process customer-friendly:
- Not setting clear expectations
Start your journey with your customer by setting clear expectations between the two of you. It will provide direction for both of you. Let your customer talk about his expectation from you and tell your customer about your expectation from him. From here, you and your customer can come up with expectations that the two of you agreed upon.
Your customer might already have an idea of what your business does. But setting clear expectations is a building block in defining the arrangement between the two of you. It is highly advisable to have an onboarding questionnaire that your customer can fill out. It will help you and your customer get on the same page on what to expect from the engagement.
You can ask your customers about their goals for the project. What metrics to be used in tracking its result? Who is their target audience? Do they have a deadline for the project? Knowing what they want can help you align what you can do to achieve their set goals. It will help you define the approach that you will utilize in the project.
- Overwhelming the customers on the outset
It is a common mistake of most businesses. At the start of your engagement, you are already asking so many things that tend to overwhelm your customers. You might be asking them to fill out a ten-page onboarding questionnaire. Like in the earlier story, you might require them to accomplish various forms or submit many documents. How will your customer feel if they see the long list of documents and forms they need to submit? It could scare them away, and might decide not to push through.
The pandemic amplified the new reality of customer experience – convenience. If your onboarding is too complicated, it could push your customers away rather than attracting them. It would be best to break down your onboarding process into simple and smaller steps to avoid getting them overwhelmed. For example, if you need to obtain many documents from your customers, you could make it a step-by-step process that will prompt your customers to upload one file in every step. It is more convenient and more comfortable than asking them to upload all the needed files in a single sitting.
- A cookie-cutter approach to each customer
Another common mistake of entrepreneurs is to treat all their customers the same. A cookie-cutter approach in dealing with your customers is bound to fail. Each customer is different from the other. Customers will have needs that are distinct from one another. The approach might fail to address your customer needs.
Whenever dealing with customers, it is essential to put their needs as your priority. A one size fits all approach might not deliver the right services for their needs. By making each process more personalized, you enhance the customer experience that will keep them coming back to your business.
Consider Getting An Onboarding Solution
Putting customer experience as a significant factor in designing your onboarding process will help you retain more customers. But if you find it challenging to build a seamless onboarding process yourself, you need a helping hand in from the experts. Do not be anxious since SignDs is here to assist you.
SignDs can provide the simplest onboarding solution for your business. Its solution covers identity verification, digital signatures and payments, and risk assessment. Since it is only one integration, SignDs provides you the easiest and fastest onboarding process for your customers.
If you are interested in creating the best onboarding solution for your business, drop by our website at https://signd.id/ for more details.