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What are the common challenges and pitfalls of contract renewal and how do you overcome them?

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Contract renewal is a crucial part of the sales cycle, but it can also be challenging and risky. If you don't handle it well, you might lose a valuable customer, damage your reputation, or miss out on opportunities to grow your revenue. In this article, we'll explore some of the common challenges and pitfalls of contract renewal and how you can overcome them with effective strategies and techniques.

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Raina R.

Senior Solutions Engineer | B2B Enterprise SaaS | JBJ 40 Under 40

1 Know your customer

The first step to a successful contract renewal is to understand your customer's needs, goals, and expectations. You should have a clear picture of how they use your product or service, what value they get from it, and what pain points they have. You should also be aware of any changes in their situation, such as budget, priorities, or competitors. This will help you tailor your renewal offer to their specific needs and demonstrate your value proposition.

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Raina R.

Senior Solutions Engineer | B2B Enterprise SaaS | JBJ 40 Under 40
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Knowing your client and understanding their needs and pain points is vital to the sales process. Priorities can shift quickly for companies, especially given our post-pandemic landscape and economy. Doing regular check-ins with clients and having market knowledge will allow you to have a dynamic solution for your customers based on their growing challenges.

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2 Communicate early and often

The worst thing you can do is to wait until the last minute to start the renewal conversation. You should be in touch with your customer throughout the contract period, providing regular updates, feedback, and support. You should also initiate the renewal discussion well in advance of the expiration date, ideally at least 90 days before. This will give you enough time to address any issues, negotiate terms, and close the deal. It will also show your customer that you care about their success and satisfaction.

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Yolanda M.

GET INSURED- I HAVE SOMETHING FOR ALL (Licensed in AL, GA, TX)
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Yes, REPORE is the KEY. Always stay in touch with your clients, yes we tend to get busy and some may fade a little but making notes to remember a birthday or an anniversary makes a world of difference.

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3 Provide value and incentives

One of the main reasons why customers don't renew their contracts is because they don't see the value or benefit of doing so. To avoid this, you should provide value and incentives that make your customer want to stay with you. For example, you can offer them a discount, a free upgrade, a loyalty program, or a referral bonus. You can also highlight the results and outcomes that your product or service has delivered for them, such as increased revenue, reduced costs, or improved efficiency.

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4 Anticipate and overcome objections

Another common challenge of contract renewal is dealing with objections and resistance from your customer. They might have concerns about the price, the features, the performance, or the service level of your product or service. They might also have alternative options or offers from your competitors. To overcome these objections, you should be prepared with facts, data, and testimonials that support your value proposition and differentiate you from your rivals. You should also listen to your customer's feedback and address their pain points and expectations.

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5 Ask for feedback and referrals

The final step to a successful contract renewal is to ask for feedback and referrals from your customer. Feedback will help you improve your product or service, your relationship, and your renewal process. You should ask your customer what they liked and disliked about your product or service, how you can serve them better, and how likely they are to recommend you to others. Referrals will help you generate new leads and opportunities, as well as strengthen your credibility and reputation. You should ask your customer if they know anyone who might benefit from your product or service, and if they are willing to introduce you to them.

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Jennifer Theuriet

Sales and Marketing Professional | Driving Growth Through Strategic Enablement, Coaching, and Content Optimization | I Help Teams Increase Revenue with Targeted Solutions
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Absolutely on point! Properly documenting positive feedback is essential for creating compelling testimonials. These testimonials serve as powerful tools to build credibility and trust with potential clients by showcasing real-life experiences and satisfaction. Utilizing these testimonials strategically can significantly impact attracting new leads and opportunities.

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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 common challenges and pitfalls of contract renewal and how do you overcome them?

1

2

3

4

5

6

1 Know your customer

2 Communicate early and often

3 Provide value and incentives

4 Anticipate and overcome objections

5 Ask for feedback and referrals

6 Here’s what else to consider

Sales

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What are the common challenges and pitfalls of contract renewal and how do you overcome them?

1

2

3

4

5

6

1 Know your customer

2 Communicate early and often

3 Provide value and incentives

4 Anticipate and overcome objections

5 Ask for feedback and referrals

6 Here’s what else to consider

Sales

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