Renewal Sales And Account Management: 5 keys to improving your retention rate

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RENEWALSALESAND
ACCOUNTMANAGEMENT
5keystoimproving
yourretentionrate
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The current
situation
• Current customers are an asset
• Customer replacement is expensive
• People need a reason to STAY
• Utilization may not equate to value
• Realization differs from expectation
• Past value does not guarantee future
anticipated value

It’s a balance • Hunting and farming
• Finding and minding
• Customer acquisition vs.
customer retention
• Where do you place the
most rigor in process?

Consistency in process and approach
FRICTIONLESS
CUSTOMER
EXPERIENCE
COMMON LANGUAGE
COMMON APPROACH
CUSTOMER
FOCUSED
BASED ON HOW
PEOPLE BUY
A RENEWAL IS A
PURCHASE DECISION

• The importance of a customer retention strategy
• How to increase the likelihood of creating
long-term customers
• Create proactive customer retention strategies
• Create opportunities for additional business
Agenda

Why do people
cancel?
Two key reasons:
1) Outcomes were not what they
expected
2) Something changed…
─ Could be the business issue
─ Could be the priority
─ Could be the people

Qualify the
renewal
opportunity
• Should they continue to buy from you?
─Do you meet an identified need in a unique or
superior way?
• Is it worth it?
─Do you know how they will measure value and the
expected outcomes from the NEW period?
• Can they buy?
─Have you identified the people involved in making
the renewal decision?
• When will they renew?
─Do you have a mutual plan to realize the expected
value and deliver the anticipated outcomes?

Outreach
• Onboarding
─Not an event
• Strengthening the relationship
• Expanding the relationship
• Document an outreach process and add value
during the contract term
• Every interaction is an opportunity to learn
─LISTEN!
─OPC Questions

THE FIRSTKEY:
Begin with the
end in mind
The customer retention process begins
with the first contact … before they are
even a customer.
• Expectations
• Solutions
• Delivery
• Value
• Relationship

• Credible
• Knowledgeable
• Trust
• Follow-through
• Accountable
• Listen
People buy
from people

THE SECONDKEY:
Expectations
• Establish clear expectations and
communicate them often
• Stay in touch –
No hit-and-run selling!
• Be aware of Buyer’s Remorse
• Reinforce buying decision early
and often
• Onboarding is critical

Examples • Add Value
─To the business
─To the individual(s)
• Meet needs
─Known and sometimes unknown
• Anticipate needs

THE THIRDKEY:
Alignment
Make sure you have sold the right
products and services to begin with!
• Often dissatisfaction arises due to
missed expectations.
• Ensure you are not fitting a square
peg into a round hole.

Examples
• “What I am hearing is…”
• “Let me play back…?”
• “We have agreed that…”

The right solution to the wrong problem will not solve anything.
If you have rushed the sales process or made assumptions –
you could have issues.
Is the customer always right?
The product is in the mind of the buyer

THE FOURTHKEY:
Renewal Is there a
reason to
stay or a
reason to
change?
What is the
new/current
motivating
factor?
Have you
qualified the
opportunity
with the rigor
of a new
business
opportunity?

Listen
• Asking questions
• If your contract renewed right now,
would yours renew?
• How would you rate our services on
a scale of 1-10? What would it take
to improve the rating to a 15 out of
10?

People make
emotional
decisions for
logical reasons • It’s all about Value!
─Business Value
(ROI, Cost Justification)
─Personal Value
(WII-FM)

THE FIFTHKEY:
Repair
If something is broken … fix it!
• Be willing to face the truth
• It is never too late…it just seems like
it is
• Small steps can and do make a
difference
• Don’t go it alone; use your resources

Strategies for
repairing
relationships
Preventative
• Communicate in writing
• Never make any assumptions
• Be honest and upfront
• Be accountable
Restorative
• Back-up and start over
• Leverage the positive
• Take responsibility
• Be proactive
• Develop a mutual plan

Call to action!
Look at your existing customers –
upcoming renewals
• Step 1: Assess the health of the situation
• Step 2: Determine what you need to do
differently
• Step 3: Create a strategy to contact the
prospect and revisit the area out of focus
• Step 4: Document the process and get buy
in to the plan to realize value
• Execute!

Questions?

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• Keep it simple. Drive Results.
Julie Thomas
+1 858 759 7954
julie.thomas@valueselling.com
in/julieathomas ValueSellingAssociates
Thank you!

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