What are the best ways to manage renewals with multiple stakeholders?

Renewal is never a one time process every year. One of the most important factor is continual and meaningful engagement through out the year. Though adequate care should be taken that this engagement doesn’t take the garb of pestering marketing calls. Meaningful enagagement will come in when you have carefully mapped out roles, responsibilities, interests, and pain points. Many a times mechanical and system driven processes take an upper hand and the benefits are lost.

1-Establish clear communication channels 2-Define roles and responsibilities 3-Set clear timelines and milestones 4-Prioritize stakeholder engagement 5-Regular meetings and check-ins 6-Document agreements and decisions 7-Flexibility and adaptability

? Maintain a centralized renewal calendar with key tracking dates. ? Appoint process owners to lead each vendor renewal. ? Loop in cross-functional teams early for reviews. ? Automate dated reminders to prompt action. ? Gather all user feedback to aid renewal decisions. ? Negotiate group deals from a portfolio view.

Renewal of Contract...the most important is to analyze the work done for that get the right stakeholders who understand and know the work and requirements. The right stakeholders will analyse the work done, what is required now..the strength / weakness of the partners / vendors this will make renewal process decision smarter.

1) Start atleast 2-3 months in advance. 2) Review the ongoing agreement and see if any improvements/ betterments can be done. 3) Initiate meeting with external/internal stakeholders to obtain feedback/what they explore in renewal. 4) Update the internal stakeholders and initiate the process. 5) Maintain the time-line and proceed accordingly.

Working in the vibrant landscapes of LATAM and Asia, renewals aren't just transactions; they're a symphony of collaboration with multiple stakeholders. It's not just about what worked and what didn't; it's about crafting a narrative that resonates with the unique tapestry of each partnership. Understanding the dreams, challenges, and aspirations of our stakeholders across LATAM and Asia. It's not a one-size-fits-all game; it's about tailoring our solutions to fit their future needs. Like crafting a bespoke suit, each renewal should be a perfect fit. Communication, is key. Articulating the value of the renewal in the language of benefits, risks, and ROI—because we're not just renewing contracts; we're propelling dreams forward.

One must bind the right team including stakeholders with assigned roles. Make people accountable & set time bound targets. Absence of a well planned strategy leads to weaker positions in negotiations driving ineffective results. Renewals being recurring spend not just set higher spending benchmarks however at the same time may lead to inappropriate coverage of the portfolio, that in way effectively pumps the services & management cost..

Have you ever approached a renewal assumptively, only to find you were in more of a competitive situation than you realized? Ouch! Respecting your competition (including in house), is good motivation to remember just how important it is to align on goals and outcomes. The wise incumbent has already invested time and effort to validate and update decision criteria throughout the relationship. When you understand that the renewal process begins the day after the contract is signed, you will have already documented valuable detail about benefits, risks, and ROI -- both for your company, and for your client.

Here are some effective ways I have encountered: - Centralized Renewal Calendar and Tracking Implement a centralized calendar or tracking system that clearly outlines renewal dates, milestones, and responsibilities - Regular Communication and Collaboration Schedule regular meetings or use collaborative communication platforms to keep all stakeholders informed about the renewal process. Provide updates on progress, discuss any challenges, and encourage stakeholders to share their perspectives. - Customized Stakeholder Engagement Understand the specific concerns and expectations of each group and customize your renewal discussions to address those priorities.

Especially in tech, budget decisions are often influenced by multiple departments, therefore initiating conversations across these departments to understand their priorities and constraints is vital. This broader engagement provides a holistic view of the organisation’s budgeting process and helps in crafting proposals that resonated across all departments, leading to more informed discussions and smoother budget approvals.

Renewals are mostly under cost pressure from customer/subscriber end as their objective always is to save year-on-year opex spend. Hence it may help to do some scenario planning i.e anticipate various different paths between strategic planning and execution till closing of renewals. In each scenario, there may be a different set of actions required for success.

In planning and executing a renewal strategy, it's essential to define a clear timeline, milestones, deliverables, and roles for each party. Anticipate and prepare for potential objections and changes, demonstrating foresight and adaptability. Employ a variety of tools like proposals, demos, and case studies to effectively showcase your solution. Emphasize cross-business collaboration, integrating insights from various departments to ensure a comprehensive and aligned strategy. This approach not only streamlines the renewal process but also strengthens stakeholder relationships, reflecting thought leadership and a commitment to business alignment.

Should define a governance structure which clearly states roles and responsibilities and communication protocol. The Governance structure should clearly define constant feedback and improvement mechanisms

In the execution of the renewal strategy, infuse agility and customization into your approach. Recognize that each stakeholder may require different communication styles and evidence to be persuaded. Employ a mix of quantitative data and narrative storytelling to demonstrate impact. Particularly, highlight any adaptive changes or enhancements made since the last contract to address specific stakeholder feedback. This demonstrates a commitment to continuous improvement and a deep understanding of their evolving needs. Moreover, ensure that your team is empowered and knowledgeable, able to address queries and concerns swiftly, thus building confidence in your solution's value proposition.

A successful renewal strategy is built on a foundation of strong relationships, clear communication, and a commitment to delivering ongoing value. Regularly review and refine your strategy based on feedback and changing business landscapes.

Building and maintaining trust with stakeholders during the renewal process is crucial. Regular, clear, and transparent communication, coupled with actively listening and empathising with their concerns, fosters a strong rapport. Demonstrating commitment and reliability by delivering on promises enhances trust. Incorporate a collaborative approach across business units to show a unified commitment to stakeholders' success, reinforcing your role as a trusted partner. This strategy goes beyond fulfilling obligations, establishing long-term, mutually beneficial relationships.

Be available and informed whenever needed. Communicate regularly and not only when objections arise. Make educated decisions and take time in understanding Once the client is confident that you are aware and able to manage the relationship with build trust which will make the process easier and quicker

é fundamental atentar para princípios inegociáveis que antecedem rela??es institucionais que precisam se manter harm?nicas, quer sejam: transparência, objetividade, respeito e equivalência quanto às referências e expectativas. N?o é possível cometer displicências em uma rela??o que exige preparo profissional para a sua manuten??o e as implica??es quanto a uma possível ruptura podem ser imensuráveis. Há que se zelar e garantir que exista um entendimento comum, compartilhado e acordado quanto a cada uma das etapas ou dos passos que precisam ser seguidos para que a compreens?o de processo e valor sejam recíprocos para a perenidade da rela??o.

Before any deals get closed, you need to built in the trust factor onto your customers mind and make them believe that you are not just a vendor who just comes up, work in the given needs and vanish. Make them believe that you are their partner in ups and downs and you are here to solve their problem together. That’s where rapport and clear communication comes in play, to make sure you are not hiding anything behind the bushes. Make it a value added relationship rather than a transactional one. Once this is made, let it be any top fortune companies around the globe they would love to prefer you as their partner.

Building and maintaining trust with stakeholders during the renewal process is crucial. Regular, clear, and transparent communication, coupled with actively listening and empathising with their concerns, fosters a strong rapport.

Valued their requirements and ensure quality, service and support to compare with financial benefit. On the other hand confirm them to part of your techno commercial partner to ensure to get their targeted goal.

Depending on industry, negotiations is not always the last step in a sequence. Many a times in sales and particularly in renewals, negotiations start as soon as the seller has taken first step towards buyer. Key to win in negotiations is to work towards win-win in all domains - technical, operational and commercial.

Negotiation and Closure: # Mutual Value Proposition: - During negotiations, emphasise the mutual value proposition. Highlight how the renewal terms align with the strategic objectives and interests of both parties. # Legal Expertise: - Involve legal experts to ensure that the documentation accurately reflects the negotiated terms, protecting the interests of all stakeholders. Finally, Engage in constructive negotiations under a mutually beneficial framework. A nuanced understanding of each stakeholder's needs and limitations is essential. Conclude negotiations by formalising and documenting the agreed-upon renewal terms.

é, exatamente desta forma que o fluxo do fechamento do negócio é efetivado, conforme, descrito acima. Todas as informa??es têm que estar alinhadas devidamente, conforme as tratativas de ambas as partes.

Reachijg a win win agreement is very crucial to the process,avoid leaving a bad taste in the other persons mouth as this could jeopardize the overall buy in and out come of the project.

In negotiating and closing renewal deals, present a well-crafted offer that clearly highlights the value proposition, benefits, and urgency. Be prepared to address counteroffers and objections with adept negotiation skills, aiming for a win-win outcome. Ensure all details, terms, and conditions of the contract are confirmed and understood, culminating in obtaining necessary signatures and approvals. Employing a cross-business unit collaborative approach ensures a comprehensive understanding of stakeholder needs, facilitating a successful and strategic closure of the deal, and reinforcing long-term business relationships.

Celebrating the wins or an accomplishment ensures that the team as a whole is motivated while enhancing the team bond where everyone goes out pulling in the same direction resulting in more possible success.

Perfeitamente. Temos que festejar/celebrar aquele momento memorável, pois temos o dever de comemorar algo de mais simples ao de maior valor, sobretudo com sua equipe, com as pessoas que vivenciaram todas as fases e estavam juntos direta ou indiretamente, visando o sucesso da negocia??o e efetiva??o do contrato. E sem dúvidas, é necessário que a 2? via do contrato seja entregue ao cliente. E sempre é interessante e prazeroso poder compartilhar as boas práticas, s?o esses insights que ajudam aos colegas enxergarem pontos diferentes, porém relevantes para o negócio. Cada um tem a sua maneira, mas todos os dias temos algo a aprender, sempre há uma nova li??o.

Critical amongst everything is to identify the benefits that's there for the stakeholders, follow up with a well crafted renewal pitch, and ensuring to follow up individually with all stakeholders, make sure to close all gaps where any errors can be spotted. Celebrate after success

Aus meiner Erfahrung ist eine Feier mit den Stakeholder - Teams oft nicht m?glich Die Compliance verbietet es oft, eine zu enge Beziehung zum Dienstleister oder Lieferant zu haben. Ein angemessenes Event oder anerkennendes Geschenk sollte im Vorfeld erfragt bzw. gekl?rt werden, damit man nicht in ein Compliance Problem ger?t. Das sch?digt ggf die Stakeholder und den Lieferanten. Für das Anbieter Sales-Team und Umsetzungs-Team kann gerne eine interne Feier angesetzt werden. Das steigert die Motivation und die Identifikation mit dem Kunden.

Simple: Show Value. If you have created value for your engagement, then renewal will happen automatically. If you have added immense value, the customer would himself be keen on undertaking the renewal, even at your terms. Delivering value is not a one-time or short-term activity. You must do it throughout the period of your engagement, and not just when renewal is due.

It’s also important to preempt and work upon competition.. in this age of managed services/ usage based payments and reduced lock-ins.. it’s important not be complacent and also study, sensitise and position against competitors/ as a service vs incumbent on premise maintenance models.. Many a times customers switch to other solutions during renewal period

Most Important : Please understand the value (technical to Business to commercial term) delivered and how it relates to identified respective stake holders.

Quero relatar aqui algo que é extremamente importante, nunca prometa ao cliente, pessoa, enfim, o que n?o pode fazer. Algo que n?o vai conseguir cumprir.

Identify key mobilizers and potential blockers among stakeholders. While decision-makers are known, understanding the dynamics helps manage expectations. To prevent surprises, establish regular check-ins with both users and decision-makers beyond formal discussions. If you notice pushback, proactively engage with mobilizers and address user concerns to preempt potential blockers to the renewal. This proactive approach ensures a smoother renewal process while reinforcing a rewarding relationship management process.