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How do you develop and maintain your renewals network and relationships?

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Renewals are a vital part of any subscription-based business, as they ensure recurring revenue, customer loyalty, and upsell opportunities. However, renewals are not just about sending reminders and invoices to your existing customers. They require building and maintaining a network of relationships with various stakeholders, both internally and externally, who can influence the renewal decision and process. In this article, we will explore how you can develop and maintain your renewals network and relationships, and why they matter for your success as a renewals specialist.

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Joshua Stout

LinkedIn Certified Marketing Expert class of 2024 | Director of Advertising | Innovative Digital Marketing Strategist

1 Identify your key contacts

The first step to developing your renewals network is to identify who are the key contacts for each account that you are responsible for. These may include the decision-makers, the influencers, the champions, the users, and the gatekeepers. You need to know who has the authority, the budget, the influence, the satisfaction, and the access to the renewal process. You can use various tools and methods to map out your key contacts, such as CRM systems, account plans, org charts, LinkedIn, referrals, and surveys.

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2 Communicate regularly and effectively

Once you have identified your key contacts, you need to communicate with them regularly and effectively throughout the renewal cycle. This means not only sending them renewal notices and quotes, but also providing them with value-added information, such as product updates, best practices, case studies, testimonials, and industry trends. You also need to tailor your communication style and channel to each contact, depending on their preferences, roles, and personalities. For example, some contacts may prefer email, while others may prefer phone calls or video chats. Some contacts may respond well to data and facts, while others may appreciate stories and emotions.

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Joshua Stout

LinkedIn Certified Marketing Expert class of 2024 | Director of Advertising | Innovative Digital Marketing Strategist
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This is an essential trait for our agency. We maintain open email communication, set monthly strategy calls, and update clients with weekly video reviews on performance. We'll also get on Slack channels with some clients to ensure efficient communication. Customer experience is extremely important, and nothing is more frustrating than a lack of communication and the inability to discuss a question or issue with someone.

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3 Build trust and rapport

Communication is not enough to maintain your renewals network and relationships. You also need to build trust and rapport with your key contacts, by showing genuine interest, empathy, and respect. You can do this by asking open-ended questions, listening actively, acknowledging their challenges and successes, and providing feedback and support. You can also use small gestures, such as sending thank-you notes, birthday wishes, or congratulations, to show appreciation and recognition. Building trust and rapport will help you to create a positive impression, establish credibility, and foster loyalty among your key contacts.

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4 Leverage internal resources

Your renewals network and relationships are not limited to your external contacts. You also need to leverage your internal resources, such as your manager, your peers, your sales team, your customer success team, your product team, and your marketing team. These internal resources can help you to access information, insights, expertise, and support that can enhance your renewal strategy and execution. For example, you can collaborate with your sales team to identify upsell and cross-sell opportunities, or with your customer success team to monitor customer health and satisfaction. You can also share best practices and lessons learned with your peers and manager, and provide feedback and suggestions to your product and marketing teams.

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Joshua Stout

LinkedIn Certified Marketing Expert class of 2024 | Director of Advertising | Innovative Digital Marketing Strategist
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I agree, and to do this, we've set up a support system for our Account Managers. We implemented a buddy & Mentor system to provide additional help and support, adding new perspectives to situations when someone needs help. There are also weekly reviews from the Team Leaders and the Directors even get involved to help with strategy and management. By adding multiple layers of support for every account, we enable the best efforts for the best results possible.

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5 Nurture long-term relationships

Finally, you need to nurture your renewals network and relationships for the long term, not just for the short term. This means that you need to follow up after each renewal, and continue to provide value and service to your key contacts. You also need to keep track of any changes or updates in your contacts' situations, such as role changes, organizational changes, or business needs. You can use various tools and systems to record and manage your interactions and activities with your contacts, such as CRM systems, calendars, reminders, and notes. By nurturing long-term relationships, you can increase customer retention, loyalty, and advocacy, and create more opportunities for growth and referrals.

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?? Scott Frew

Founder, President and CEO at iasset.com
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Part of the long-term strategy is covering the entire product lifecycle, this will help reduce churn and increase your renewal rates. For example if the customer is not adopting your product or service, there are no upgrades/cross-grades or other opportunities to engage with them during the lifecycle, they are less likely to renew. Underpinning all this is data, and although tools are helpful, if the data is in silos or not in sync, renewals will be more challenging to collect (especially if there is a channel between you and the end customer.

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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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How do you develop and maintain your renewals network and relationships?

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1 Identify your key contacts

2 Communicate regularly and effectively

3 Build trust and rapport

4 Leverage internal resources

5 Nurture long-term relationships

6 Here’s what else to consider

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