[Updated January 6, 2022]
Anyone who has ever been through an onboarding process likely knows the importance of learning to reduce time-to-value (TTV).
At its most basic, time-to-value is the amount of time between when a client purchases your products and when they see value from that purchase. The exact time-to-value for each company will vary depending on the types of products you sell and your clients’ needs.
But what’s important is to keep time-to-value as short as possible. That means measuring it and taking steps to shorten it.
To accurately measure time-to-value, you need to understand the moment when your clients see the ROI from your product. It could be a specific action they take, such as running an efficient payroll for the first time and seeing how much easier it was than the old software. Or it can be a time of the year, such as tax season, when your software demonstrates value.
Figure out that moment, then measure how long it takes on average for clients to get there after the close of the sale. That’s your time-to-value.
How to Reduce Time-to-Value
The software you use to onboard your clients can play a huge role in reducing time-to-value, which translates to happier customers who see value sooner. First impressions truly last, and that’s a part of the onboarding process.
How you educate and onboard your client on your software or product can significantly reduce time-to-value. That makes them more likely to stick around, and more likely to become better partners in the long run.
Here are the three ways GUIDEcx is reducing time-to-value.
1. Better Client Engagement
Engagement is critical, but most teams only have tools that allow them to talk internally with each other. Client interactions happen over the phone or by email, or maybe through manually compiled reports that someone on your team has to send over at regular intervals. For longer onboarding projects, that lack of transparency can create a client perception that nothing is happening, which leaves them feeling frustrated.
GUIDEcx allows everyone on the team—including clients—to see the entire onboarding schedule and progress every step of the way.
2. Accountability for Everyone on the Team
Everyone on your internal team and those on the client-side needs to know what they are responsible for in the onboarding process. Project management software makes it easy to assign tasks to people, but when team members are accountable to only a single person (like a manager or supervisor), they only complete tasks on deadline about 60% of the time. When those tasks are visible to five or more people, on-time completion jumps to over 90%. The sense of accountability, now made public, proves to be a great motivator.
GUIDEcx also allows you to assign tasks to clients for the onboarding steps they need to complete. It sends regular, automated reports and updates on what is due and when, as well as what’s overdue. This helps keep your clients accountable so they don’t hold up onboarding.
3. Standardization and Automation
Finally, GUIDEcx can standardize and automate many of your processes through customizable templates, email automation, reporting, and more. These features allow you to quickly scale up your onboarding process and make sure you never miss a step, even when you have new people join your onboarding team.
Next, learn about the 5 onboarding metrics to measure for your client onboarding strategy.
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