Comments
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Carlos is correct. Additionally - build a specific playbook for "winbacks". This is not a casual process as possible, but a formal part of the retention strategy. Have clear definition for winback vs when it is up for a net new event. Reducing price and giving discount is a terrible way to reset the relationship. Forgive…
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Darryl, Great question @Darryl Benjamin. While our software members experienced a temporary blip in business they ended the year with no real impact. Our HW members, however, did see an impact on renewal rates. (2-3 point decline was common) I've had a number of conversations with members that are going through similar…
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There is a principle we use a lot at TSIA. Helping will Sell, Selling will not help. There is no doubt that having an engagement strategy is important in todays business environment, particularly in the XaaS world. Our data shows that there is a strong correlation between constant contact and retention rates. Having said…
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Sonu / Lynn - Thanks for the conversation. This is a huge and important topic today, and not as clear as we would like. 1) Where do we draw the line? I completed a survey recently in which we found that 35% of survey participants had a Digital strategy. Of those that had a Digital strategy, 60% do not have a cap on the $…
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Stephen - my inquiries on elements of Digital renewals is increasing this year. I think Covid has moved the conversation to the front of mind for many leaders as they look for opportunities to build resilience in their operations and efficiency in quoting renewals to customers.
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Doug - Great question. There are a number of challenges associated with renewing recurring revenue via the channel and a Digital approach for the long tail is perhaps the area of most complication AND most opportunity in my opinion. The Channel behaves like a federation of willing parties to sell and sustain products and…
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JIm Bignell leaves a great option. In a recent community exchange, one participant summarized the strategy very effectively: Get something of Value for giving something of Value. I'll provide 1 data point for you. A 20% discount on 10% of the install base with $100M in value = $2M or 2% renewal rate. A blanket acceptance…
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The data is evolving and we see a number of accommodations to help customers. On the defensive posture, we see willingness to extend or accept longer payment terms 30 - 60 days, or provide discount to motivate closure. This may be a 5-20% event or a month or 2 free of charge. (These actions are generally being driven on a…
