Crisis management for the sales team when renewals don’t happen
According to the general rule of thumb in customer loyalty metrics, it costs 5x more to acquire a new customer than to keep the existing one. And yet, many businesses hit rock bottom in their businesses and the crisis has already danced upon it.
The current world focuses more on customer loyalty and retention. Rather than acquiring massive customers who are out of market and brand knowledge, retaining customers has been hitting the jackpot for over 99% of the brands.
Knowing this, it’s a question that scratches the head of many marketing executives to retain customers. And
This could be one of the reasons for you;
- Your sales team is failing to check in with customers to maintain awareness
- No proper management of the account and translation history
- Lack of customer-centric approach
- Not analyzing the business outcomes
Is the renewal process important?
Even if your company has a jaw-dropping brand reputation and a massive inflow of new customers, customer retention is a gold mine. According to a study by Bain and Co., “A 5% increase in customer retention produces more than a 25% increase in profit.”
Because existing customers are much more likely to buy products from the same company over time. Hands down to the amazing power of trust and connections.
The crisis is the sole result if you fail to keep your customer retention management intact.
And here are some of the ways that help you manage your crisis when the renewals fail to happen.
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Never lose touch with the customers
Even though you are in crisis, your customers are still your best bets. It’s your responsibility never to let them down. Whenever a crisis arises, keep in touch with all the contacts and customers and continue nourishing their relationship.
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Make sure your CRM team is working properly
Customer Relationship Management (CRM) must work properly to analyze the customer account review and the summary. Analyze the MRR (Monthly recurring revenue), and strategize how to create customer inflow, such as cold emails and check-in calls.
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Contact your sponsors and investors
Sponsors, investors, and stakeholders are the contributors to the company. Legitimately inform them about the crisis and borrow any support from them. Try not to lose them by convincing them about your company’s past achievements and profits. Also, share how you will deal with the crisis and the duration to bring your business back to normal.
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Set up a specialized team for the renewal process
Prepare a team that strategies and organizes the backup renewal process. This helps in structural management and easy handling of bulk tasks.
Failures and crises are inevitable parts of the business. It’s not the end of the world. Remember the times when you started and how far you have come. The crisis times are just tentative and can be brought to normal with diligent steps.
