Client Onboarding Research Paper

Good Essays
The Importance of Client Onboarding

Client onboarding is one of the most critical functions for modern businesses. It directly influences servicing, relationships, and customer experience, which in turn impact profits. Winning new customers and keeping existing ones in a competitive market is tough. Providing a differentiated and efficient onboarding process is the key to success.

From high-net-worth investors to retail customers and corporate clients alike, businesses have entered a new competitive age where managing the customer experience is a clear differentiator – crucial for growth. This is even more apparent when it comes to a customer’s first interaction with a provider. The onboarding process is an opportunity to capitalize on your
…show more content…
A solid onboarding process allows businesses to take control, from initial signup all the way through welcome kits and subsequent up-sell and cross-sell offers. To succeed in a competitive market, companies must begin with a comprehensive, accurate view of clients, and utilize high-quality data to improve customer interaction.
What is Client Onboarding and how will it Benefit my Business?

The client’s first experience with the company will establish how the relationship will develop. It sets the foundations for satisfaction and long-term loyalty, and it helps in reducing abandonment rate. Efficient client onboarding also helps increase revenue, retention, and ultimately profitability by:

• Increasing revenue through better up-sell and cross-sell opportunities
• Reducing operational costs by automating a manual process
• Accelerating order-to-cash flow by winning clients faster
• Improving quality control by standardizing best practices
• Reducing risk by clearly demonstrating compliance
• Increasing productivity by freeing up staff
• Decreasing loss by reducing client abandonment
• Improving client satisfaction and

Related Documents

  • Decent Essays

    STEEP Analysis

    • 1081 Words
    • 5 Pages

    As Customer oriented and customer satisfaction are becoming major pillars for competitiveness of the organizations. Thus, many factors directly or indirectly affect the customer satisfaction. In today’s world, the main driver of businesses that seek major improvements in their progress is the customer. Customers satisfied with an organization express their positive experiences to others; thus, promoting the organization to others. This directly reduce the cost of attracting new customers.…

    • 1081 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    Customer satisfaction is a marketing term that measures how products or services provided by a company meet a customer’s expectation. Customer satisfaction is important because it provides a metric that they can use to improve their businesses. Customer satisfaction is important because it increases the customer lifetime value and it is cheaper to retain customers than obtain new ones. Customer…

    • 1292 Words
    • 6 Pages
    Decent Essays
  • Decent Essays

    The development and utilization of human resources are one of the important factors of economic and social development. High-tech talents are the focus of strategic planning. Enterprises need to attach importance to and introduce advanced and future talents to promote enterprise development. “Human resources is an ever changing career and as HR professionals we need to keep up with trends and be ready for changes otherwise we will be left behind. Look carefully at your industry and monitor trends in business size, the economy, and look at job boards on a regular basis to see what jobs titles and descriptions gain popularity.”(Mary Millard, 2014)As the degree of liberalization of international trade increased, economic globalization intensified, human resources management also constantly reforms.…

    • 1150 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    Consequently, good customer service can sell a company’s products, and in Zappos case it does exactly that. Therefore, contributing to its profitability. Zappos, treats customers as an important asset, and in turn, 75% of their sales are from repeat customers. Furthermore, Venugopal & Priya (2015) states, “there is a shift of focus from the product oriented organization to the customer oriented organization in understanding the needs of the customer. Moreover, companies use a wide range of marketing strategies to attract new customers and to retain existing customers at a competitive edge to create a long-lasting profitable relationship with their…

    • 717 Words
    • 3 Pages
    Decent Essays
  • Decent Essays

    Businesses today focus on maintaining satisfied as well as loyal customers to ensure effectiveness in the midst of steep competition. Companies now with the implementation of apt customer management strategies could significantly emphasise on gaining competitive advantage. In order to meet their objectives they should primarily understand the nature and expectations of the customer. Customer centric approach has time and again proved effective and businesses have benefited by considering such approach. Companies today value the concept of customer loyalty as it helps in meeting various types if business need in a unique way.…

    • 2583 Words
    • 11 Pages
    Decent Essays
  • Decent Essays

    RQ1 – What is a Business Model? The strategy of an organization defines goals of how the organization intends to gain an advantage over competitors, yet these goals do not materialize without an effective business model (Rothaermel, 2017). Thus, a business model determines how an organization is going to maximize competitive initiatives and ultimately create revenue. A business model helps an organization make money because the firm is able to provide superior value to customers (Osterwalder & Pigneur, 2010). Likewise, the model details how the business intends to interact with all parties involved in the value chain to create a competitive advantage for the company.…

    • 877 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    The follow-up stage of the sales process is a part of customer relationship management and a rather valuable one. It provides not only an opportunity to sell the same customer more products and services as the need arise, but it helps to generate referral business as well. It also helps to identify problems your customers are having with your product and provides information on how to fix them to build loyalty to your company. CRM is a great example of how technology is used to improve the effectiveness of a sales force. CRM software is a growing industry with many options to choose from, and a vast improvement over older systems that were used before.…

    • 1011 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Dana Holding Case Summary

    • 1703 Words
    • 7 Pages

    Dana employs value-neutral strategy to increase the base of its clientele and to maintain a high position in the market. The method is usually used by companies that are more concerned with creating a competitive brand in the market than the allocation of resources (Hitt et al., 2014). It helps corporations to improve their business’ operations plans. It involves establishing interaction between departments, initiating regulatory oversight, and ensuring a steady cash flow within the company (Hill & Jones, 2012). Dana relies on the approach to manage its financial activities and to ensure that all its departments work in collaboration to outwit its competitors in the…

    • 1703 Words
    • 7 Pages
    Decent Essays
  • Decent Essays

    Tips for Creating a Salesforce Roadmap Every business has a certain expectation when it comes to the experience that their customers have with the company. The idea is to provide quality data that will empower the employees. This, in turn, will allow for the creation of meaningful reports and a streamlined process. The ultimate goal, of course, is growth and profitability. Vision vs.…

    • 771 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    In the profitable business, the complexity increase as some distinct theories like traditional ones they executed other factors also plays vital role in success of organization. The leadership affects business in relations to change management. Due to new management the workforce and operation function becomes effective so there are huge chances of getting in to success path. The change in management is only differing the in leadership methods and techniques. In the organization a wide…

    • 2218 Words
    • 9 Pages
    Decent Essays