It is cheaper to keep a current relationship in place than to lose a client and have to secure a new one. Keeping a renewing client allows you to increase your Customer Success team’s efficiency and grow your SaaS business. Fortifying relationships with existing clients can make your revenue-generating efforts more fruitful and can help boost your end goal. One way to do this is by optimizing your renewal process.
Traditionally, the contract renewal process begins with the end in mind. It starts by backing up from the renewal date to defining a customer contact cadence, allowing the renewal team enough time to work with their clients in planning for value maximization and often accelerates the renewal.
That said, new emerging practices that continuously challenge us considering adjusting the standard process to additional business models. In some cases, the renewal process is owned by the Sales team (not the Customer Success team). Assuming that the Sales team owns the renewals, this blog will first address the question of which role within Sales should own the renewal process. In other words, in this blog, we are going to assume that the situation calls for Sales to own the renewals. We will then explore best practices for how to optimize your renewal rate regardless of the renewal owner at your organization.
Visit the blog to continue reading this guest post by CSM Practice to learn four tips for optimizing the renewal process.
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