Almost everyone knows that growing a business means retaining as many existing clients as possible. The loss of a customer represents a loss of not just current and future revenue, but also the additional expense in terms of man hours and marketing to replace that account. With all of these elements factored together, it is no wonder that people obsess over customer retention rates.
So, with that said, let’s dive in and explore one of the most important aspects of keeping your customers. If you want to stay one or two steps ahead of the competition and ensure that your business continues to grow year in and year out, then one of the best places to start is by building a successful renewal campaign.
We are going to examine a renewal campaign through the eyes of data/business analysts and suggest some questions that are worth considering before launching head first into your sales efforts.
The 3 Main Goals of a Successful Renewal Campaign
- Arming your sales staff with good information.
- Increasing your sales staff productivity.
- Capturing as much good data as possible.
Achieving these three goals has a common thread in the form of the necessity of good planning. Here are a couple of questions you should be asking.
- What factors were the most important in meeting or exceeding my sales expectations? What segment was most important in moving the needle?
- Are we utilizing our staff correctly?
- Were we able to target our renewals with relevant messaging and did this affect our conversion rate?
You can learn more through linking over to our Tips and Best Practices sheet for some practical suggestions. These guidelines were created to help you think more about how to go beyond providing your reps with good leads. Also, be sure to check out KORE ProSports Ticketing™ (#shamelessplug).
My hope is that people go beyond just thinking about “providing good leads to my reps,” but also begin creating a system where continuous improvements can occur – where each campaign can learn from past campaigns. These insights can then be incorporated into a dynamic new approach.
Start thinking critically about what needs to happen on the front end to empower true insights on the back end. What are you going to do before your next campaign?