CXcherry is a modern, AI-enabled, purpose-built Customer Training LMS. CXcherry LMS for Customer Training is on a mission to redefine the way you onboard, engage and retain your customers. CXcherry Product Training Platform help you to accelerate your product adoption and increase customer retention through continuous customer education. Visit cxcherry.io for more details.
How to Effectively Measure the ROI of Customer Onboarding.pdf
1. How to Effectively Measure the ROI of
Customer Onboarding?
Use the table of contents to navigate the guide.
• Customer Onboarding.
• Importance of Customer Onboarding In Current Marketplace.
• How Crucial Is It To Invest In The Right Onboarding Method?
• Top 6 Simple Methods To Measure ROI for Customer Onboarding Program.
• Conclusion.
1. Customer Onboarding.
2. Customer Onboarding is like a bridge between your organization’s efforts towards
customer satisfaction and the degree of realization your customers have towards
your efforts.
So, the easier to grasp and flexible in choice design your onboarding program
delivers, the less customer churn will be there. Because in customer’s perception,
your onboarding program has to be like a takeaway learning experience.
Customer’s Onboarding Expectation
• Communicative & Easily Accessible Platform
• Dedicated Assistance Available
• Educative & Learning Environment
• Content Relevant to Specific Goals
• Seamless After-Purchase Experience
• Mobile-friendly Platform
Saas-based company realizing the imperative need of the hour being customer-
centric initiatives are now deviating the overall business focus points.
3. Because customers are evolving in their choices of product experience - no matter
how lubricative any business marketing strategy is - customer satisfaction will
always be a unicorn story.
On the contrary, bringing customer experience as the focal point for your
business strategy is the advanced ground you need. All you need is the grounds!
2. Importance of Customer Onboarding in
Current Marketplace.
Now, your grounds here mean in the context of the customer’s perception. There
was a time when combative stance amongst the competition in any Industry use
to drive great Returns on Investment (ROI). But, gone are those days! There’s no
shark left in the tank no more.
“Customer’s are the King” So, your grounds are the way you strategize your
customer onboarding program. Establishing S.M.A.R.T Goals allows you to
4. monitor, scale, and reshape your onboarding program according to customer’s
progress.
S: Specific
M: Measurable
A: Attainable
R: Relevant
T: Timely
Because the moment your organization gets the contextual basis of customer
experience itself from their awareness stage to becoming your brand’s advocate,
your decisions will always remain inclusive to them.
3. How Crucial is It to Invest In “Right Customer
Onboarding”?
Investing in the right customer onboarding is a crucial task. How would you track
the onboarding program is going the right way?
5. 40 to 60% of users signing up for a free trial will use your services once. Few
like 2.7% stick around after 30 days.
Customer Onboarding, when deliver right becomes a transparency web that
allows your customer to crawl & explore their choices of experience freely.
But as it becomes a customer-oriented experience, it comes down on your
shoulder that: Is your Customer Onboarding making these Common Mistakes
too?
Common Customer Onboarding Mistakes that Most SaaS Organizations Make
• Too many things yelling for Customer’s Attention
• Thinking most customers need the same thing
• Designing an Onboarding Program that makes Customers work hard for their
“First Win!”
• Overloading Content without allowing personalized segments
Now, once your L&D and Customer Sucess Team pen down the onboarding
strategy avoiding such mistakes, it’s time to focus on your response touchpoints.
You might have observed the customer success industry is taking the pace -
various methods of “how to measure customer onboarding results” became the
talk of the town.
And why not it is imperative to scale your efforts invested in the onboarding
program, moreover in terms of Return on Investment (ROI).
Let’s be crystal clear beforehand there’s no ‘exact method’ to precisely scale your
ROI for onboarding programs. But, there are key metrics that will narrow down
your efforts & will allow your organization in the right direction & foster it.
4. Top 5 Simple Methods to Measure ROI for
Customer Onboarding Program
7. Net Promoter Score is the imperative method to measure customer
experience. In simple terms, it is the sentimental measure of a customer’s
satisfaction benchmark with your brand.
Employ survey to the customers acknowledging their perspective on a scale of 0-
10. Score 0-6 are critics, score 7-8 are idle or inactive, and 9-10 are your brand
promoters.
Critics: Customers who have responded between score 0-6
Idle: Customers who have responded between score 7-8
Promoters: Customers who have responded between 9-10
These scaling measures determine the range of responses for your onboarding
program.
Net Promoter Score (NPS): Percentage (%) of Promoters - Percentage (%) of
Critics
Customer Journey Analytics
Your customer’s overall journey can be analyzed by employing milestones to each
progressing stage of the customer. But for that, you have to create a customer
journey map.
A customer journey map is a visual representation of what exactly your customer
expects as an experience from your product & how are they going to achieve their
goal.
It not only reduces customer’s churn rate but also benefits you to quantify the
loopholes & reshape that part of the onboarding module according to the relevant
customer needs.
2. Measure Customer Satisfaction Scores (CSAT)
8. Customer Satisfaction is the most straightforward method to measure your
customer experience. Your ROI depending upon the customer’s post-purchase
experience can be abstracted from this survey.
Just deliver the survey emphasizing in “How satisfied were you while using our
products & services?” And provide them with a survey scale.
If Customer Satisfaction (CSAT) is low, then improve by focusing on the feedback
touchpoints.
CSAT doesn’t necessarily prove brand loyalty but it can measure the contrast of
customer’s experience.
3. Customer Lifetime Value (CLV)
Customer Lifetime Value is the money that a single customer spends for
their experience with your product. It is calculated by multiplying the
average customer’s lifespan by the customer value.
Customer Lifetime Value: Average Customer Lifespan x Customer Value
9. Here, the customer’s value is their choice worth. Analyzing the alternatives
available and customers’ received value from your product determines how much
value they are getting from your organization.
4. Customer Churn Rate
Customer churn with any product use is inevitable. But to reduce the churn
rate, you can use this analysis to rectify the loopholes and enhance the
customer’s experience to build a cyclic subscription arrangement.
This allows you to gain high recurring revenue & upsells. To know customer churn
rate, it is a simple percentage of customers who canceled the subscription in the
given time to those to renewed or continued with your organization.
5. Cost Spent on Support
10. The average cost spent on training the support teams & resolving the escalated
customer issues determines where your onboarding program improvement is
needed.
Conclusion:
Creating an inclusive environment for customers is imperative for any
organization’s marketing strategy in the current marketplace. Your overall ROI is
the result of the customer’s experience. So how you plan your crucial customer
onboarding strategy will determine how satisfied customers are with your
product experience.
Focusing on these key metrics will allow your onboarding strategy to get the crux
of the matter, and then you can deploy an automated management system &
support to improve the customer experience.
And, remember these measures are touchpoints to your efforts, so keep
improving, and keep learning your customers.
11. About CXcherry
CXcherry is a modern, AI-enabled, purpose-built Customer Training LMS.
CXcherry LMS for Customer Training is on a mission to redefine the way
you onboard, engage and retain your customers. CXcherry Product Training
Platform help you to accelerate your product adoption and increase customer
retention through continuous customer education.
Leading organizations around the world trust CXcherry customer learning
platform to manage & deliver their customer training and measure the business
impact of their customer experience. CXcherry Customer Education Platform is
proud to be one of the important partners in your customer's success journey.
CXcherry Customer Training LMS Software Online is used by many leading Small
& Medium Enterprises, Start-up companies, Training Companies, SaaS, PaaS, and
Software Product companies to train & educate their customers.
It acts as the single suite for all your training needs. Some of the key benefits
are-
1. Easy Administration
2. Intuitive User Engagement
3. Easy Content Upload
4. Built-In Certification and Assessment Engine
5. Multi-Domain Functionality
12. 6. API Driven Third-Party Integrations
7. Data Intelligence & Reports
8. Enterprise-Grade Reliability and Security
9. Powerful Integrations with WordPress, Zoom
Contact CXcherry
Address: 2603 Camino Ramon STE 200,San Ramon, CA 94582,United States
Contact No: (+1) 332-232-7494
Email: info@cxcherry.io
Website: www.cxcherry.io
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