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What are the best ways to analyze renewals data?

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Renewals data is crucial for any business that relies on recurring revenue from customers. It tells you how loyal, satisfied, and profitable your customers are, and what factors influence their decision to renew or cancel their contracts. However, analyzing renewals data can be challenging, especially if you have a large and diverse customer base. In this article, you will learn some of the best ways to analyze renewals data using Customer Relationship Management (CRM) tools and techniques.

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Aditya Chawande

Building and Scaling Venwiz
Mohamed Nashaat

Customer Relations And Services Consultant | Telecommunications & Healthcare Customer Experience Expert | Customer…
Adrian Lee

1 Why analyze renewals data?

Analyzing renewals data can help you improve your customer retention, revenue growth, and customer satisfaction. By tracking and measuring key metrics such as renewal rate, churn rate, net revenue retention, and customer lifetime value, you can identify your most valuable customers, understand their needs and expectations, and optimize your renewal strategies and processes. You can also spot trends, patterns, and anomalies in your renewals data, and use them to forecast your future revenue and growth.

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Mohamed Nashaat

Customer Relations And Services Consultant | Telecommunications & Healthcare Customer Experience Expert | Customer Experience Excellence Guru l CPHQ ,TOT, Six Sigma White Belt, PMP Certified l MBA Holder l DBA In Process
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in my opinion use charts, graphs, tables, and indicators to show your renewal performance metrics and compare them with your goals and benchmarks. You can also use filters, drill-downs, and alerts to explore and monitor your renewals data in real time.

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2 How to collect and organize renewals data?

To analyze renewals data effectively, you need to collect and organize it in a consistent and reliable way. You can use your CRM system to store and manage your renewals data, as well as integrate it with other sources of data such as billing, accounting, and feedback systems. You can also use your CRM system to segment your customers based on various criteria, such as contract type, renewal date, industry, size, location, and behavior. This can help you tailor your analysis and actions to different customer segments.

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3 How to visualize and report renewals data?

Visualizing and reporting renewals data can help you communicate and present your findings and insights to your stakeholders, such as your sales team, management, and customers. You can use your CRM system to create dashboards and reports that display your renewals data in a clear and compelling way. You can use charts, graphs, tables, and indicators to show your renewal performance metrics and compare them with your goals and benchmarks. You can also use filters, drill-downs, and alerts to explore and monitor your renewals data in real time.

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Adrian Lee
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Define objectives. Collect accurate data. Choose reporting tools. Select key metrics (renewal rate, churn, revenue). Create visualizations (charts, graphs). Segment data for analysis. Set reporting time frames. Monitor renewal trends. Analyze churn reasons. Forecast renewal revenue. Segment by customer type. Build interactive dashboards. Automate regular reporting. Share insights with teams. Continuously iterate for improvement.

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4 How to analyze and interpret renewals data?

Analyzing and interpreting renewals data can help you discover the root causes and drivers of your renewal outcomes, and generate actionable recommendations and solutions. You can use your CRM system to perform various types of analysis on your renewals data, such as descriptive, diagnostic, predictive, and prescriptive analysis. You can also use analytical tools and techniques, such as cohort analysis, correlation analysis, regression analysis, and machine learning, to uncover hidden patterns and relationships in your renewals data.

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5 How to act on renewals data?

Acting on renewals data can help you improve your customer relationships and loyalty, and increase your renewal rates and revenue. You can use your CRM system to automate and streamline your renewal processes, such as sending reminders, notifications, offers, and invoices to your customers. You can also use your CRM system to track and measure the impact of your renewal actions, such as testing different pricing, incentives, and messaging strategies. You can also use your CRM system to collect and analyze feedback from your customers, and use it to enhance your products, services, and customer experience.

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Aditya Chawande

Building and Scaling Venwiz
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Cohort Analysis: Group customers, track renewal trends by cohorts. Churn Analysis: Understand reasons, distinguish voluntary and involuntary churn. Customer Segmentation: Categorize customers, tailor retention strategies. CLV: Prioritize high-CLV customers for retention efforts. Predictive Analytics: Forecast renewals, target at-risk customers. A/B Testing: Test renewal strategies for effectiveness. Subscription Metrics: Monitor MRR, ARPU, and CAC for insights. Feedback Analysis: Collect non-renewal feedback to inform improvements. Communication Channels: Optimize use of effective channels. Renewal Incentives: Analyze the impact of incentives on renewals. Customer Support and Onboarding: Ensure a positive customer experience.

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6 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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What are the best ways to analyze renewals data?

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3

4

5

6

1 Why analyze renewals data?

2 How to collect and organize renewals data?

3 How to visualize and report renewals data?

4 How to analyze and interpret renewals data?

5 How to act on renewals data?

6 Here’s what else to consider

Customer Relationship Management (CRM)

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What are the best ways to analyze renewals data?

1

2

3

4

5

6

1 Why analyze renewals data?

2 How to collect and organize renewals data?

3 How to visualize and report renewals data?

4 How to analyze and interpret renewals data?

5 How to act on renewals data?

6 Here’s what else to consider

Customer Relationship Management (CRM)

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