Scope what could be done with an increased retainer allowing for 20-30 hours of work
Eli Weldon
LBR Customer Onboarding Improvement Project Scope
Review everything related to the project below. If there is anything we need you to review it will be listed under “What you need to review”
Len Busch Rose's Goal: Driving Towards $2.5 Million Revenue Increase
This project is a critical component in LBR's strategy to increase revenue by $2.5 million. By significantly improving the customer onboarding process, we aim to:
- Increase conversion rates: Streamlining the onboarding process can lead to more prospects becoming active customers, directly impacting revenue.
- Enhance customer retention: A smoother onboarding experience sets the stage for stronger, longer-lasting customer relationships, increasing lifetime value.
- Improve operational efficiency: Reducing the time and resources spent on onboarding allows the LBR team to focus on revenue-generating activities.
- Enable scalability: An optimized, largely automated onboarding process supports rapid business growth without proportional increases in operational costs.
- Boost customer satisfaction: Happy customers are more likely to increase their purchases and recommend LBR to others, driving organic growth.
Current problems with customer onboarding.
- Majority of customers (55.3%) say getting started with LBR was not easy. This stems from:
- Customer onboarding taking too long, on average 13 days.
- Customers struggling to understand application questions and required information. Only 10% of customers currently finish onboarding upon first attempt.
- Common customer questions and problems can only be resolved by waiting for a response from an LBR team member. 50% of customers need one-on-one help with one or two issues.
- No defined outline of the customer journey to get started with LBR.
- Experience lacks personalization outside of LBR team members engaging customers
- A customer learns to use the portal and once confirmed as a client has to revert to email onboarding.
- No defined KPIs monitored to judge onboarding efficiency and to use to improve over time.
How we’ll solve these problems, improving customers satisfaction and reduce churn.
Majority of customers (55.3%) say getting started with LBR was not easy. This stems from:Customer onboarding taking too long, on average 13 days.Customers struggling to understand application questions and required information.Common customer questions and problems can only be resolved by waiting for a response from an LBR team member.
Goal One.
Simplify the onboarding process, create intuitive intake, and reduce the time to get started.
84% of companies working to improve customer experience saw an increase in revenue. (Source)
If the digital onboarding process takes longer than 20 minutes, 70% of customers completely abandoned their attempt to open an account. (Visa)
No defined customer journey for getting started with LBR.
Goal Two.
Introduce a customer journey map with processes to update and manage on-going.
Companies using customer journey maps report a 15-20% decrease in service costs
Experience lacks personalization outside of LBR team members engaging customers
Goal Three.
Personalize the onboarding experience.
90% of consumers are willing to spend more with companies that personalize the customer service experience
A customer learns to use the portal and once confirmed as a client has to revert to email onboarding.
Goal Four.
Integrate customer setup into the portal
86% of customers say that they would be more likely to stay loyal to a business if they knew that they would have access to educational and welcoming onboarding content post-sale. (Source)
No defined KPIs monitored to judge onboarding efficiency
Goal Five.
Establish and monitor KPIs for continuous improvement.
Data-driven professionals will be 5 times more likely to retain loyal customers. What does this mean, if they know theyre KPIs then they are more likely to retain customers? Maybe use a stat that mentions the importance of measurable success (having KPIs) vs nonmeasurebale success
Work required to achieve the outlined goals.
Majority of customers (55.3%) say getting started with LBR was not easy.
Goal One.
Simplify the onboarding process, create intuitive intake, and reduce the time to get started.
84% of companies working to improve customer experience saw an increase in revenue. (Source)
Work required:
- Work with LBR team to break up the credit application into smaller pieces, the thing that holds customers up the most.
- Add informational items at common area’s of confusion that allow the customers to answer their own questions and continue onboarding rather than having to wait for an LBR team member to respond and answer.
- Integrate SignNow customer signing links to solve the problem holding up many customers of their sign link going to spam.
- Customize the questions based on the type of business a customer has.
- Allow customers to request help in the customer onboarding portal rather than having to find their LBR team member’s contact and reach out.
- Automate customer engagement and LBR team follow-up. Create daily task list view to show only leads that LBR team needs to take action on. Ie, call lead, etc.
- Utilize automated text notifications to reduce important notifications getting stuck in customers spam folder.
- Centralize all customer data into Airtable so that no information is lost and it can be easily sent to other locations.
- Allow customers to upload pdf documents with their information.
- Allow LBR team members to to upload mailed in documents.
- Streamline back and forth to allow for quicker notifications.
- If an account is approved notification is sent via email to LBR dispatch, Jason Honzl, Jason Lenz and Ray with the account number and customer maintenance detail
- Ray notifies Dee
- Dee adds to airtable
- Dee notifies customer
- LBR Dispatch email is automatically parsed and data to automatically added to airtable
- automated notifications are sent out to customer notifying them
- customer logs into portal to see relevant information
IE: Account approval currently works in the following manner:
Optimized account approval process:
Estimated time to complete:
- 45 - 65 hours
No defined customer journey for getting started with LBR.
Goal Two.
Introduce a customer journey map with processes to update and manage on-going.
Companies using customer journey maps report a 15-20% decrease in service costs
Work required:
- Use the customer onboarding steps Dee sent to create a visual representation of the customer onboarding sequence.
- Separate steps based on segmented customer to visualize areas where onboarding can be personalized to the customer.
- Create process for all team members so that future updates to customer onboarding are documented in the customer journey map.
Estimated time to complete:
- 10 - 20 hours
Experience lacks personalization outside of LBR team members engaging customers
Goal Three.
Personalize the onboarding experience.
90% of consumers are willing to spend more with companies that personalize the customer service experience.
Work required
- Introduce BD rep in the portal.
- Customize questions based on the customer type.
- Add more personal information to areas in the portal.
- (optional) Help record onboarding videos to introduce at each step.
69% of customers feel that more video content in a user/customer onboarding process would be an improvement in terms of onboarding strategies. (Source)
Estimated time to complete:
- 10 - 15 hours (includes video help)
A customer learns to use the portal and once confirmed as a client has to revert to email onboarding.
Goal Four.
Integrate customer setup into the portal
86% of customers say that they would be more likely to stay loyal to a business if they knew that they would have access to educational and welcoming onboarding content post-sale. (Source)
Estimated time to complete:
- N/A, need process breakdown from LBR team.
No defined KPIs monitored to judge onboarding efficiency
Goal Five.
Establish and monitor KPIs for continuous improvement.
Data-driven professionals will be 5 times more likely to retain loyal customers.
Work required:
- Setup tracking and monitoring for the following metrics:
- Time to complete each step in onboarding
- Time to complete overall onboarding
- Ease of onboarding
- Conversion rate
- Add-on the above metrics to the reporting dashboard with the ability to breakdown by customer segment
Estimated time to complete:
- 10 hours
Let’s get started.
We recommend starting a monthly retainer again with OWC for 30 hours of work a month with a three month minimum.
Within those first three months we will complete goal one, two and five:
- Simplify the onboarding process, create intuitive intake, and reduce the time to get started.
- Introduce a customer journey map with processes to update and manage on-going.
- Establish and monitor KPIs for continuous improvement.
At the end of the three months we will re-assess the work done and decide whether to continue work on goals three and four or any new items that have come up since then.