How can you keep high-volume accounts satisfied during renewals?

1- Automate the renewal reminders. 2- Create Cohorts based on your audience segmentation and customize your content accordingly. 3- Keep monitoring and change your offer and messaging on the basis of the findings.

Insights - Share insights based on their usage(if you have access). Inform them of the areas that they might be missing out on. During renewals, reiterate the value they are getting. More importantly, update them with the product roadmap and gather their feedback. Companies (any size) appreciate vendors who ask for their feedback before something is being built.

Once I was assigned to try to turn around an unhappy customer about a year before renewal. At that point they graded us D-. They were actively shopping to replace us. We only knew this because I asked. Then, I asked if they give me the margin to turn things around and make them happy. They renewed a year later because our team provided them with the needed reporting that we had to capture then structure for them because our system wouldn’t. The questions to ask are: Is it within your power/control to satisfy the customer and will they give you the latitude to make it right. If not, then it may not be worth the time.

Know your customers ???? Deeply understand your high-volume accounts, including their business objectives, pain points, and usage patterns. Utilize CRM data and AI analytics to gain insights into their history with your product or service. Personalized knowledge allows you to tailor renewal discussions to their specific needs, demonstrating a commitment to their success.

You must reach a point where you are the first person they go to when they have an issue or need advice. I know account managers who have left positions or companies and their customers followed them. Add value both to your customer by knowing their needs and to your company by increasing revenue or retaining the account.

Deliver value ?? Highlight the value your product or service brings to high-volume accounts. Showcase improvements, updates, or additional features that have been introduced since their last contract. Use data-driven insights to demonstrate tangible benefits and Return on Investment (ROI). Illustrate how your offering aligns with their evolving business goals, reinforcing the continued value they derive.

In my experience each account is high valued … get to know your client not only from a business perspective but personal level … contracts end but personal relationships will create everlasting mutual trust and continued collaboration

Solve Problems: Address customer pain points with solutions that genuinely work. Add Business Value: Contribute meaningfully to your customers' overall business success. Additional Benefits for Loyalty: Discounts: Offer exclusive discounts as a token of appreciation for their continued partnership. Incentives: Introduce perks or incentives to further reward loyalty and strengthen ties. Upgrades or Freebies: Surprise high-volume accounts with upgrades or complimentary offerings. Share Success Stories: Illustrate how your products/services have positively impacted other businesses. Case Studies: Provide in-depth analyses showcasing the tangible benefits reaped by clients.

Clients/customers are paying you to 'deliver value', it's assumed that you'll meet their expectations. The key then becomes building relationships adding a surprise and delight experience. Delivering value when it isn't asked and providing consultation and guidance for potential problems that are not directly in front of the clients eyes.

Focus relentlessly on understanding and addressing your client’s true needs – not just the requirements of particular contracts. To grow with clients, give them even more value. Offer solutions to client needs that are adjacent to those you’re already addressing and that provide additional value. This is different from “upselling” in a subtle but important way. Instead of talking clients into buying something they may not need, demonstrate your commitment to their success (and not just your own) by offering value-added, creative solutions to meet even more of their needs.

Build trust ?? Establish and maintain a trustful relationship throughout the customer lifecycle. Transparency in communication, consistent delivery of promises, and proactive issue resolution contribute to trust. Leverage AI for predictive analytics to identify potential concerns before they become problems. This foresight allows you to address issues preemptively, reinforcing the trust your high-volume accounts have in your partnership.

Specific and actionable. This is all about PROCESS. The reality is that it's already too late by the time the renewal rolls around. Many SaaS Customers often complain of not hearing from the vendor until the renewal comes around. 20+ years ago, while at Gartner Group, we had a subscription services model. We defined and monitored key monthly and quarterly checkpoints to ensure engagement and activity. At the 6 month mark, we would pursue an early renewal with a proposal. This qualified their value perception; "If you could renew the service today, would you? Why or why not? This also gave us enough time to recover and partner with the account to meet agreed expectations and success metrics well ahead of the renewal date. PROCESS!

1. Custom made Solutions or tailored solutions : Understand the unique needs of each high-volume account and tailor your renewal proposals accordingly. 2. Loyalty programs: Introduce loyalty programs or exclusive benefits for long-term clients to incentivise renewals.

Transparent and Honest Communication: Foster trust by maintaining transparency in all interactions. Express Appreciation and Recognition: Send Thank-You Notes: Demonstrate gratitude for their partnership through personalized thank-you notes. Recognition: Acknowledge their contributions and value to your business relationship. Thoughtful Gifts or Cards: Offer tokens of appreciation to further solidify your gratitude. Responsive and Proactive Support: Be Responsive: Address and resolve issues promptly, showcasing a commitment to customer satisfaction. Proactive Engagement: Anticipate and address concerns before they escalate. Supportive Resolution: Approach issues, complaints, or questions with a supportive and proactive mindset.

In high volume accounts, trust building is a continuous effort spanning across multiple personas. It is based on stakeholder analysis which identifies the people you should engage including their domain of responsibilities, level of influence and their sentiment to your product/service. Trust should be built from the start of the engagement and not only when the renewal is due. Customers appreciate vendors who genuinely understand their landscape and needs and consistently deliver to meet their expectations. This is not a one-off activity and with more positive experience, stakeholders will consider you as a trusted advisor. Being in this position means you are in control of the next renewal.

Negotiate effectively ?? Approach negotiations as a collaborative effort rather than a confrontation. Understand the specific needs and constraints of each high-volume account. Utilize AI-powered analytics to assess historical contract data, market benchmarks, and competitive pricing strategies. This data-driven approach allows for informed and fair negotiations that consider both parties' interests.

Preparation and Confidence: Be thoroughly prepared, understanding your customer's needs and concerns. Approach negotiations with confidence, showcasing a clear understanding of your value proposition. Flexibility in Strategy: Remain flexible during negotiations, adapting your strategy based on evolving discussions. Utilize CRM Data and Customer Feedback: Leverage CRM data to substantiate your pricing, terms, and conditions. Incorporate customer feedback to tailor your negotiation approach to their specific concerns. Listen Actively to Customer Concerns: Pay close attention to customer concerns, objections, or requests. Seek Win-Win Solutions: Strive for mutually beneficial outcomes that address both parties' interests.

Transparent and honest communication and being reliable are very important. It’s the base of every partnership. The best way to provide transparency is in written form.

Read "Never Split the Difference" and understand that negotiations are most effective when you start with creating common ground and not leading with what you want.

- have your target and budget analysed and be flexible to adjust to the consumer's needs. - use data to get answers not feelings. - In any negotiation who is the most prepared will win. Is that you or your competitors?

Follow up ?? Maintain continuous communication even after the renewal process. Follow up to ensure a smooth transition and inquire about their experience during the renewal. Gather feedback on the process, seeking opportunities for improvement. Establishing a post-renewal feedback loop demonstrates your commitment to ongoing customer satisfaction, laying the groundwork for future renewals and long-term partnerships.

Follow up is a continual process that kicks in when customer shows interest. It's a tool, aiding in pinpointing pain points, fostering clarity and create space for feedback. Consistent follow-up establishes trust & rapport, turns a business interaction into collaborative partnership. Parties can openly express their needs & concerns, creating symbiotic and enduring connection. Addressing queries and concerns with attentiveness showcases a dedication to customer success. This can spark positive word-of-mouth and referrals, contributing to the organic growth of business. Follow up is a strategic and comprehensive practice that goes beyond specific moments. It's a powerful instrument not only for renewals but for lasting relationships.

Express Gratitude and Confirmation: Extend gratitude for their continued business, emphasizing the value of their partnership. Provide Relevant Information and Resources: Furnish any pertinent information or resources related to the renewed agreement. Seek Feedback, Suggestions, and Referrals: Actively request feedback to understand customer perspectives on the renewal process. Continuous Monitoring and Support: Maintain ongoing monitoring of customer satisfaction and engagement. Provide dedicated support, ensuring customers feel valued and supported post-renewal. Keep Customers Informed: Share updates on new features, offers, or opportunities that may benefit the customer.

Follow up is huge!!! If you tell a customer or client “I’ll get back to your on that”, ensure you do. Ensuring your timing is critical to the success of the relationship. If a customer or client always has to wait prolong periods on a consistent basis, odds are they will move on. Following up also shows your own drive to the client to ensure their needs are met.

Newsletter Casual calls Occasional visits Frequent gatherings of different customers can gives you good ground by seeing how you deal with different customers & how you handle them. Be friend but not a relative

I think companies should focus on building strong support systems. Most of the customer faces issues after sales support. Their users and business gets impacted because of that.

In my opinion, a renewal cycle starts much before the actual renewal/sale, some of these can be done proactively UNTIL the renewal period. - Active engagement with customers - Availability and Reachability to customers - Active and empathetic listening of feedback/challenges and addressal/resolution - Delivering value for their purchase - Keeping up promises made during sales Then when it comes to renewal, - re-understanding if customer needs have changed during the period - best value for their renewal - intention of gratitude towards the customer

I've found that renewals are a result of consistent and diligent efforts in ensuring customer satisfaction, not only through competitive services, but also through recognition of your negotiation prowess, trust building, and confidence. In many cases, such accounts end up renewing 'themselves', so to speak (more passively rather than actively). In other words, the customers come flocking to you, rather than you to them, for you have hooked them using our outstanding blend of customer relationship management, sales management, confidence etc. and any other relevant skills and qualities.

Definitely " By knowing your customers, you can anticipate their needs, address their pain points, and offer them solutions that match their expectations. The basic starting point is not only to listen to your customers but to HEAR what they are saying.