Renewal Automation

Losing clients costs U.S. companies $136.8 billion a year. Want a foolproof way to retain the best strategic account clients and the revenue they bring? Renewal automation is your answer. Renewal automation protects existing business by identifying renewals at risk before clients switch to a competitor. It also increases: Renewal rates by 15% Sales efficiency […]

Losing clients costs U.S. companies $136.8 billion a year.

Want a foolproof way to retain the best strategic account clients and the revenue they bring?

Renewal automation is your answer.

Renewal automation protects existing business by identifying renewals at risk before clients switch to a competitor. It also increases:

  • Renewal rates by 15%
  • Sales efficiency by 35%
  • Customer satisfaction by 17%

Renewal automation retains clients two ways – with CRM system data and with market-based assessments. 

  • CRM data include information about contacts, lead sources, the strategic client, and the strategic client’s geographic location. 
  • Market-based assessments are analyses of the client’s current position in the business landscape. Analyses show where the client ranks against their competition and identifies their projected opportunities and risks under current market conditions.

ForecastEra’s Renewal Automation Solution natively leverages Salesforce’s powerful CRM to alert you to renewal opportunities. 

Using account planning best practices and account planning software like Account Plan Navigator, you can see the potential for upsells and cross-sells for various clients before they renew. 

The Guide tells you what to do. Account planning solutions like Navigator shows you how.

And that’s how you retain and expand your existing strategic account clients.

 

What is renewal automation?

Renewal automation uses strategic account and marketplace data to forecast and plan for client needs and retain clients as customers. 

The methodology combines professional services, which were formerly offered in person, with virtual services that:

  • Meet client and sales teams’ current requirements
  • Evaluate client interest in new, upsell, and cross-sell sales 
  • Enable sales teams to consult rather than pitch, using data-driven analyses

Renewal automation combines robust, real-time client data collection and analysis with virtual professional services and communities. These keep you abreast of market conditions to better serve your strategic account clients.

Renewal automation pulls client data stored in the sales team’s CRM (customer relationship management) system to initiate renewed contracts with clients. It pushes accurate, up-to-date client information to sales reps to prepare renewal proposals likely to retain clients and best meet their future needs.

ForecastEra’s Renewal Automation Solution, native to Salesforce, provides renewal automation with a suite of tools and virtual services proven effective in helping sales teams retain clients and protect revenue.

Are there services to help retain strategic account clients?

Yes. Advisory and implementation services help retain strategic account clients by providing the advice and support they need to succeed.

Your client’s success leads to your success through client retention and upselling and cross-selling.

Salesforce Services, offered through ForecastEra, empower you as a consultant. You can offer these advisory services with confidence. Services employ ForecastEra’s proprietary Sprint + methodology for quick development and deployment. 

Salesforce Communities, offered through ForecastEra, support client retention through information-sharing and online discussions. ForecastEra’s proven Growth Methodology helps your clients grow their business and helps you retain them as customers. 

Einstein Analytics & Discovery unlocks hidden information and generates pivotal data you can use for upselling and cross-selling opportunities. These help you retain strategic account clients by matching sales to clients’ needs.

 

Should I use renewal automation?

Yes. Seventy percent of revenue comes from existing clients, Small Business Trends reports.

Losing clients loses revenue and raises costs. The cost of acquiring new clients is seven times more than retaining existing clients.

Renewal automation helps sales teams stay abreast of their clients’ current statuses and concerns, crucial information in an uncertain business landscape. Clients hit by lost business from the Covid-19 pandemic may feel that they can’t afford to renew some contracts.

ForecastEra’s system makes it clear why they can’t afford not to.

Up-to-date information about the clients’ businesses helps sales teams prepare for renewals by:

  • Demonstrating a clear understanding of:

o   The client’s needs, concerns, and objectives

o   The changing business landscape and its attendant risks

  • Proposing new strategies to help clients achieve their business goals
  • Strengthening the client relationship with demonstrated product expertise

Eighty-seven percent of decision-makers rate relationships as a key factor in purchase decisions. ForecastEra’s Renewal Automation Solution helps sales teams strengthen client relationships with proposals crafted from current information. Using the Renewal Automation Solution, sales teams consult rather than pitch. They perform an analysis that identifies business opportunities for the client, gaining their trust and retaining them as customers.

What tools does renewal automation provide?

Renewal automation provides tools to streamline renewed contracts with existing strategic account clients. 

Tools include: 

  • Client tracking to show you contracts that are up for renewal
  • Client assessments that show prospects for the coming year
  • The business landscape that affects clients’ ability to do business

The information that these tools provide, enables resource allocation for renewals and continued business.

If you have any questions about how to deploy renewal automation, contact us to help you retain more of your existing clients.

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