“80% of a company’s future revenue will come from 20% of its current customers” – Gartner
- Client onboarding is critical to ensure that you deliver a great first impression in order to keep your clients.
- Professional services companies, technology companies, and financial institutions incorporate compliance as well as client-facing views into client onboarding.
- Tallyfy is a workflow platform that can run your client onboarding process. It’s the easiest way to share status and collect information from your customers externally.
- To grow revenue – you need to create a clear, trackable, and predictable client experience. Nobody likes a mess of phone calls, emails, and office/branch visits. Schedule a call with Tallyfy.
Client onboarding is the process of welcoming new clients into your business, addressing their questions and concerns, and ensuring they understand the services available to them. Don’t make the mistake of assuming your current customer service structure will take care of the client onboarding process as this can lead to clients becoming frustrated and canceling their accounts. Client onboarding is one of the most important functions for any business because it directly affects the client’s experience with your company, which will affect profits.
As we pointed out in this article, it’s important not to drop the ball immediately after signing up a new client. Assuming your clients can figure things out on their own can damage your relationship with your client and lead to lost business. It is necessary to streamline your client onboarding process so that they have everything they need and you aren’t losing business.
What is the client onboarding process?
Different people will have different ideas about how to successfully onboard new clients. But in general, a successful client onboarding process can be summed up by two questions:
- Have you successfully introduced your new client to your business and addressed all their questions and concerns early on?
- Have you gathered information on your clients so you have insight into what products and services would benefit them?
To summarize, a successful onboarding process will meet both the needs of your clients and your business needs. To do this you must have a full understanding of your business’s needs and goals. How much data collection does your business require? If the client onboarding process fails to meet the needs of your business then it is ultimately useless. A good client onboarding process should not only retain your client but encourage them to continue to buy new products and services. Also, consider proper client onboarding software to really differentiate from your competitors.
What are the benefits of client onboarding?
One of the most obvious benefits of a successful client onboarding process is continued service from your client. When you lose a client it means that all the time spent on marketing, developing the relationship, drafting proposals, and investing your time to meet with them has all gone to waste.
According to the Gartner Group, 80% of a company’s future revenue will come from 20% of its current customers. However many businesses allocate few marketing resources toward retaining their current customers. There is an incredible opportunity for future revenue with repeat clients so it is in your best interest to keep your current clients happy.
Another benefit to retaining your current clients is the opportunity for referrals. When your clients are happy with the service you provide them, they are more likely to refer you to others. According to this article, about 20-50 percent of all purchases came based off of recommendations made by other people. Word-of-mouth marketing can work to your business’s benefit or detriment. If you do an exceptional job of onboarding your new clients, you will set yourself up for positive word-of-mouth marketing.
The 5 Steps for a Successful Client Onboarding Process
It takes a lot of time, money, and energy to bring on new clients, so it doesn’t make much sense to lose them the minute they finally sign up. This is why it is so important to have an effective onboarding process in place. With a proper plan and direction in place, you can ensure that both the needs of your client and your business needs are being met.
Here are 5 steps you can use for onboarding new clients:
- Assess your client’s current needs
One of the most important parts of the onboarding process is learning about your client’s needs. Every client is different and will have different resources to work with. When you understand their strengths and weaknesses, you will be able to develop a plan for how to work with them.
Make a list of your client’s current assets as well as any areas that need improvement. When you review this with your client, use it as an opportunity to position yourself as an expert.
- Outline the client’s desired outcomes and goals
All successful marketing campaigns have a goal in mind. You should already have an idea of what your client is hoping to accomplish, you have a clear understanding of what you are working with, and now it is time to develop a goal and a plan to move forward.
You need to take your assessment and turn it into measurable goals that your team can act on. The more clearly you articulate your goals to your client and your team, the easier it will be for everyone will stay on track. Be sure that you don’t promise anything you can’t deliver on, and make sure everyone is involved in the goal-setting process.
- Be sure your team is briefed on your client
Before your team becomes involved with the client, you need to make sure they have a clear understanding of your client, their industry, and the work involved. Assign your team any necessary reading materials, be sure they have access to the assessment and contract, and provide any notes available on your client. Once your team knows your client’s desired outcomes and objectives, they will be better prepared for the client kickoff call.
- Have a kickoff call
It is important to have a great kickoff call so everyone is on the same page and has all the information they need. Your client needs to have a good impression of your entire team, not just you. Be sure your team demonstrates that they fully understand the scope of the work and have everything they need to move forward. Give your client time to articulate their objectives and expectations.
- Check-in after 30 days
This is an opportunity for you to gain feedback from your client, get a sense of how the process is going so far, and address any concerns they may have. Use this check-in call as an opportunity to build on your relationship with your client and let them know you value their business. Have a list of questions prepared and summarize all the work that has been done in the past 30 days. When the call is over, your client should feel confident that they made the right choice by doing business with your company.
Conclusion
Ultimately, the customer onboarding process can take some trial and error to perfect, and few businesses get it exactly the right the first time around. Continue to develop your client onboarding process and figure out what works and doesn’t work. Stay positive and keep trying different things until you find what works for your business. Make sure you are constantly improving this process for your customers and keeping the needs of your clients first.
A big part of developing a successful customer onboarding process is having an effective workflow to create each of the steps listed above. This is where Tallyfy can help. Tallyfy allows you to build workflows that are designed to accommodate every step of the client onboarding process. You can customize workflow based on customer feedback and use metrics to track and improve any weak spots. If you want to learn more about how our software has helped other business optimize their workflow needs, visit our customer stories page.
Related Questions
What are the steps in client onboarding?
Client onboarding typically follows six main steps: welcome and introduction, gathering information, setting expectations, paperwork completion, service setup, and follow-up. The process starts with a warm welcome email or meeting, followed by collecting essential client details. Next, you’ll outline project timelines, deliverables, and communication methods. After handling paperwork and contracts, you’ll set up necessary accounts or services. Finally, schedule a follow-up to ensure everything runs smoothly and address any questions.
What is the customer onboarding process?
The customer onboarding process is your client’s first real experience with your product or service. It’s like teaching someone to drive – you start with the basics and gradually introduce more complex features. This journey includes welcome materials, product tutorials, initial setup assistance, and regular check-ins. Think of it as building a bridge between signing up and becoming a successful, long-term user of your product.
What is client onboarding in KYC?
Client onboarding in KYC (Know Your Customer) is a verification process used by financial institutions and businesses to confirm client identities and assess risks. It’s similar to a background check when renting an apartment. The process involves collecting and verifying identification documents, checking against sanctions lists, and understanding the client’s business activities and financial patterns to prevent fraud and ensure regulatory compliance.
What should be included in a client onboarding form?
A client onboarding form should capture essential information without overwhelming the client. Key elements include basic contact details, company information, project goals and expectations, budget parameters, preferred communication methods, and relevant technical requirements. Think of it as creating a client passport – you need enough information to serve them effectively, but shouldn’t ask for unnecessary details that might slow down the process.
Why is Client Onboarding Important?
Client onboarding is crucial because it sets the tone for your entire business relationship. It’s like laying the foundation for a house – if done properly, it creates stability and trust. Good onboarding reduces client confusion, prevents miscommunication, increases client satisfaction, and significantly improves client retention rates. It also helps standardize your processes and makes scaling your business easier.
What is the difference between customer onboarding and client onboarding?
While often used interchangeably, customer onboarding typically refers to a more transactional, product-focused relationship, while client onboarding suggests a deeper, service-based partnership. Customer onboarding might involve helping someone start using a software product, while client onboarding often involves more complex, personalized services and longer-term relationships. Think of it as the difference between buying a car (customer) versus hiring a personal financial advisor (client).
How long should client onboarding take?
The duration of client onboarding varies depending on your industry and service complexity. A simple software service might take a few days, while complex financial services could take several weeks. The key is finding the sweet spot between being thorough and maintaining momentum. You want to be like a good host – taking enough time to make guests comfortable without keeping them waiting too long at the door.
How can you improve your client onboarding process?
Improving client onboarding starts with automation and standardization of repetitive tasks. Use digital tools to streamline document collection and signatures. Create clear process maps and checklists. Regularly gather client feedback and adjust your process accordingly. Think of it as fine-tuning a machine – small adjustments can lead to significantly better performance and smoother operations.
What are common client onboarding mistakes to avoid?
Common mistakes include overwhelming clients with too much information at once, poor communication of expectations, inconsistent follow-up, and not having a standardized process. Another frequent error is rushing through the process to start work quickly. It’s like trying to read a book by skipping chapters – you might move faster, but you’ll miss crucial details that matter later.
How do you measure successful client onboarding?
Success in client onboarding can be measured through various metrics including time-to-value, client satisfaction scores, retention rates, and the number of support tickets during the initial period. You should also track process completion rates and gather qualitative feedback. Think of it as taking your client’s temperature – regular monitoring helps you identify and address issues before they become problems.
