Question

How to present a plan for increasing renewal business?

Answer 1

Key 1: Make your customer relationship work for you.

In a new-business sales process, you spend several stages getting to know your prospects and figuring out their needs. You already know your current customers well. You’ve spent the time in the initial sales process learning about them, and you have deep knowledge you’ve learned since your relationship began. Benefit: You can build a stronger case for more business.

Key 2: Let your customer tell you what they value.

In the initial sales process, you had to learn (and take some guesses) about how your prospect gets value from your product. Now, you have lots of experience working with them, and they have told you (you asked, right?) what value they receive and how they receive it. Benefit: Create a proven value proposition for repeat or additional business.

Key 3: You’re already ahead of the competition.

When you made the initial sale, you had to beat out several competitors. You spent time proving your superiority and tripping up their efforts to do the same. Now you are the incumbent. You are already an approved vendor, and if you’ve done well, your customer knows they get value from your product. And remember, momentum is a powerful force in decision-making. Benefit: Use your incumbent advantage to make it easier to buy from you again than to switch.

Key 4: You know where to up-sell.

When you made the initial sale, you likely also thought about up-sell and cross-sell opportunities, and maybe even made a plan to go back and sell those later. But these were based on some guesses and were not as clear as your initial sale opportunity. Now you know how and where your customer uses your product. You’ve also learned more about your customer’s organization. Which means you have a much better idea of where the real up-sell opportunities are. Benefit: Identify more and bigger up-sell and cross-sell opportunities.

Key 5: Use your experience to invest in repeat business wisely.

With all the new-business sales you’ve completed, you have learned which specific actions motivate prospects to buy and indicate whether they will buy. If you’ve been studying your customer’s usage and activity, you will also know precisely whether any given customer is likely to renew, or if a customer is on the fence and can be influenced. Benefit: Use this insight to invest your sales effort where it will convert the most repeat business.

Answer 2

Ways to increase customers:

• Strengthen Relationship Marketing
• Remind Customers of Product Value
• Establish Customer Success
• Provide Proper Onboarding
• Listen to Customers
• Provide Transparency

Ways to Improve Customer Retention:

• Strengthen Relationship Marketing.
• Provide Proper Onboarding.
• Establish Customer Success.
• Remind Customers of Product Value.
• Listen to Customers.
• Provide Transparency.

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