of your customer onboarding journey...of additional costs incurred during onboarding e˜orts are...

HIDDEN COSTS OF 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 difference between loyal clients who stick around and those who leave in search of a different 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 findings. 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 efforts 70% of customer onboardings are delivered late Top reported reasons: Top reported reasons: Last-minute requests & changes by the client Lack of necessary staff 1 in 4 reported that poor communication also caused delays 90% of additional costs incurred during onboarding efforts are client-driven yet are absorbed by the company Ineffective coordination between internal teams Lack of tracking and reporting Inefficient 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 Want the full report, including the top five actions to overcome hidden costs of client onboarding? Get The Full Report

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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:

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