Getting Ahead Of Customer Renewals by Becca Robertson

Customer renewals are a hugely critical aspect of maintaining strong business relationships and ensuring ongoing revenue. I attain a lot of my success as an Account Manager over the last 3 years to starting the renewal process 4 to 5 months in advance, which allows for thorough preparation and in turn a smoother workflow.

Here are a few tips on how I manage this process effectively.

Structuring My Time and Week

Effective time management is a huge key to handling customer renewals efficiently. I structure my week to ensure that each task is given the attention it deserves, as well as ensuring I don’t fall into the trap of working reactively to incoming client asks when it gets busy (rather than proactively). Here’s an example of what my calendar looks like:

Monday: Review upcoming renewals and prioritize tasks for the week (30 mins)

Tuesday: Reach out to customers with renewals due in the next 4 to 5 months, initiating conversations and gathering feedback (45 minutes)

Thursday: Analyse customer feedback and prepare renewal proposals (1 hour)

Friday: Review the week’s progress, follow up with any customers who haven’t responded and prepare for the next week (30 mins)

By dedicating specific days each week to different aspects of the renewal process, I ensure that no detail is overlooked and that each customer feels valued.

Managing Time Across All Accounts

Organization is crucial when managing renewals across multiple accounts especially when you have a large book of business. Here are some strategies I use to stay organised:

Utilise your CRM: Ensure you are well-versed with how to use your internal systems/database/CRM where all customer information, renewal dates, and communication logs are stored. This allows for quick access to relevant information and ensures that nothing falls through the cracks.

Automated Reminders: Setting up automated reminders for key renewal milestones helps keep the process on track. These reminders ensure that I never miss an important deadline.

Regular Check-ins: Regular check-ins with customers help build strong relationships and provide opportunities to address any issues before they become obstacles to renewal.

Quarterly Business Reviews

As part of the regular check ins, quarterly business reviews (QBRs) are a great way of keeping in touch with your clients, which are a joint task between you and your Customer Success Manager are essential to ensure that nothing is a surprise when it comes to renewals.

Here’s how my CSM and I approach QBRs:

Make Sure Nothing is a Surprise: Regularly scheduled QBRs (ideally every 2- 3 months) help keep both parties informed about the status of the account and any upcoming changes. This proactive approach ensures that renewals are smooth and predictable.

Collating Information: Together we gather information from various sources, including customer feedback, usage data, and performance metrics. This comprehensive view helps in understanding the overall health of the account.

Key Questions: During QBRs, we ask specific questions to gauge the health of the customer relationship and their likelihood to renew. Some of these questions include:

How satisfied are you with our services/products?

Are there any areas where we can improve?

What are your goals for the next quarter/year?

Have there been any changes in your business that we should be aware of?

Theoretically, if you were to renew tomorrow, would you be happy to?

Looking at the Data: As a data business, analysing data from various touchpoints helps in making informed decisions. We take into consideration usage patterns, customer feedback, and performance metrics to identify trends and areas for improvement.

Maintaining a Strong Relationship

Building and maintaining strong relationships with customers is a crucial factor I have seen for successful renewals. Here’s how I do it:

Meet Your Customers Throughout the Year: Regular in-person meetings (this could be in their office, coffee, lunches) help strengthen the relationship and build trust. These meetings provide opportunities to discuss progress, address concerns, and plan in a more relaxed setting. You may also find you come across some common ground you were not aware of which is a powerful relationship booster i.e. you both love running marathons or own the same breed of dog.

Handling Hesitant Customers: For customers who are hesitant to meet up, I offer value-added services and invite them to things such as our events or conferences. This outside-the-box thinking helps engage them and demonstrate the benefits of our partnership.

Collaborate on a Customer Success Plan: Working together with your CSM on a customer success plan ensures that both parties (you and the client) are aligned on goals and expectations. This collaboration helps in identifying areas for improvement and setting clear objectives for the future.

In short, starting the renewal process early not only helps in managing time effectively but also demonstrates to customers that their business is valued and that their needs are being proactively addressed.

Working at PitchBook

Working at PitchBook has been an incredibly rewarding experience for me over the last 3 years, especially as a woman in the industry.

The company boasts a diverse workforce, which creates an inclusive environment where everyone feels valued. PitchBook offers plenty of opportunities to progress your career, with clear paths for promotions and a wealth of training options available both in-person and online. The open culture at PitchBook means I feel comfortable expressing my ideas and concerns, knowing that my voice will be heard and respected.

This supportive atmosphere has empowered me to grow professionally and personally, making PitchBook an amazing place to work!