Renewal Conversation Changing Every Day
Reviewing previous renewals and current conversations has shown me how quickly convesations are changing surrounding renewals. I've told my CSM that our save stratedgies and how we assess risk will be VERY fluid bc what is working today will change tomorrow.
Here is what I've seen and what im expecting in the coming months. Please add too and fill in the gaps.
**This does not represent a majority of our business (this is not a sky is falling post). however we all know these will be the conversations that take up a majority of our time.
March-April (some of May) - conversations were on pause. the goal of client was to delay until they understood impact to their business.
May-June - Requests for discounts, payment terms, anway we can help them buy some time unil they quickly bounce back. Have plans to renew.
July- September - companies are just tightening their budgest on every aspect of their business regardless of business impact. We have an enterprise solution so if there is any feeling they arent fully utilizing the necessary features, they can switch to buying a couple smaller options.
October : Next wave of requests for cancellation (layoffs, unpaid invoices etc...) from companies impacted by covid.
Nov - Feb: Companies NOT impacted by covid but will have agressive internal policies in place, which ill call "budgets are frozen"
What we're doing now:
1. renewal convos (down to the paperwork) are delivered as early as humanly possible. People are hyper focused on transparent conversatoins. if you ask theyll tell you exactly whats going to happen come renewal (as they see it today).
2. Implemented and ever changing Save Strategy: pre planned offers that quickly go into effect. no reason to beat around the issue.
3. Prepare for Procurement - Any one responsible for renewal and will be emailing/calling in response to renewal needs to be prepared to manage a procurement department. This time last year a POC and decision maker is all you needed to communicate with on 80% of renewal. Now almost every renewal a Procurement Leader (not associate) is coming in last minute.
This was a braindump and not perfect - so please feel free to add to conversation.
- All Categories
- 131 GGR Cafe
- 172 CS Conversations
- 960 CS Operations Conversations
- CS Org Conversations
- 205 CS Technology
- 648 Customer Journey
- 274 Digital CS (Engagement Programs)
- 32 Industry Insights
- 90 Metrics & Analytics
- 17 Value Realization
- 190 Strategy & Planning
- 15 Future Customer Success Professionals
- 7 Supporters of Gain Grow Retain
- 1 Gain Supporters
- 2 Higher Logic Vanilla
- 1 Totango
- 2 Grow Supporters
- 2 Catalyst
- 1 ChurnZero
- 4 Retain Supporters
- 1 Northpass
- Interested in Supporting Gain Grow Retain?
- Contact Us
- 17 Welcome to the Community
- 157 Job Board
- 173 Customer Success Leadership Community