Managing the Customer Journey to Drive Renewals
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Effectively managing a renewal business is critical to driving growth of predictable, recurring revenue streams. However, many considerations must be carefully addressed like pricing, packaging, different types of renewals & assets, and even partners. Hear how one organization is managing the customer journey more effectively to cultivate a healthy renewal business.
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Managing the Customer Journey to Drive Renewals
- 1. #AccelerateQTC Stefanie Causey / May 3, 2017 Managing the Customer Journey to Drive Renewal Businesses in a Complex World
- 2. Senior Director, IS Solutions Delivery Stefanie Causey
- 3. Reimagining Customer Experiences with Aspect
- 4. Renewals are 47% of Aspect’s total annual revenue Funding operations as we “move through the belly of the fish” Why are Renewals Important? VALUE
- 5. Why are Renewals Important? CHALLENGES
- 6. Key Considerations Co-Termination Add on at multiple points in a year and at the second year renewal, similar assets are brought together Automatic Renewal Create the renewal opportunity at the point that the previous one is closed Upsell / Upgrade Identify opportunities to increase renewal through upsell or upgrade options
- 7. HYBRID Tools for Success – with 360o Automation CRM ERP
- 8. Success! Processing Speed Dropped from 3 days to build a renewal quote to 0 days – “it’s just there!” Order & Asset Accuracy Significant decrease in data cleansing related tickets Funnel Visibility Auto Renewal leading to fewer missed opportunities 0 Days 65% 1 Yr
- 9. More To Do • Complete contract co-termination customization • Partner Community – Quoting • 2018 Upgrade to remove customizations and complexity
- 10. 1. Data is key: Commit to initial data cleansing as well as ongoing data governance. 2. Simplify: Where at all possible, simplify. Simplify processes, products, touchpoints, approvals, etc. Anything should be up for discussion. 3. Commit to Tool: Make it impossible to process an order without using the solution. “If it’s not in <Salesforce / Apttus / NetSuite>, then it doesn’t exist!” 4. Automate: Maximize the rich toolkit in hand. Write workflows, triggers, and operations that remove the need for manual touches. 5. Push Hard: Don’t consider what isn’t possible - think about what is. Question everything. We Learned Valuable Lessons You Can Leverage
Editor's Notes
- Been with Aspect for over 2 years (since Jan ‘15) Doesn’t hesitate to voice her point of view Very active on social media, volunteering and is constantly looking to upgrade her skills – recently got admitted to an MBA program Owns & rides her own Harley Thanks in part to making Apttus successful within Aspect… she was recently promoted to her current role And this is what she looks like when she’s not doing any of the above…. Stefanie Causey, Sr. Director of IS Solutions Delivery
- Renewals 40% of business, sustain the business/customer relationship) Key to financing the organization (moving the belly to the fish) as we are arching up on Cloud revenues, swapping the revenue stream – renewals keep them afloat
- Asset data was notoriously bad due to poor data maintenance Complex product mix including both products, services, and renewable maintenance. Complex bundling of products with related and matrix pricing for components. Renewal funnel was a complete unknown until a quarter began. The way we sell vs the way we bill vs the way we fulfill vs the way we service Heavy white label partner channel internationally. Partner Enablement (comments: empower partners to help themselves in managing assets and renewals, provide service; allow them to quote by themselves; partners resell software, when they renew; automate partner quoting with automated discounts)
- Other considerations included co-terming in year 2, add on or adjust mix of products, during renewal cycle, can auto-renew and co-term in a year, decommission and reinstatement (assets are add on business, upgrade business, driven on what they have – white space analysis; understanding what they have)
- Apttus (CPQ, Intelligent Workflow Approvals, Contract Management, Asset Based Ordering (ABO) Netsuite (comments: handles fulfillment at point of close, product set up, sends updates back) Salesforce Service Cloud connection custom built that creates native bundles level assets, service contracts with entitlements (multiple levels of service)
- Efficiencies - Automation (Comment: fully automated process; Apttus and Salesforce handle the full product lifecycle – initiate and manage for clients) Quote generation speed Smaller quote support team Visibility (Comments: able to show in bookings full year of revenue, can track bookings to revenue, Better to know at the beginning of the quarter what would close by the end of the quarter) Dramatically better reporting (Report funnel down to the product family, know how many products are moving; get down the nitty gritty detail on what got sold Sales management - Volatility rate (comment: from beginning quarter to end of quarter – dropped 70%) Customer centric selling implemented Channel management – better
- Packaging (Comment: Complex packaging) Pricing (Comment: Complex pricing, like related pricing (buy this, need this)) Assets and Renewals Types (comments: can co-term, can easily, add on or adjust mix of products, can auto-renew and co-term in a year, handle partial wins) (assets are add on business, upgrade business, driven on what they have – white space analysis; understanding what they have) Partner Enablement (comments: empower partners to help themselves in managing assets and renewals, provide service; allow them to quote by themselves; partners resell software, when they renew; automate partner quoting with automated discounts)