renewtrak

What’s your churn rate for long-tail customers? 📉 We've seen SaaS companies where overall SMB renewals hit a staggering 90% churn. And while letting a few smaller accounts churn may not seem like a big deal, over time, these small accounts add up, and it leads to massive revenue loss. 💸 The solution? Automation. 🤖 Implementing a tool like Renewtrak ensures every account gets proactive renewal reminders, offers relevant upsell/cross-sell options, and best-of-all a frictionless, one-click renewal experience. It’s efficient, saves time, and boosts your bottom line. 📈 #renewals #saas #longtailcustomers #xaas #digitaltransformation

⌛ Are You Running Behind? As you plan for your company's future, it's crucial to start preparing for scale now to avoid the mistakes larger businesses fall into. Renewals are a big pain point for larger companies. No matter how quickly you grow, losing customers at the same rate can hurt profitability so having a solid renewal strategy is key. 💡 What you can today to prepare for scale: - Embrace Automation Early: When you're small, resources might be limited. Automation helps manage customer interactions efficiently. - Select a renewal automation tool that's proven effective with large companies. These tools have learned from industry leaders' mistakes, so you can tap into their expertise. Want to Learn how to get started with automation? Check out our latest blog: https://shorturl.at/v5g04 #saas #renewals #renewalautomation #digitaltransformation #AI #customersuccess #salesops

Ready to dive into automation but feeling a bit unsure? 😬 💡 Discover how to tackle the common fears and obstacles you might face. #renewalautomation #saas #xaas #digitaltransformation

🔍 On the hunt for the perfect renewal automation tool? Choosing the right one can be make or break. It's crucial to ask the right questions to ensure you make the best choice. Here are some of the key questions to consider before making your decision: For more information about renewals led growth follow renewtrak #saas #renewals #digitaltransformation #automation #renewalsledgrowth #RLG

Why does upgrading B2B subscriptions feel like solving a Rubik's Cube while B2C upgrades feel so easy? It's time to make renewals easier by utilizing a digital buying experience. At renewtrak your customers can upgrade, browse, and check pricing in real-time, just like shopping online. #renewals #saas #b2b #b2c #customersuccesss #sales #tech

❓ Who Should Own Renewals❓ Before you answer this question, there are some factors you need to take into consideration: 🔍 ➡ Company Size: Tailor renewals responsibilities based on your company size. Small companies may leverage sales teams, while larger ones may delegate to customer success or a dedicated renewals team. ➡ Contract Size and Complexity: Let sales handle larger, complex contracts, while customer success teams or specialists may manage simpler ones with auto-renew systems. ➡ Product/Service Complexity: Align renewal management with product complexity; sales for complex offerings, customer success for straightforward ones. ➡ Market Competitiveness: In competitive markets, sales teams excel in negotiations, while CSMs collaborate closely, identifying new opportunities. ➡ Sales Team Bandwidth: Overwhelmed sales teams indicate a need to pass off renewals/expansions to customer success or create a dedicated team. ➡ Customer Success Team Experience: Experienced CSMs are better suited for renewal/expansion responsibilities, particularly when adept at proving value and facilitating adoption. ❓Who owns #renewals at your company? #saas #renewals #xaas #subscription #digitaltransformation #sales #customersuccess #salesops

🚨 For public SaaS companies, NRR has been a real headache. Just look at the chart below – it seems like it's causing pretty much all of their growth issues. So, why is NRR taking such a nosedive? -Well, in times of economic downturn, customers become a lot more selective about the value they're getting for their money. - Plus, competition is fiercer than ever, with new players popping up every year. What does this mean for you? 📣 It means you absolutely can't afford to lose any more customers. Losing them because they're unhappy is bad enough, but losing even the happy ones just because you forgot about them? That's a nightmare. With layoffs and budget cuts happening left and right, having a solid renewal strategy is crucial. You need a renewal process/strategy that's easy to track and follows the best practices. That means also using automation where it makes sense and having your team step in when things get a bit tricky. You cannot afford to keep delaying optimizing your renewal strategy. Follow renewtrak for all things #renewals #saas

Tell me you're a renewals manager without telling me you're a renewals manager 💀 Follow renewtrak for everything #renewals #renewalsmanagers #cro #salesops #customersuccess

🔥 Hot takes that shouldn't be hot takes🔥 📧Emails written by a human can lack the human touch: Crafting the perfect email takes time and effort, but sometimes it can still feel impersonal. Let's remember that the human touch isn't just about who hits send, but about the content and connection within the message. 🤖Just because you automate something doesn't make it robotic: Automation can actually enhance our ability to personalize and streamline processes. It's not about replacing humans with machines, but about leveraging technology to elevate our work and make it more efficient. ⏰Humans forget to send an email on time, machines won't: Reliable communication is crucial in any business setting. While we may occasionally slip up, automation can help ensure that important messages are delivered promptly and consistently. #automation #saas #AI #renewals #cro

5 Essentials for Mastering Renewal Management: 💾 Centralized Customer Data Management: Implementing a centralized customer data management system ensures all relevant information is readily accessible for smoother renewals ⏰Automated Renewal Reminders: Leverage automation to send timely reminders, reducing the risk of missed renewals and fostering transparency. 🎨 Flexible Plans: Offer customizable service plans to align with customer needs, increasing satisfaction and loyalty. 🔮Advanced Analytics for Predictive Insights: Utilize analytics to anticipate customer needs and develop proactive renewal strategies. 🤝Cross-Department Collaboration: Foster collaboration between sales, support, and finance teams to ensure alignment in renewal management. Follow renewtrak for more renewal management expertise. #renewals #saas #xaas #cro #renewalmanager