How can you manage renewals with CRM across multiple channels?

1 Automate renewal reminders

One of the most important steps to manage renewals is to communicate with your customers before their subscription or contract expires. You can use CRM to automate renewal reminders and send them via the preferred channel of each customer, such as email, SMS, or push notifications. You can also customize the frequency, timing, and content of your reminders based on the customer's profile, behavior, and feedback. For example, you can send a reminder 60 days before the renewal date, another one 30 days before, and a final one 7 days before. You can also include incentives, such as discounts, upgrades, or bonuses, to encourage your customers to renew.

2 Integrate renewal options

Another key step to manage renewals is to make it easy and convenient for your customers to renew their subscription or contract. You can use CRM to integrate renewal options with your website, mobile app, or self-service portal, and link them to your reminders. You can also enable different payment methods, such as credit card, PayPal, or direct debit, and allow your customers to update their billing information, preferences, or plans. For example, you can add a "Renew Now" button to your email reminders, or a "Manage Subscription" option to your mobile app, and direct your customers to a secure and user-friendly checkout page.

3 Track renewal performance

A third essential step to manage renewals is to monitor and measure your renewal performance and identify areas of improvement. You can use CRM to track renewal metrics, such as renewal rate, churn rate, revenue retention, customer lifetime value, and customer satisfaction. You can also segment your customers based on their renewal status, behavior, and feedback, and analyze the factors that influence their renewal decisions. For example, you can use CRM to create reports and dashboards that show you how many customers renewed, how many canceled, how many upgraded or downgraded, and how many gave positive or negative feedback.

4 Follow up on renewal outcomes

A final important step to manage renewals is to follow up on the renewal outcomes and maintain a positive relationship with your customers. You can use CRM to automate follow-up messages and send them via the appropriate channel of each customer, such as email, phone, or chat. You can also personalize the content and tone of your messages based on the customer's renewal status, behavior, and feedback. For example, you can send a thank-you message to customers who renewed, a win-back offer to customers who canceled, a welcome message to customers who upgraded, or a survey request to customers who gave feedback.

By using CRM to manage renewals across multiple channels, you can improve your customer experience, loyalty, and retention, and grow your recurring revenue. CRM can help you automate, integrate, track, and follow up on your renewal process, and tailor it to the needs and preferences of each customer.

5 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?