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How can you create an effective renewal workflow?

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An effective renewal workflow is a process that helps you retain your existing customers, increase their loyalty, and generate more revenue. It involves identifying, engaging, and closing renewal opportunities in a timely and efficient manner. A renewal workflow can also help you reduce churn, upsell or cross-sell your products or services, and collect feedback from your customers. In this article, you will learn how to create an effective renewal workflow using customer relationship management (CRM) tools and best practices.

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D'Arcy Heath

Digital Transformation MVP | Customer Journeys, Marketing Automation Expert
Mohamed Nashaat

Customer Relations And Services Consultant | Telecommunications & Healthcare Customer Experience Expert | Customer…
Sreehari Aswarthanarayanagari

Delighting our customers, one experience at a time | Accounts Management | Product Implementation | Revenue Growth |…

1 Define your renewal goals

Before you create your renewal workflow, you need to define your renewal goals and metrics. These are the outcomes and indicators that you want to achieve and measure with your renewal process. For instance, increasing the renewal rate, customer lifetime value, customer satisfaction score, and decreasing the churn rate are all common goals. You can use your CRM system to track and report on these metrics, comparing them with industry benchmarks or historical data. This will help you make sure that your renewal process is achieving the desired outcomes and that you are making progress towards your goals.

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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 Determine What At-Risk Means And How To Monitor For It. Risk should be the foundation for any renewal strategy. ... Drive the Right Actions to Close Every Renewal. ... Power improved retention at scale.

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Sreehari Aswarthanarayanagari

Delighting our customers, one experience at a time | Accounts Management | Product Implementation | Revenue Growth | Customer Success
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Creating an effective renewal workflow is crucial for maintaining and expanding relationships with customers, Evaluate the current state of the relationship between the provider and the customer. Identify any areas of satisfaction or dissatisfaction with the existing product or service. Understand the evolving needs of the customer and any changes in their expectations since the initial agreement. Gather feedback from the customer to identify specific features, services, or improvements they may require.

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2 Segment your customers

The next step is to segment your customers based on their renewal potential and behavior. This will enable you to prioritize and personalize your renewal efforts and messages. You can employ various criteria to segment your customers, such as contract or subscription type, renewal date, renewal status, renewal history, and customer health. Utilizing your CRM system to create and manage different customer segments and assign them to different renewal workflows can help you further refine your approach. This will help you ensure that your customers get the right messages at the right time.

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Sreehari Aswarthanarayanagari

Delighting our customers, one experience at a time | Accounts Management | Product Implementation | Revenue Growth | Customer Success
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Segmentation helps businesses tailor their renewal strategies to meet the specific needs and preferences of each segment. Identify the factors that are relevant to the renewal process. Purchase history Customer satisfaction Demographics Engagement level Once the analysis is complete, create distinct segments of customers. High-value customers At-risk customers Price-sensitive customers New customers Develop renewal strategies for each segment, execute the renewal strategies for each segment, and closely monitor their effectiveness

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3 Design your renewal workflow

The third step is to design your renewal workflow, which is a sequence of tasks and actions that need to be completed for a renewal. Such a workflow should include a trigger, such as a contract expiration date, a task, like sending an email, an action, like confirming the renewal, a deadline, like 30 days before the renewal date, and an owner, such as the account manager. You can use your CRM system to automate and optimize your workflow and assign tasks and actions to the correct owners.

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4 Execute your renewal workflow

To execute your renewal workflow effectively, you should communicate with your customers using clear, consistent, and relevant messages. Utilize multiple channels, such as email, phone, or chat, to reach your customers and match their preferences. Additionally, use helpful and engaging content to demonstrate the value and impact of your products or services on your customers' goals and challenges. Negotiate with flexible and fair pricing and terms to address customer needs and expectations. Offer incentives, such as discounts, free trials, or upgrades; and use positive and appreciative feedback to thank customers for their loyalty. Lastly, reward customers with gifts, referrals, or testimonials to acknowledge their achievements. Your CRM system can help monitor and measure your renewal performance and customer feedback so that you can adjust your workflow accordingly.

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D'Arcy Heath

Digital Transformation MVP | Customer Journeys, Marketing Automation Expert
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After going to all the effort of winning new business, it's wasteful not to have a laser-focussed Renewals process in place. Start thinking about this early. Anticipate key dates and target these in advance. Tailor messages to these key dates and customers' preferences. Highlight the benefits they've already got from your product or service. Make the renewal process easy, and available to do through any channel. And always, monitor and track performance and capture any feedback to continually improve your end-to-end renewal processes and future campaigns. Do this and you'll minimise churn, grow lifetime value and see higher ROI's from your acquisition efforts.

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5 Improve your renewal workflow

The final step is to improve your renewal workflow, which means analyzing the data and insights that you have collected and applying the lessons and best practices that you have learned. To do this, review your renewal goals and metrics using your CRM system to generate and evaluate reports and dashboards that show your renewal results and trends. Compare your actual performance with your desired performance to identify gaps and opportunities for improvement. Additionally, review your customer segments based on their renewal behavior and feedback, as well as audit and optimize your renewal workflow. Assess and enhance your renewal skills and tools, too. With these insights, you can use your CRM system to test and implement your renewal improvements, tracking their impact and outcomes.

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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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Customer Relationship Management (CRM)

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How can you create an effective renewal workflow?

1

2

3

4

5

6

1 Define your renewal goals

2 Segment your customers

3 Design your renewal workflow

4 Execute your renewal workflow

5 Improve your renewal workflow

6 Here’s what else to consider

Customer Relationship Management (CRM)

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How can you create an effective renewal workflow?

1

2

3

4

5

6

1 Define your renewal goals

2 Segment your customers

3 Design your renewal workflow

4 Execute your renewal workflow

5 Improve your renewal workflow

6 Here’s what else to consider

Customer Relationship Management (CRM)

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感谢您的反馈

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