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© Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
L E A D E R S H I P  P R O B L E M SO L V I N G  ...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
The Secrets to Customer Onboarding Success – January 21, 2014
Confidential. For discussion purposes only.
© Copyright 2010...
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Secrets of Customer Onboarding

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  1. 1. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. L E A D E R S H I P  P R O B L E M SO L V I N G  V A L U E C R E A T I O N The Secrets to Customer Onboarding Success How to Turn New Clients into Business Partners January 21, 2014
  2. 2. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Is Client Loyalty an Oxymoron? Establishing Long-Term Partnerships with the Right Service Provider is Key • About 50% of clients were “indifferent” when asked to rate their loyalty to their service provider • It is easier for a client to work with a “known-quantity” rather than hiring someone new Client Loyalty is Created through a Healthy Balance of Trust and Authenticity • Companies do not create value unilaterally • Why do customers choose you instead of your competition? • Different customers have different needs  In a study by analysts at Ross McManus, 1,200 senior executives gave their service provider a C+ grade for client satisfaction. Top dissatisfaction driver: Understanding the client’s business  Understanding and addressing these needs is an imperative Flawless Results is Also a Key Driver • Companies hire service providers for one key reason: Results! • The prerequisite for long-term client relationships is the consistent delivery of benefits and value throughout the duration of the client or customer engagement Another Key to Earning Client Trust is Acting in their Best Interest • Do your homework on your client’s business • Present solutions to your client’s most pressing problems • Are you confident that your idea or solution exceeds the “value-to-fee” ratio for your client? 1 Client Acquisition and Loyalty is tougher to come by than ever before. While fierce competition and bargain hungry clients may be a driver, the truth is the client or professional services business is a relational one founded upon truth and authenticity
  3. 3. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Three Truths and a Lie Truth # 1 – You Can Only Sell to Someone Who Can Buy • Don’t spend your time on resources who do not have the authority to buy • The process for purchasing decisions need to be sniffed out Truth #2 – A Prospect Must Recognize They Have a Need Before They Purchase • No sale is ever possible unless the person who has the authority to make a purchase recognize the need themselves Truth # 3 – Your Buyer or “Coach” Must Have a Vision on How to Solve the Problem • The buyer must see how the current situation can be improved The Lie – Sales is a Numbers Game • It is far more productive to sell to prospects who meet the established pipeline or key account planning criteria 2 Client Acquisition and Loyalty is tougher to come by than ever before.
  4. 4. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Key Account Planning Key Account Planning – What is it? A process and a document to: 1. Educate the team 2. Help direct and anchor business development and account planning activities 3. Provide a central location to capture intelligence about your customers or clients Tiering Your Account Plans Is a Way to Get Focused 3 Understanding the customer or client’s business are essential for creating loyal clientele. Therefore. the first step in successful customer onboarding is Key Account Planning. The process must become a part of a companies operating practice and business. Tier One (Key Account) Tier 2 (Mezzanine) Tier 3 (On-Deck) • Strong relationship with key buyer or multiple key buyers • Strategic account with significant chance of generating work • Periodic meetings with group as necessary • Assistance with creating structured way to follow-up on action items • Forum to brainstorm and identify areas of opportunity to share with • Relationship with key buyer or one degree from key buyer (Using LinkedIn as Business Intelligence source) • Periodic meetings with group as necessary • Action items and action item owners documented • Key Account Plan (Lite) • Constant monitoring of company • Assistance with creating structured way to follow-up on action items • On-deck relationship with someone one to two degrees from buyer (Using LinkedIn as Business Intelligence) • Looking to build key relationships • Constant monitoring of company
  5. 5. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Key Account Planning 4 Understanding the customer or client’s business are essential for creating loyal clientele. Therefore. the first step in successful customer onboarding is Key Account Planning. The process must become a part of a companies operating practice and business. Key Account Plan Elements • Your Direct Experience – Direct experience, knowledge of the company or vertical • Overview – Snapshot of team – Goals – Corporate strategy – Business challenges – Internal SWOT analysis – Opportunity pipeline • Management Overview – Management overview; organizational charts • News and Happenings – Events – M&A activity – Competitors Why Is This Important? • Your Direct Experience – Highlight strengths and experience in the marketplace including community involvement • Overview – Provides a general overview of the company and their strategy – Lists the Key Account or Deal team – Understanding their challenges is key to developing your value proposition. Knowing your strengths, weaknesses, opportunities and threats is key to tailoring your strategy. • Management Overview – Have to know the key players and relationships • News and Happenings – Stay abreast on current affairs – demonstrate your knowledge and competency of your customer or clients issues
  6. 6. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. The Path to Profit TM Market Leadership • Achieve a leadership position in the minds of your existing and targeted customers/clients Sales Mastery • Execute a winning sales strategy for each opportunity you choose to pursue Flawless Service Delivery • Deliver stunning value to your customers or clients by managing projects, engagement or service precisely Operations Excellence • Manage all aspects of the business with the same rigor as you apply to your customer or client work Performance Management • Keep a clear view of the overall performance of your business and the profit or loyalty performance of each customer or client relationship Renewal and Reinvention • Stay energized, grow and prosper 5 Michael McLaughlin, founder of MindShare Consulting recommends six organizational competencies that should be developed for every services organization.
  7. 7. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. An Approach for Customer Onboarding 6 Step 1: Proposal Phase Step 2: Customer Onboarding Step 3: Client Relationship Management Conflict Checks Opportunity Management Pre-Project Team Briefing TechnologyEnablement Project Team Briefing Customer or Client Briefing Schedule Kick-off Meeting ResourceConsiderations Consultative and Collaborative Problem Management Ongoing Team Communication Measurement The objective of the approach below is to provide a recommended framework for services companies looking to improve their customer onboarding process.
  8. 8. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Step 1 – Proposal Phase 7 Step 1: Proposal Phase Opportunity Management Conflict Checks Pre-Project Team Briefing TechnologyEnablement Successful customer onboarding begins during the sales process. Key Terms An internal inquiry to surface the potential for a conflict of interest that may be created by a service line initiating a project at a new client where another service line is already engaged When to Complete a Conflict Check A Conflict Check should occur when an opportunity is identified and at the point when the client has an expectation that a services provider could be engaged to assist them. This should occur BEFORE a proposal is submitted. Conflict Checks Should Be Completed in the Following Situations 1. New Client 2. New Project/Existing Client 3. New Information/Existing Client
  9. 9. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Step 1 – Proposal Phase 8 Step 1: Proposal Phase Opportunity Management Conflict Check Pre-Project Team Briefing TechnologyEnablement Successful customer onboarding begins during the sales process. Must Live and Die in Salesforce Automation and Financials (Resource Planning) Regardless of the system, e.g. Salesforce.com, Microsoft Dynamics CRM, Netsuite or even good ole Excel, a process for capturing and tracking opportunities, account management and proposals should be established. Example: A small but growing professional services firm focused on CRM and Marketing Automation services established a trigger within their salesforce automation system that alerts all Resource Managers when an opportunity reaches 50% probability of close/won. The event allows for the Resource Managers to assign available resources to deliver the work in their ERP system.
  10. 10. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Step 1 – Proposal Phase 9 Step 1: Proposal Phase Opportunity Management Conflict Check Pre-Project Team Briefing TechnologyEnablement Successful customer onboarding begins during the sales process. Pre-Project Team Briefing • Typically, things go wrong with clients when a services organization is a “sales machine” but their client delivery is disjointed at best • When it appears likely a Statement of Work (SOW) is going to be signed, it is important to walk the Delivery Team through the SOW. • Reviewing the scope of the project: activities, deliverables and milestones is an important way to “ground” the team on expectations – both internal and client Norming Storming Performing Forming I believe adaptive leadership among all members of the Delivery Team is equally important for Successful Customer Onboarding Understanding Team Dynamics 3 2 14
  11. 11. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Step 2 – Customer Onboarding 10 Step 2: Customer Onboarding Project Team Briefing Customer or Client Briefing Schedule Kick-off Meeting ResourceConsiderations Dimensions Solution Architect or Engagement Leader Customer Success Manager Role Summary • Understand clients processes and use cases. Work with sales team and other customer staff to develop implementation plans • Requires deep understanding of specific operations, processes or systems. Accountable to build great client working relationships Role Description • Monitor and review project progress • Onboarding of new customers • Keep Resource Managers informed of post-sales progress • Assist in selling to prospective new customers • Assist Customer Success Managers with project delivery • Consult with new and existing customers • Become a recognized industry expert and resource • Develop custom deliverables Resource Considerations Resource Considerations for Customer Onboarding Success.
  12. 12. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Step 2 – Customer Onboarding 11 Step 2: Customer Onboarding Project Team Briefing Customer or Client Briefing Schedule Kick-off Meeting ResourceConsiderations Project Team Briefing Once the SOW is signed or the sale is closed, it is imperative to have a formal kickoff meeting with the Delivery Team. Additional participants could include Solution Architects and Customer Success Managers to ensure consistency in communications and expectations. Customer or Client Briefing Equally important is reviewing the SOW with the customer or client prior to having the first kick-off meeting. Using this time to establish a rapport and walking through the SOW sets the tone for the rest of the engagement. Miss this step or not executing this step well will lead to disastrous results. Communication – internal and external – is another key for success.
  13. 13. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Step 2 – Customer Onboarding 12 Step 2: Customer Onboarding Project Team Briefing Customer or Client Briefing Schedule Kick-off Meeting ResourceConsiderations First Kick-Off Meeting All eyes are on your company or firm the moment you step in the door. Whether you have a small, medium or large delivery team, nailing the first kickoff meeting is mission critical. Preparation and presentation are the keys (all are not applicable : 1. Prepare an interview guide 2. Develop an issue list and hypothesis trees 3. Deconstruction of client’s income statement and other financial data 4. Begin storyboarding final deliverable Create the right tone in your first kickoff meeting and you will build trust and confidence that will accelerate progress.
  14. 14. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Step 3 – Client Relationship Management 13 Step 3: Client Relationship Management Consultative and Collaborative Problem Management Ongoing Team Communication Measurement What Gets Measured, Gets Done. Net Promoter Score (NPS) Portfolio or Account Growth Client Loyalty Measurement Considerations What: Developed by SatMetrix, Bain & Company and Fred Reicheld, Net Promoter is both a loyalty metric and a discipline for using customer feedback to fuel profitable growth for your business. How: One Services company created an object in Salesforce.com which pushes client survey questions (6) to clients and the results are fed back into Salesforce.com so everyone can see and manage their client’s perception of loyalty and satisfaction. What: There are two common measures of growth. Year-on-year percentage growth uses the prior year as a base for expressing percentage change from one year to the next. Compound Annual Growth Rate (CAGR) is a generally accepted metric for average growth rates. How: A major software provider specializing in supply chain, sourcing and procurement technology implemented portfolio or account growth in their newly organized Customer Management organization to get laser focused on client delivery. Value ($,#,%)t – Value ($,#,%) t-1 Value ($,#,%)t-1
  15. 15. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Step 3 – Client Relationship Management 14 Step 3: Client Relationship Management Consultative and Collaborative Problem Management Ongoing Team Communication Measurement What Gets Measured, Gets Done. In The Experience Economy, Joseph Pine and James Gilmore advises executives to battle the onslaught of commoditized goods and services by managing the customer’s or client’s total experience: “Businesses that relegate themselves to the diminishing world of goods and services will be rendered irrelevant. To avoid this fate, you must learn to stage a rich compelling experience.” No two customer or client experiences are the same. Shake loose your customer’s or client’s best ideas and tailor your delivery to fit their specific and unique challenges. In other words, attempt to create memorable, emotional, and positive encounters for the customers or clients you serve.
  16. 16. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Customer Onboarding and Social Media Marketing 15 Additional Tips to Keep in Mind • Listening is foundational for social media marketing. Understand what customers are saying about your brand, products, services and experiences will help you focus your social media marketing efforts. • Facebook and Twitter are often knee-jerk reactions. Mere presence it not enough; without a sound strategy, these efforts will fail. • Content is critical and has to be relevant to the client base. • Resources have to be dedicated to the effort in order to make it successful. Once you’ve entered this arena, the content has to be dynamic and timely. • Social Media efforts need to be tightly integrated into the overall marketing campaign, it is not a stand alone strategy. • Understanding your clients or prospects is key to any social media strategy. Knowing where they are congregating on the Web is critical to your social media marketing targeting strategy. Authenticity and Transparency Return On Investment Brand Identity Value to Audience Compliance with Regulations Corporate Policies and Procedures Sound Social Media Strategy .Having a Facebook Fan Page does not equate to a social media strategy just as implementing Salesforce.com does not equate to having a salesforce automation strategy.
  17. 17. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. The Path to ProfitTM Market Leadership • Achieve a leadership position in the minds of your existing and targeted customers/clients Sales Mastery • Execute a winning sales strategy for each opportunity you choose to pursue Flawless Service Delivery • Deliver stunning value to your customers or clients by managing projects, engagement or service precisely Operations Excellence • Manage all aspects of the business with the same rigor as you apply to your customer or client work Performance Management • Keep a clear view of the overall performance of your business and the profit or loyalty performance of each customer or client relationship Renewal and Reinvention • Stay energized, grow and prosper 16 Michael McLaughlin, founder of MindShare Consulting recommends six organizational competencies that should be developed for every services organization.
  18. 18. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. Let’s Keep In Touch 17 Art Hall Director Alvarez & Marsal Business Consulting Monarch Tower 3424 Peachtree Road Suite 1500 Atlanta, Georgia 30326 Phone: (404) 759-9158 Email: ahall@alvarezandmarsal.com Twitter: @Art_Hall4 LinkedIn Profile: Click Here
  19. 19. The Secrets to Customer Onboarding Success – January 21, 2014 Confidential. For discussion purposes only. © Copyright 2010. Alvarez & Marsal Holdings, LLC. All Rights Reserved. 18 www.alvarezandmarsal.com
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