Getting customers onto a regular subscription is a good way to build predictable revenue. They are hard to keep track of though. At many organisations renewal dates are held on a spreadsheet. A regular check of this prompts contact with the customer. But data held on spreadsheets is notoriously susceptible to error.
The benefits of having subscriptions can be outweighed by the cost of remembering when they’re due and managing the renewals process. Again CRM can help.
Understand who is due for renewal when.
Automate many parts of the renewal process for increased efficiency.
Track customer at risk and ensure remedial actions are taken before renewal.
Ensure timely follow-up and nurture of customers to drive greater renewal rates.
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CRM from Workbooks automates much of the process and delivers all the information needed so that the rest of the process is straightforward. At some organizations it automatically reminds customers when their contracts are due for renewal. At others it automatically notifies Account Managers when contracts are due for renewal and triggers actions to provide timely communication to customers.
It’s not just renewals. You can set your CRM platform to alert you to any key milestones throughout the contract. For example you might want to have a senior member of the team check in with your customer once a quarter. Doing this can help ensure there are no nasty surprises at renewal time.
Then there is the strategic insight CRM from Workbooks provides around subscriptions. It allows you to identify your renewal rate and put processes in place to improve it. You can also create reports to predict future subscription levels, and therefore income.
Using CRM from Workbooks to manage your subscriptions and renewals removes yet another administrative burden, allowing you to focus on creating and growing relationships with your customers.