Time to value (TtV) is a valuable business metric: it describes the amount of time it takes for your customer to get actual value from using your product. In other words, it is the time it takes your customer to experience the value they were promised.
First Value Delivered (FVD), meaning your customers’ initial success, will differ from product to product and even from customer to customer, as each customer will have their own definition of what success means.
Both Time to Value (TtV) and First Value Delivered (FVD) are currently identified by industry experts as crucial metrics for retention and adoption rates, engagement and growth. Undeniably, the sooner your customers find value in using your product, the better. When this happens, it means they have broken down any usage barriers and are now ready to profit.
There are many different ways to impact these metrics and setting up a Customer Academy is a proven way to speed up both.
How a Customer Academy can reduce Time to First Value
1. Onboarding for the future
Customer Onboarding is key to speeding up Time to Value and get your customers’ engagement from the start. When defining your Onboarding training programme, make sure you are focused in the long run while helping your customers start to get value immediately. This means you should bet on courses and other training content that drive product usage, repeatability and success using your product.
Check out the courses you need for great customer onboarding in this article.
2. Quick wins to first-value-delivery
Depending on your product and onboarding process, it may take some time for the big outcomes, but you can minimise time-to-value if you focus on quick wins for your clients.
For example, make available and explain how to use a specific feature that can be used on its own before the setup is complete. Or, start working in a specific goal that is easier to achieve rapidly.
3. Customer experience counts
We already know that online video training is the smartest format. However, make sure your customer experience is perfect. This means the technology behind your Academy should have great UX, making sure the platform is not a barrier to what you want to achieve. If your training platform is not easy to use, it will make it harder on your customers to access the information they need and that will have a negative impact in reaching first-value quickly.
4. Content is King
The right content presented in the right way will help your customers reach first-value quicker. Make your onboarding and training content enjoyable, easy to digest and appealing.
Also, an online academy will help you keep consistency and high standards of support, as you will be in control of the information and knowledge that will be conveyed to all your customers, and all members of your customers’ teams.
5. Empower everyone
A Customer Academy will allow you to make onboarding and training available to everyone involved on the customer side. One of the top reasons for taking a long time to get to first value is that the people who are actually going to use the product are not included in the onboarding process, hence taking longer to understand the platform and start using it successfully.
6. Feedback will help you improve
With an online Customer Academy, you should be able to gather your customers’ feedback easily and use that information to improve your training offer or even your programme.
Without great reporting and feedback analysis it will very hard to understand the success of your Academy and analyse the metrics you want to impact.
7. Self-service support at the right time
When is the right time? Exactly when and where the customers need it. You can make sure your customers get the support they need exactly when they need it by using your Customer Academy as the first-level support. This means your customers don’t need to wait for answers from your customer care teams and will be able to immediately find what they need. A customer academy can help you scale and accelerate your onboarding and support experience by hosting product and skills training available 24/7.
Your customer success team can act as a second-level support, for specific situations when human help is actually needed. By reducing your team’s time handling repeated requests, FAQs and support that be offered via Academy, your customer team can focus on higher level help and customer success.
In summary, there are 2 fundamental considerations:
1. An important customer onboarding rule to remember is that successful onboarding is about empowering your customers to achieve their goals. In fact, when your customers start using your product, they should be able to function as independently as possible. So, making an online Customer Academy available to them will make their experience enjoyable and will also set the tone for your relationship going forward.
2. When creating your customer academy, Time to Value should be one of your main metrics to monitor and reducing this period should be one of the goals for your Customer Onboarding programme. These indicators are an excellent mirror when it comes to showing your efforts in reducing friction and helping your users experience your value proposition faster.
You may also find interesting:
Why include video training in your planning for next fiscal year (article)
Stop churn: Why customer education is key to success (article)
12 tips to choose the right training platform (article)
5 reasons customer leave and 5 tips to prevent it (article)
Customer Academy ROI Calculator (calculator)
Would you like to learn more about how bugle can help you offer great customer training?