What is the most effective way to manage multiple renewals at once?

1 Plan ahead

The first step to manage multiple renewals at once is to plan ahead. You need to have a clear overview of your renewal pipeline, including the renewal dates, contract values, customer segments, and renewal risks. You can use a CRM tool or a spreadsheet to organize and prioritize your renewal opportunities. You should also set realistic goals and targets for each renewal, based on your customer analysis and value proposition. Planning ahead will help you allocate your time and resources efficiently and avoid missing any deadlines or opportunities.

2 Communicate proactively

The second step to manage multiple renewals at once is to communicate proactively with your customers. You need to establish regular touchpoints with your customers throughout the contract lifecycle, not just before the renewal date. You should use different channels and formats, such as emails, calls, newsletters, webinars, or reports, to provide value-added information, feedback, and insights to your customers. You should also listen to your customers' needs, challenges, and goals, and align your renewal offer with their desired outcomes. Communicating proactively will help you build trust and rapport with your customers and demonstrate your value and impact.

3 Customize your approach

The third step to manage multiple renewals at once is to customize your approach for each customer. You need to understand that each customer has different needs, preferences, and motivations for renewing their contract. You should tailor your renewal value proposition and messaging to each customer segment, based on their pain points, benefits, and success stories. You should also use different renewal strategies, such as upselling, cross-selling, bundling, or discounting, depending on the customer's potential and loyalty. Customizing your approach will help you increase your renewal rate and revenue.

4 Automate your process

The fourth step to manage multiple renewals at once is to automate your process. You need to leverage technology and tools to streamline and simplify your renewal workflow. You can use automation software or platforms to send automated reminders, notifications, and follow-ups to your customers and internal stakeholders. You can also use templates, scripts, or proposals to standardize and optimize your renewal communication and documentation. You can also use dashboards, reports, or analytics to monitor and measure your renewal performance and progress. Automating your process will help you save time and effort and improve your efficiency and accuracy.

5 Collaborate with your team

The fifth step to manage multiple renewals at once is to collaborate with your team. You need to work closely with your colleagues and partners from different functions, such as sales, marketing, service, or finance, to coordinate and execute your renewal plan. You should share your renewal goals, strategies, and insights with your team and solicit their feedback and support. You should also leverage their expertise, resources, and relationships to enhance your renewal value proposition and delivery. You should also celebrate your renewal wins and learn from your renewal losses with your team. Collaborating with your team will help you improve your quality and consistency and foster a culture of renewal excellence.

7 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?