BAI research found that 75% of all cross sales from new customer relationships come within the first three months.
We believe that a successful on-boarding program will increase the depth and breadth of your new customer relationships within the first three months. Since new customer relationships are four times more likely to attrite, the correct mix of customer patronage, targeted offers and informative communications is critical in building a strong foundation for each new customer relationship.
A successful on-boarding program can look many different ways but should utilize these components:
- Multiple customer communications (with one occurring within the first week)
- Direct Marketing offers to increase share of wallet (focus on retention-related products)
- Customer communication from sales platform
- Firm Business rules are written and time lines for personal communication are established to ensure that the relationship is moving smoothly through the on-boarding process.
