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Three Ways to Focus on Renewals For Your Company
by SCORE Blog Admin
June 14, 2024
company retention

In the event that renewals are something that is considered to be a major focus of the sales success of your business, this means that it's important for you to take strategic steps in order to ensure that these types of retention efforts actually take place, as well as ensure that all of your customers are always kept in the fold. Thankfully, there are many different strategies that you can adopt in order to ensure that you are able to build up a culture that is focused solely on retaining and renewing customers.


Here are three of the most effective methods in which you can always focus on renewals for your company.


*First and foremost, one of the best ways to always focus on renewals for your company is to take the time to assign responsibility. This means that you should determine whether it's more beneficial to your business to have an additional round of sales connections and follow-ups whenever renewals are coming up or whether you will be able to add more value by concentrating on customer success. If you opt to go for the customer success option, this means that teams will end up playing a more beneficial role in constructing a more long-term relationship. This is because customers prefer an easier resolution to all of their concerns and questions that they have, and they also prefer guidance in terms of putting the services that they invest in to work.


*Another great way to focus on renewals for your company is to establish renewal targets that are based on revenue. One of the main reasons that renewals are considered to be valuable is due to the fact that they are designed to increase the overall possibility that your clients will end up investing in new products from you. As a result, this will end up increasing their long-term value as a customer. When it comes to establishing goals for your customer success and sales teams, it's always important to concentrate on growing your business as a main part of the renewal process itself.


*One other great way to help focus on renewals for your company is to come up with expectations for customer success. Whenever you are aware upfront of what all of your customers want to achieve with the platform that you offer, then you will be able to better guide all of their success and expectations as a result. Take the time to speak as frequently and candidly as possible with all of your customers, beginning from the actual sales process, in order to obtain a better understanding of the goals that they have in mind. From their, take the time to filter all of this information to your customer service team and ensure that they are able to formulate all of their efforts around the same exact goals. By doing this, you will be able to come to a better understanding of what your clients view as being important, then you will be able to frame successes with them around these points.

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SCORE Blog Admin
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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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