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How to Reduce Customer Churn with Onboarding. Entrepreneur MBA Podcast 4.8

Summary: In today’s podcast, Adrian Tobey from Groundhogg Inc and Stephen Halasnik from Financing Solutions discuss effective strategies and programs for onboarding customers to reduce churn. Customer experience management is an excellent way of ensuring that customers are properly onboarded and retained. More so, businesses that focus on customer solutions tend to reduce customer churn to the barest minimum. These solutions are helping businesses break through the marketing clutter and increase sales.

How to Reduce Customer Churn with Onboarding

The success of every business depends mainly on its customer base. Every business should strive to generate consumer interest for their products or services to convert that interest into a sale. Customer onboarding involves collecting prospects’ contact information to keep tabs on them for the sole purpose of turning them into reliable customers. Moreover, lead generation is an essential part of every bReducing Customer Churn with Onboardingusiness. Generating leads allow businesses to educate and nurture their prospects through email marketing before reaching out to qualified leads through the sales agents. In addition, customer education helps retain customers and increase profit in the long run. After all, research has shown that avoiding churn can increase business’ profit by 25% to 95%.

Customer experience management is of utmost importance in customer onboarding. It involves the strategy and course of action that engenders good customer feelings about a business that makes them want to continue doing business with a company. However, since customer experience can be engineered or manufactured by a company, it becomes imperative that businesses put requisite infrastructures, including CRM, cloud, mobile, data science, community platforms, and other relevant technologies that facilitate a closer relationship with the customers.

Furthermore, it’s noteworthy that customer onboarding is not a one-off event, and every interaction at any time counts. As a result, businesses should rethink their customer onboarding approach and program to focus on a customer-centric model where value creation aligns with customers’ needs. Businesses should also put a premium on customer feedback to deliver a seamless customer experience.

Leveraging CRM Tool to Foster Customer Onboarding

Innovative technology has increasingly made customer relationship management pretty easy in recent times. With the use of customer relationship management software, business sales teams will manage their customers’ experience seamlessly. CRM tool is an integrated cloud application suite that collects and stores customers’ data. What’s more, it provides a centralized platform for marketing agents to manage interaction and prioritize activities so that no client feels left out, thereby enhancing quality customers’ experience. More importantly, a customer relationship management system ensures that sales leads are sorted, analyzed, and prioritized. Hence, the sales team can concentrate on opportunities likely to close and quickly provide answers to customers.

Engaging Customers through Education

Many business owners make the mistake of assuming that their customers know everything about their products. However, customers need to be nurtured to familiarize themselves and be comfortable with your product. A veritable customer onboarding exercise entails a step-by-step tutorial, helpful guidance, support, plus hands-on training on how to maximize your product value. In addition, the information and knowledge they need to use your product must be readily accessible. This allows customers to move seamlessly through the process and build trust in your business.

Creating a Customer Metric System

A metric system helps you determine what’s causing customers to churn through a feedback mechanism. In other words, gathering customers feedback helps you figure out friction points and track key metrics to know what is working and where to improve.

Keeping Constant Communication

Communication is vital in any human relationship, which also applies to customer onboarding. Part of the process of customer onboarding involves keeping a tab on them after the initial welcome message. Continue using email to complement any tutorial or guide until your products become highly indispensable that you can count on them visiting your blog, website, or in-app for any notification.

Conclusion

Knowing how to reduce customer churn through proper onboarding techniques is critical to the growth and development of every business. Unfortunately, customer churn has become a recurring decimal in today’s business due to no well-thought-out strategy for onboarding and retaining customers for business owners. However, experts maintain that businesses can dramatically reduce customer churn by 67% if they focus on providing services and products that solve customer problems. Experience has shown that customers’ churn occurs because they don’t usually understand the product they tend to buy and don’t obtain the expected value.

 About Adrian Tobey

Adrian Tobey helps agencies and small businesses launch, grow, and scale with proven advice and results-driven WordPress plugins.

More About Financing Solutions 

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Financing Solutions small business financing product is a great alternative to a traditional bank line of credit because it costs nothing to set up, nothing until used, and when used, is inexpensive. The credit line requires no collateral and no personal guarantees.

Small businesses use their line of credit to help with emergencies or opportunities when your small business’s cash flow is temporarily down (i.e. Payroll funding)

Please feel free to fill out the no-obligation, 2-minute business line of credit application here. The time to set up a credit line is when you don’t need it so that it is ready to be used, just in case.

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