As more companies take advantage of new online business opportunities and models, the importance of a segmented communications program to support contract renewals is more critical than ever. With some companies, maintenance agreement and support contract renewals are almost treated as an afterthought, but that is changing. There is simply too much money at stake.
What makes a good communications plan even more important is that in the face of increasing competition and a relentless decline in customer loyalty, doing a great job of providing the service for which you were contracted is simply not enough to retain the business.
To make the most of your renewal revenue opportunities, here are four distinct tasks that a good communications plan will address:
- Search out hidden problems with the silent majority of customers.
- Nurture your current customers like they’re leads for the next sale.
- Communicate to promote a decision to renew well ahead of the renewal date.
- Create a sales plan that creates appointments to close, cross sell and up sell.
Regardless of whether your contracts renew annually or monthly, proactive communications will pre-empt your competitors, improve your ability to measure your key performance indicators and reduce the number and value of churning customers and contracts.