登录查看更多内容

What are the benefits of accurate renewal forecasting?

由人工智能和领英社区提供技术支持

If you run a subscription-based business, you know how important it is to retain your customers and generate recurring revenue. But how do you predict how many of your customers will renew their contracts and how much they will pay? This is where renewal forecasting comes in. Renewal forecasting is the process of estimating the future revenue and retention rate of your existing customers based on their contract terms, usage, satisfaction, and other factors. In this article, we will explain the benefits of accurate renewal forecasting and how you can improve it with customer relationship management (CRM) software.

此文章中的业界达人

由社区从 4 条内容中精选。了解更多

Nilesh D.

Chief Revenue Officer leading exponential revenue growth and market expansion.

1 Save time and resources

One of the benefits of accurate renewal forecasting is that it helps you save time and resources. Instead of spending hours manually collecting and analyzing data from different sources, you can use a CRM system that automates the renewal forecasting process and provides you with real-time insights. A CRM system can also help you segment your customers based on their renewal probability, contract value, and risk level, so you can prioritize your outreach and retention efforts accordingly. By saving time and resources, you can focus more on delivering value to your customers and increasing their loyalty.

添加您的观点

Nilesh D.

Chief Revenue Officer leading exponential revenue growth and market expansion.
举报内容
It has multiple benefits: - Better cashflow (Timely payment to vendors and salary to employees) - Better account management and expectations. - Continuity of business operations, Reduced risks (Can be controlled internally) -

已翻译

赞
Mohamed Nashaat

Customer Relations And Services Consultant | Telecommunications & Healthcare Customer Experience Expert | Customer Experience Excellence Guru l CPHQ ,TOT, Six Sigma White Belt, PMP Certified l MBA Holder l DBA In Process
举报内容
It helps to predict how much revenue you can expect from renewals, how to retain and grow your customer base, and how to plan your resources and strategies accordingly.

已翻译

赞

2 Increase revenue and profitability

Another benefit of accurate renewal forecasting is that it helps you increase revenue and profitability. By knowing how much revenue you can expect from your existing customers, you can plan your budget, cash flow, and growth strategies more effectively. You can also identify upsell and cross-sell opportunities, as well as potential churn risks, and take action to maximize your customer lifetime value. A CRM system can help you track your customers' behavior, feedback, and preferences, so you can offer them personalized solutions that meet their needs and increase their satisfaction.

添加您的观点

Nilesh D.

Chief Revenue Officer leading exponential revenue growth and market expansion.
举报内容
Revenue Forecasting is always challenge for sales and delivery function. Variables: - Existing Business run rate - Existing Business new CR - New Business - Trust book - Order Book Most important is revenue recognition and invoicing. Faster you get the money in company, it helps to reduce the financial risks.

已翻译

赞

3 Improve customer relationships

A third benefit of accurate renewal forecasting is that it helps you improve customer relationships. By having a clear view of your customers' renewal status, you can communicate with them more proactively and timely. You can also anticipate their questions, concerns, and objections, and address them before they become deal-breakers. A CRM system can help you automate your renewal reminders, follow-ups, and confirmations, as well as store all your customer interactions and documents in one place, so you can provide a seamless and consistent customer experience.

添加您的观点

Nilesh D.

Chief Revenue Officer leading exponential revenue growth and market expansion.
举报内容
Customer Relationship or Engagement needs to have holistic view to help or make them successful through real value addition not on the paper. ROI term - we generally get confuse or mis interpret during the selling cycle (and it never gets realised due to multiple factors since its long process). We should be clear with customer what we will deliver vs What they will realise. Upfront Clear communication helps to make bond with customer.

已翻译

赞

4 Gain competitive advantage

A fourth benefit of accurate renewal forecasting is that it helps you gain competitive advantage. By having accurate and reliable data on your customer retention and revenue, you can benchmark your performance against your industry standards and competitors. You can also identify your strengths and weaknesses, and adjust your strategies accordingly. A CRM system can help you access and analyze your renewal data with dashboards, reports, and charts, so you can gain insights and make informed decisions that give you an edge over your competition.

添加您的观点

5 Enhance team collaboration

A fifth benefit of accurate renewal forecasting is that it helps you enhance team collaboration. By having a shared and updated source of information on your customer renewals, you can align your sales, marketing, and service teams around the same goals and expectations. You can also assign roles and responsibilities, track progress and results, and provide feedback and recognition. A CRM system can help you create and manage workflows, tasks, and notifications, as well as facilitate communication and coordination among your team members, so you can work together more efficiently and effectively.

添加您的观点

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?

添加您的观点

Customer Relationship Management (CRM)

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

What are the benefits of accurate renewal forecasting?

1

2

3

4

5

6

1 Save time and resources

2 Increase revenue and profitability

3 Improve customer relationships

4 Gain competitive advantage

5 Enhance team collaboration

6 Here’s what else to consider

Customer Relationship Management (CRM)

给文章评分

感谢您的反馈

更多Customer Relationship Management (CRM)相关文章

更多相关阅读内容

What are the benefits of accurate renewal forecasting?

1

2

3

4

5

6

1 Save time and resources

2 Increase revenue and profitability

3 Improve customer relationships

4 Gain competitive advantage

5 Enhance team collaboration

6 Here’s what else to consider

Customer Relationship Management (CRM)

给文章评分

感谢您的反馈

查看其他技能