Renew: Maximize Customer Retention and Foster Add-On Sales Opportunities

Step 1: In The End, Renewals Are The Only Thing That Matters

Renewals serve as a business’s lifeline, providing steady revenue and opportunities for account growth, as opposed to the initial focus on quickly obtaining accounts, even at lower amounts. The Renew Campaign underscores the vital role renewals play in long-term success, prioritizing them in the customer journey.

The first step in the Renew Campaign is to establish a streamlined, automated renewal process for customers not yet ready for add-ons. Prioritizing retention ensures recurring revenue and prevents customer loss to competitors. Retaining customers also allows for future add-on or growth opportunities. Failure to renew negates previous acquisition and nurturing efforts, highlighting the need for a strong Renew Campaign.

Efficiency is key. The Renew Campaign standardizes the process, assuming a baseline renewal for each customer. The CRM system identifies contract expiration dates and launches a renewal drip campaign. This campaign targets end-users and decision-makers, showcasing product value, features, and benefits based on usage data.

A scheduled touchpoint with a salesperson identifies if a renewal opportunity involves a straight renewal or an add-on. For straight renewals, the process is automated, enabling customers to easily review quotes, generate POs, and manage payments. The ultimate goal is auto-renewal, compelling customers to actively decide against renewal.

By emphasizing the importance of renewals and implementing a streamlined process, the Renew Campaign nurtures lasting business relationships and optimizes account growth and revenue potential.

Step 2: Engage Existing Customers for Add-On Opportunities

Identify customers with add-on potential through engagement with documentation and product page interactions. Employ a two-pronged approach: personalized email campaigns and targeted paid media to promote renewals and add-on sales.

For email campaigns, develop a sequence for customers nearing renewal dates or with add-on potential. Send emails ahead of the renewal date, incorporating content from Discover and Try Campaigns to highlight add-on benefits.

Initiate a targeted paid media campaign for customers interested in complementary products. Segment audiences by engagement levels and exclude those who have already renewed or purchased add-ons. Craft ad copy emphasizing add-on benefits without referencing the renewal stage.

In contrast to the Try Campaign, prioritize high conversion rates in the Renew Campaign through personalized, relationship-based selling. Assign dedicated account managers to customers with high add-on potential, providing customized advice and support for seamless renewal and add-on purchases.

Monitor and optimize relevant KPIs for the paid media campaign to reach the most responsive customers and achieve the best ROI. This dual strategy emphasizes personalized selling to effectively engage existing customers, raise awareness of complementary products, and drive renewals with additional purchases.

Step 3: Simplify and Automate the Renewal Process

The Renew Campaign prioritizes a smooth and efficient renewal experience for customers without add-on interest. This step focuses on automating and simplifying the straight renewal process, ensuring a seamless and cost-effective experience for both customers and the business.

First, utilize the CRM system to determine contract expiration dates and initiate a tailored renewal drip campaign based on customer interaction, feature usage, and benefits. Target both end users and decision-makers identified during the Buy stage, emphasizing support and training availability to address issues before renewal.

For straight renewals, automate the process by sending quotes, allowing customers to self-generate POs, and automating backend finance attribution and contract management. This approach eases the renewal process for customers and reduces operational costs for the business.

Moreover, enable ACH or credit card payments without human interaction, wherever possible, further simplifying the renewal process. The ultimate goal is auto-renewal, requiring customers to actively decide against renewal, rather than consciously deciding to renew.

Forever Campaign: Track Customer Engagement to Identify Timely Add-On Opportunities

Continuously monitor customer engagement with documentation content and product usage, regardless of contract cycle timing, to proactively identify add-on or upgrade opportunities.

Observe customer interactions with content related to unavailable products or features, signaling potential interest. Also, track user/license utilization and capacity usage, as reaching maximum capacity may indicate a need for more resources or an upgrade.

Instead of triggering a customer-targeted campaign, these monitored engagements initiate an internal campaign for the account’s salesperson. This enables the salesperson to follow up when the timing is right, based on the customer’s demonstrated needs or interests.

Provide the salesperson with relevant information and resources for a personalized experience, highlighting the specific add-on or upgrade benefits. Offer customers a free trial and white-glove service, allowing them to experience the additional product or feature’s value before purchasing.

By monitoring engagement and utilization, and involving salespeople at the right time, the Renew Campaign ensures timely and relevant add-on or upgrade offers, increasing customer satisfaction and maximizing revenue potential.