Time to First Value (TTFV) is the amount of time it takes for a customer to get value from your product or service. Getting your customers engaged and providing them with true value early on is critical when it comes to retention and engagement. In fact, a study by OpenView found that shortening TTFV can increase customer lifetime value by as much as 38%!
So, how can you reduce your TTFV and get your clients moving forward much faster? Here are a few tips:
1. First, identify what "value" means for your customers.
Of course, this will vary depending on your business, AND – value is someone’s perception – so get clear on WHO your customers are, and ensure you get them a win right off the bat.
A few examples might include booking an appointment, signing up for a free trial, delivering their free PDF quickly, etc. Once you’ve figured out what “value” means to your specific client avatars, you can find ways to deliver that first value, much more quickly.
2. Make your onboarding process customer-centric.
Your onboarding process should be designed for your customer to get up to speed and transition into your world quickly, pleasantly and effectively – it’s about them – not you!
What do they need to know in order to get value from your product or service? How can you make their first impression of their experience as a new customer as smooth, seamless, and positive as possible?
Think about ways you can simplify the steps in the process, and make sure you’re providing adequate support to help them transition.
It’s also important to set realistic expectations upfront so customers know what they can expect along their journey. Over-promising and under-delivering is a surefire way to disappoint customers and lengthen TTFV.
3. Get feedback early and often.
You have to confront the facts…You can’t improve (or fix) something if you don’t know there’s a problem – so make sure you’re regularly collecting feedback from customers during the onboarding process (and beyond). This will help you identify areas where a process might need to be improved and help you make changes accordingly.
There are a number of ways to collect feedback, including surveys, phone calls, live chat transcripts, email responses, and social media monitoring. Regularly review this data and look for patterns or common themes – this will help you focus your efforts on the areas that will have the biggest impact.
4. Measure TTFV and track progress over time.
Things that get measured get done! You can’t improve TTFV if you don’t measure it – so make sure you’re tracking this metric or Key Performance Indicator (KPI) on a regular basis. This will help you see how your efforts are paying off, AND it will also provide valuable data that can be used to further refine and enhance your onboarding process.
Reducing the TTFV is essential for ensuring the success of your customers, and ultimately driving the growth of your business.
When you’re ready to take this to a whole new level, reach out and ask us how you can transform your business from having customers with potential into being Kinetic Customers™!