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Drive Higher Revenue from Renewals


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See how you can make the most of your renewals and learn recurring revenue best practices

Published in: Business
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Drive Higher Revenue from Renewals

  1. 1. Drive Revenue from Renewals Why Is Recurring Revenue Important? For many companies recurring revenue represents 30% + And upwards of 50% OF REVENUE. OF PROFIT. 1 5% results in a 2580% decrease in customer defection increase in a company´s profit. 2 Typically, businesses cobble together systems or use manual processes and spreadsheets to manage recurring revenue. What if you could change that? Below are three proven methods that can help you improve sub-optimal renewal rates and increase revenue for your company. Improve Customer Retention WHY? Because acquiring a new Customer can cost 7X + HOW? the amount of retaining an existing customer. 3 Retain more customers with increased customer reach. Gain better insight into customer behavior and buying patterns to tailor sales and retention efforts. Increase Recurring Revenue and Profitability 35 up to WHY? Because renewal rates can increase Because there is an estimated 30 billion $ worth of uncaptured recurring revenue opportunities per year. 1 That’s roughly the same as Samsung giving away 20 million laptops. before expiration % by contacting customers before expiration. after expiration HOW? Inform sales strategies for renew, up/cross-sell, and product refresh opportunities. Develop best practices and renewals sales methodologies. Gain Business Insight WHY? 6 Because it takes a sales rep an average of: 1/4 core function 3/4 non-core function June 24 hours That’s 3/4 of an average workday not selling. 5 Without a dedicated solution, up to and systems to toggle between systems to prepare a single quote. 1 100s of data elements must be accessed 1 for a single renewal. HOW? Cleanse, merge, and analyze data for a completed picture of your entire renewal business. Use accurate analytics to align resources and prioritize opportunities. Access real-time data with in-line dashboards to inform management decisions and execute sales strategies. How Can You Do All of This? Renew OnDemand ™ is the first cloud application specifically built to transform recurring revenue management into a strategic, methodical practice so you can unearth hidden growth potential across your business and capture lost revenue.