You know how important it is to focus on customer retention, right?
Well, according to a study from SaaS Capital Insight, “for every 1 percentage point increase in retention, a company’s valuation could increase 12% after five years”.
By overhauling your retention process, you can drastically improve customer retention and rocket your company’s value while you do it.
And what’s the most hands-on way to improve retention? By improving your onboarding process. This means tightening up how you guide new customers through those vital initial steps while they’re getting set up with your product. High-value customers need a high-touch approach — your account managers should get them set up with the features, demos, and support they need.
But, a hands-on approach is difficult to track. If you’re onboarding five new clients with a small team and trying to juggle them all, that might be dozens of daily emails, meetings, calls, or even on-site visits. How do you track that?
Sure, you could use a paper checklist or just a freeform text log of activity. But that wouldn’t scale well, or make the information visible to the rest of your team. The answer is to use a digital, cloud-based client onboarding process like the example from Process Street later on in this article.
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