4 Tips to Close Every Software Renewal
Subscriptions are everywhere. Movies, clothes, food, software; almost anything is available via subscription these days. We are getting desensitized to them though, and tend to forget about them less. Companies look for ways to cut their subscription costs however they can.
So how do we keep people in the renewal cycle then? What steps can we take to keep customers coming back? Here are 4 proven strategies that we’ve seen work very well in the software industry.
Customer service is king. A client might be on a subscription, but they still need to be sold every cycle. If they start to question the value of that subscription, it is only a matter of time before that thought has teeth.
Don’t let them get there. Set up automated emails within your CRM to follow up with each client quarterly. That way you keep your touches high, and provide them a chance to express any questions or concerns before they make up their mind.
Ask about their software usage. See if there are any questions you can answer, or resources they need. It’s far better to hear “everything is great" every month, than to be surprised when they don’t renew.
Automate Your Teams Renewals
Your clients have budgets. They have boards, leadership teams, and groups that decide how to allocate those budgets. While we like to think they keep track of their software terms, it’s always helpful if they get reminders in advance.
And, no one wants to have their vendor breathing down their neck at the end of the Quarter wondering why they haven’t closed business yet. When you give your customers plenty of time to renew before their contract expires, everyone sleeps easier.
One way to do this is to set up your CRM to automatically create renewal quotes. Set it up to copy the data from your existing contracts 60-90 days before the expiration date. This gives your Sales team plenty of time to get in touch with each client to allow for up-selling, questions and group decisions on their end. By alerting your clients in advance, you take pressure out of the equation, and they’ll love you for it.
Give Your Team Visibility
Everyone likes proper expectations. With an automated pipeline created by your CRM, you can now give your team long term visibility into what their upcoming responsibilities are.
- What clients to I need to be in touch with next month?
- Does the person I’m on the phone with have any renewals coming up?
- How much time do I need to prepare for renewal work next week?
- What percentage of my sales will be renewals this quarter?
- What should I prioritize today?
With your renewal quotes being automatically created, take time to build some great templates to drop that data into. Most CRM’s allow for HTML templates for unlimited customization. Templates not only add a nice, clean and professional presentation of the renewal, but allow for uniformity across your team. Clients expect your branding to be synchronized no matter whom they receive a quote from. This is a great and easy way to accomplish that.
Leveraging your CRM can give your customers the experience of working with 5x the number of people. With good automation, you can save your team tons of time, while providing an even better experience for your customers at the time of their renewal.
What else would you add to this list? We’d love to get your take on what has been working for you!