Problem: Renewal reminders are left to the last minute or not done
Whether your contracts renew monthly or annually, a proactive communications plan timed according to each customer's lapse date is critical for a company to systematically address the challenges that can hurt successful renewals. It's all too easy for many businesses to miss making these communications when:
Problem: Many companies don't have a team dedicated to renewals
Roughly 80% of companies still rely on their billing, customer service account managers or accounts receivable team to take the lead on collecting renewal revenue. At Boxpilot, we believe that's a mistake. Too many companies view renewal revenue as an entitlement, but in light of competitive threats, it's not:
Problem: Email reminders aren't enough – they get missed and ignored
When asked, the largest percentage – a staggering 45% of customers – who did not renew their contacts, simply stated it was "because nobody contacted them." Even though emails are invariably sent, the tough truth is that if your customers miss your renewal reminders, it's as if you never asked for the business in the first place. That's exactly what happens when emails go unread.
Criteria: Need an intelligent contacting plan executed over the life of term
A communications plan is the glue to hold your entire program together. Each piece in your plan fulfills a specific and important function. Use customer communications to pre-empt your competitors, uncover hidden customer satisfaction issues, nurture your customers for the next sales effort, promote early decisions to renew and facilitate sales appointments to close, up-sell and cross-sell.
Criteria: Need a planned and sequenced mix of media to engage and sell
One of the key elements of successful renewal programs is gaining higher levels of engagement than with email alone. Results have shown that the answer lies in utilizing a mix of media: live phone, voicemail, texts, etc. alongside email. Why? There’s an opportunity where clutter doesn’t exist – where touches truly get noticed. Also, establishing a real human connection is critical in renewal activities. More engagement generates 5x more recall and increased action.
Solution: Boxpilot grows renewals with a mix of media from lapse date
With a mix of media contacting plan sequenced to each customer's lapse date, Boxpilot's renewal solutions can help you solve many of the problems associated with renewals and help you achieve many benefits:
Read our Renewals White Paper which discusses the problems of relying on email alone for renewal programs, and how revenue is lost by not treating renewals as a true sales opportunity. Uncover how, with a mix of media and a sequenced contacting plan centered on lapse date, Boxpilot can grow renewals and increase profits significantly Includes three case studies.