What feedback can you use to improve your renewal process?

1 Feedback from clients

Gathering feedback from clients is essential to the renewal process, as it helps you understand their perception of your service, value proposition, and relationship. To do this, consider using surveys, interviews, reviews, testimonials, or referrals to ask relevant and specific questions. These could include inquiries about satisfaction with your service, the benefits and challenges of working with you, expectations for the next contract period, and how you can improve. It's important to collect feedback throughout the contract cycle rather than just at the end; this way, you can monitor client satisfaction and address any issues quickly, while also demonstrating your commitment to their success.

2 Feedback from stakeholders

Collecting feedback from internal and external stakeholders is a great way to gain insight into your renewal process. These stakeholders can include team members, managers, partners, suppliers, and regulators. To collect feedback, you can use methods such as meetings, reports, audits, or evaluations. When asking questions, make sure they are relevant and specific to your renewal objectives. Examples could include inquiring about performance against service level agreements, identifying risks and opportunities for service delivery, evaluating collaboration and communication with clients and other stakeholders, improving processes or resources to deliver better service, and aligning service strategy with clients' needs and goals. It’s important to collect feedback from stakeholders regularly rather than just at the end of the contract cycle. This will help you measure performance, identify gaps, and implement improvements.

4 How to use feedback

Collecting feedback is not enough to improve your renewal process - you need to analyze and use it effectively. To do this, you should consider using a feedback management system to store and organize your data, a feedback analysis framework to categorize and prioritize it, a feedback action plan to define and assign actions, a feedback loop to communicate and follow up with stakeholders, and a feedback review to evaluate and measure outcomes. By utilizing feedback from multiple sources, you can improve your renewal process and increase your chances of retaining and growing client relationships. Feedback can help you understand customer needs, enhance service performance, and differentiate yourself from competitors. How do you use feedback to improve your renewal process? Share your tips and best practices with us.

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?