Why Focus on Service Renewals?

by Angela Diamantis on May 5, 2017 · 0 comments

in Business,ScanSource Communications,Unified Communications

Experts say it takes anywhere between 3 and 30 times the investment to acquire a new customer than it does to keep an existing one. While there is no exact science to determine the actual cost for your business, one thing is certain – finding new customers is a major challenge.

Successful businesses recognize that a relationship doesn’t end after the initial sale. You’ve already done the hard work of establishing trust and value to your partner, and selling service renewals allows you to continue to grow that relationship, plus it’s a simple way to secure another years’ worth of high-margin revenue.

Tips for Securing Service Renewal Revenue

Be Prepared – Understand each customers’ needs and what value their contract brings. Set up a meeting to review their contract in detail and highlight any services utilized, hidden values, such as software or firmware upgrades, and address any areas of missed opportunity.

Don’t Miss the Upsell – Use this as an opportunity to conduct an annual business review. Look at changes in their business and the industry to identify solutions to address those changes.

Focus on the Long Term – Sell the benefits of multi-year contracts, which typically lower your admin costs and boost renewal rates.

For more information, download our Value of Renewals One Sheet that you can use with your partners out in the field. We’re also offering the opportunity to customize it with your Company logo.

Interested? Fill out this quick form and your sales rep will follow up with more information.

Brand My One Sheet

 

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