How can we ask our customers for more money when they renew their subscription? How can we save a customer who has decreased their usage?
New sales don’t mean anything if you can’t retain your existing customers. New sales can mean serious growth if you’re also able to consistently grow revenue from your existing customers.
As business models have shifted from product-based to subscription-based, account management skill has significantly risen in prominence and value to organizations. Yet many companies don’t have a defined framework for preparing and completing successful subscription renewals. As a result, they allow their hard-won customers to drift from them, losing the value of their input and ideas, losing the chance to deepen their relationships, and exposing them to competitive alternatives.
In this module, we focus exclusively on the subscription renewal as a sales discipline. Participants will learn why developing a customer-based communication strategy leading up to the renewal date will significantly reduce churn, and how to use their account data to create a customer story and road-map that will help them win massive upgrades with their customers for years to come.
Live training format
4 Hours completion time
After completing this course, you will be able to:
develop a system for planning your subscription renewals
evaluate the health of your accounts & their churn risk
create renewal stories that will help you renew customers on your terms
The Renewal Timeline
Setting SMART Renewal Objectives
Collecting & Organizing Account Data
The Renewal Story
Analyzing Account Activity & Evaluating Account Health
Assessing The Client’s Value Proposition
Preparing Your Business Case & Anticipating Objections
The 3 Types Of Renewal Stories
Activity: Creating Your Renewal Story
How To Discuss Money, Terms, Contracts & Restrictions
Developing A Communication Strategy
Sequencing Your Pre-Renewal Communication
Activity: Planning Your Pre-Renewal Sequence