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How can you increase software subscription renewals?

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Software subscription renewals are a crucial source of recurring revenue and customer retention for software sales professionals. However, many software customers may be tempted to switch to a different vendor, downgrade their plan, or cancel their subscription altogether. How can you increase software subscription renewals and boost your software sales performance? Here are some tips to help you.

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1 Understand your customers

The first step to increase software subscription renewals is to understand your customers' needs, goals, challenges, and satisfaction levels. You can use various tools and methods to collect customer feedback, such as surveys, interviews, reviews, analytics, and net promoter scores. By analyzing the data, you can identify the value proposition, pain points, and opportunities for improvement of your software solution. You can also segment your customers based on their usage, engagement, loyalty, and renewal potential.

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2 Communicate value consistently

The second step to increase software subscription renewals is to communicate value consistently throughout the customer lifecycle. You can use email, phone, chat, social media, and other channels to educate, inform, and inspire your customers. You can share relevant content, such as case studies, testimonials, best practices, tips, and updates, that demonstrate the benefits and features of your software solution. You can also personalize your messages based on the customer's profile, preferences, and behavior.

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Ed Stone

Sales/GTM Leader | Partnerships | B2B SaaS | Driving Profitable Growth and Customer Value | Private Equity & VC
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As CRO of a marketplace business, we proactively shared with customers how their products’ sales activity on the platform improved over time, how their performance compared to others in the same or similar categories, and some concrete steps they could take to gain share for their products. That made renewing a certainty because they could measure the value and they knew we were looking out for their best interest — not just our renewal.

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3 Provide proactive support

The third step to increase software subscription renewals is to provide proactive support to your customers. You can anticipate and prevent issues, such as technical glitches, bugs, errors, and downtime, by monitoring your software performance and quality. You can also offer timely and effective assistance, such as FAQs, tutorials, guides, videos, webinars, and live chat, to help your customers solve their problems and achieve their goals. You can also follow up and follow through on your promises and commitments.

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4 Build relationships and trust

The fourth step to increase software subscription renewals is to build relationships and trust with your customers. You can show appreciation, recognition, and gratitude to your customers by sending thank-you notes, cards, gifts, or rewards. You can also invite feedback, suggestions, and referrals from your customers and act on them accordingly. You can also create a sense of community and belonging among your customers by hosting events, forums, groups, or newsletters.

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5 Upsell and cross-sell strategically

The fifth step to increase software subscription renewals is to upsell and cross-sell strategically to your customers. You can identify and target the customers who are most likely to upgrade their plan, add more users, or buy more products or services from you. You can use data and insights to tailor your offers and pitches based on the customer's needs, goals, and challenges. You can also leverage testimonials, reviews, and case studies to showcase the value and results of your upsell and cross-sell options.

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6 Renew early and often

The sixth step to increase software subscription renewals is to renew early and often. You can start the renewal process well before the expiration date of the current subscription. You can remind your customers of the benefits and features of your software solution and the risks and costs of switching or canceling. You can also offer incentives, such as discounts, bonuses, or extensions, to encourage your customers to renew sooner and longer. You can also automate and simplify the renewal process by using online platforms, tools, and systems.

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Mehul Fanawala

Co-founder @ The Clueless Company?, postgen, and The Agency Auditor | Fun fact about me: Once, I jumped off a fast-moving bike!
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The best way to increase software subscription renewal is to setup an auto payment when the client pays for the first month. With this, you don't have to keep following up with the client for the renewal. This will not only help you get a payment on time but also help you save time.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you increase software subscription renewals?

1

2

3

4

5

6

7

1 Understand your customers

2 Communicate value consistently

3 Provide proactive support

4 Build relationships and trust

5 Upsell and cross-sell strategically

6 Renew early and often

7 Here’s what else to consider

Technical Sales

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How can you increase software subscription renewals?

1

2

3

4

5

6

7

1 Understand your customers

2 Communicate value consistently

3 Provide proactive support

4 Build relationships and trust

5 Upsell and cross-sell strategically

6 Renew early and often

7 Here’s what else to consider

Technical Sales

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