Future-proofing highly-transactional renewals
As the business environment continues to evolve, it’s important for companies to future-proof their highly-transactional renewals business. This can be done by improving productivity, cost efficiencies, and global scale capabilities.
Here are a few key strategies for future-proofing a highly-transactional renewals business:
1. Automation: Automating the renewal process can help reduce manual labor and increase efficiency. This can include automating tasks such as sending out renewal reminders, processing payments, and updating customer records.
2. Data analytics: Leveraging data analytics can help businesses gain insights into customer behavior and predict which customers are most likely to renew or churn. This can help companies target their renewal efforts more effectively and improve retention.
3. Digitalization: Implementing digital channels can help businesses reach and serve customers more efficiently. This can include self-service portals for customers to manage their accounts, and digital marketing campaigns to reach potential customers at scale. Importantly the the digital message should be interactive and provide customers to right size, buy additional services and relevant upsell services
4. Multi-Channel capabilities: having capabilities to sell through multiple channels can increase the chances of acquiring new customers and retaining the existing ones. This can include e-commerce, physical stores, marketplaces, and others. The channel is vital for most technology companies and allowing the channel to automate the renewals process enhances channel relations and provides visibility, no matter what GTM strategy is involved.
5. Global scale: By expanding their business to a global scale, companies can tap into new market opportunities and increase revenue potential. This includes adapting to different languages, currencies, and cultural norms, as well as complying with local laws, tax regimes and regulations.
6. Cost-effectiveness: Reviewing and optimizing cost structures, which can include reducing fixed costs, outsourcing non-core functions, and utilizing low-cost technologies to run operations more effectively.
By implementing these strategies, businesses can improve their productivity, reduce costs, and increase their global reach, making them better positioned to navigate the ever-changing business environment. Automation, analytics, digitalization, and cost-effectiveness are some of the key areas where the companies can make improvements. Furthermore, having multi-channel capabilities and the ability to scale globally can help the companies to reach new markets and customer segments, that were not previously accessible.