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    Marketing Automation for Renewals

    Automation | 13 Feb 2023 | Renewtrak

    Streamlining the Customer Retention Journey  

    Gaining new customers can be a significant resource-intensive process, and businesses put in a large amount of effort into streamlining the branding and acquisition process. However, the renewal process is often overlooked or relies on manual processes. This can prove to be costly, as customer retention is a vital focus area for businesses. It’s a well-established fact that retaining customers is much more affordable than acquiring new ones. 

    The average cost of acquiring a customer can range anywhere from 5 to 25 times more than the cost of retaining a current customer. This highlights the importance of prioritizing customer retention, and marketing automation can be a useful tool in achieving this goal. 

    Marketing automation for renewals is the utilization of technology to simplify and streamline the customer renewal journey. By automating this process, businesses can save time and resources while enhancing the customer experience. 

    One of the key advantages of marketing automation for renewals is the ability to personalize the customer experience. Businesses can leverage data and insights to understand their customers’ behavior and preferences, and tailor their renewal messages accordingly. Importantly, the renewal message is a perfect opportunity to promote a new service, add additional services and assist customers transition to latest versions of a company’s offer. Add Machine Learning and AI to the renewals process and customers receive the most effective engagement at the right time with the right price and the most relevant offer. 

    Another benefit of marketing automation for renewals is the automation of message timing. One message is often not enough and relying on the efficiency of sales/customer service executives is often dangerous due to inconsistency of team member behaviors. Businesses can set up triggers that send automated messages at the ideal time, such as 120, 90, 60, 30, 14, 7, 0, -7 and -14 days from when a customer’s subscription or contract is set to expire. This ensures that the customer receives the message at the right time and is more likely to renew. 

    Marketing automation for renewals also allows businesses to track and evaluate the success of their renewal efforts. They can use analytics and reporting tools to determine which messages are resonating with customers and which are not and make necessary adjustments. This helps ensure that the renewal journey is as effective as possible and that businesses are getting the most out of their investment. 

    Allowing a customer to approve and transact digitally enhances the customer experience. Importantly, renewal messages should allow for internal approval processes, and this one core process can see renewal rates significantly increase. 

    In conclusion, marketing automation for renewals is a cost-effective and efficient way to retain customers. By simplifying the renewal journey and automating manual processes, businesses can enhance the customer experience, personalize their messages, and track their success.

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    PRIVACY POLICY

     

    Renewtrak is committed to providing quality services to you and this policy outlines our ongoing obligations to you in respect of how we manage your Personal Information.

    This Privacy Policy outlines the policy of Renewtrak and its related companies for maintaining your privacy and handling your personal information, and applies to personal information we handle about our clients, visitors to our websites and other members of the public. If you work for Renewtrak, you can contact our human resources team for more information about how your privacy is handled internally.

    In this Privacy Policy, we use the terms, “we”, “us”, “our” or “Renewtrak” to refer to RENEWTRAK GLOBAL SERVICES PTY LTD and its related companies.

    Renewtrak have adopted the Australian Privacy Principles (APPs) contained in the Privacy Act 1988 (Cth). The APPs govern the way in which we collect, use, disclose, store, secure and dispose of your Personal Information.

    In addition, where Renewtrak provide services globally, Renewtrak comply with the requirements of regional privacy legislation and guidelines, such as GDPR.

     

    1. What is Personal Information and why do we collect it?

    Personal Information is information or an opinion that identifies an individual.

    Renewtrak collects your Personal Information for the primary purpose of providing our services to you, providing services to our clients and marketing. We may also use your Personal Information for secondary purposes closely related to the primary purpose, in circumstances where you would reasonably expect such use or disclosure. You may unsubscribe from our mailing/marketing lists at any time by contacting us in writing.

    The personal information that we collect about you includes your name, postal and street address, email address, telephone number, profession/role, place of work, information relating to the complaints you have made to us and various personal preferences. We also collect your payment information, such as your credit card or direct debit information and ABN, when you purchase a product or service from us.

    Personal Information processed by our Renewals platform is provided to Renewtrak by our clients under contract, and also collected directly when updated via our website and white label services. We don’t guarantee website links or policy of authorised third parties.

    When we collect Personal Information directly we will explain to you why we are collecting the information and how we plan to use it.

     

    2. How we collect Personal Information

    a) Information you provide voluntarily

    This is personal information that you choose to provide to us voluntarily, for example when interacting with our websites or using our products and Services. It includes details such as your name, email address, residential address, or other information permitting your identity to be directly or indirectly inferred. We will tell you at the time that you provide your information what information is requested, why, and whether the provision of the information is optional or mandatory.

    Examples of when you provide information to us:

    • Registering for newsletters, a product trial or placing an order
    • Completing transactional services and/or payment services
    • In discussion when contacted by a sales person
    • Registering for products or services purchased
    • Using the Renewtrak website
    • Participating in customer surveys, advising us of your marketing and communication preferences
    • Submitting a job application
    • Registering a renewal opportunity
    • Updating and/or altering the contact details in a renewal notification
    • When requesting to opt-out of the service

    b) Personal information we collect automatically

    This is information that we collect from the devices of visitors to our websites or users of our Services. We will explain what information we require and ask for your consent. This type of information is collected for analytics and reporting purposes, and to maintain the security of our products, Services, and websites.

    The following are examples of information we collect:

    • Log files generated by our websites which contain
    • Your IP address
    • Your browser version
    • The operating system of your device
    • Tracking of links through the application
    • Diagnostic information
    • Authentication credentials
    • Cookies
    • Renewtrak use cookies which store and process information to create a unique identifier for our systems to use to recognize your computer and session, including authentication tokens, site options and shopping cart contents.
    • Most cookies do not collect personal information and only contain coded information that cannot be used by third parties to access your confidential information. Most web browsers allow you to adjust settings to erase cookies, disallow cookies, or receive a warning before a cookie is set.

    Please note that some parts of Renewtrak websites may not function fully if you disallow cookies.

    In addition, in some cases we or third parties may use cookies and other technologies such as web beacons and JavaScript on our websites in connection with online services like banner advertising, website analytics and surveys. These technologies enable information to be collected about your use of our websites which may be stored in the European Economic Area, Australia and the United States. The information collected by these technologies give us and third-party collectors the ability to deliver customised content, measure advertising effectiveness, evaluate the use of Renewtrak websites and other websites and provide other services relating to website activity and internet usage.

    We and third parties may also transfer collected information to others if required by law, or where those other parties process the information on our behalf. Transfers to third-parties will only be undertaken with your upfront consent. Third-parties we use may include Microsoft Azure, SendGrid, Tableau and Google Analytics.

    c) Information we receive from third parties

    • Sales leads from our joint initiative partners.
    • Publicly available sources such as social media websites.
    • Third parties that provide Renewtrak with marketing leads.
    • Material including renewal data shared with Renewtrak to enable us to provide our services to you.
    • Renewal information provided using manual or automated processing systems.

     

    3. Sensitive information

    Sensitive information is defined in the Privacy Act to include information or opinion about such things as an individual’s racial or ethnic origin, political opinions, membership of a political association, religious or philosophical beliefs, membership of a trade union or other professional body, criminal record or health information.

    Renewtrak currently does not collect or process sensitive information except in the case of Employee background checks.

     

    4. Information provided by Third Parties

    Where reasonable and practicable to do so, we will collect your Personal Information only from you. However, in some circumstances we may be provided with information by third parties, primarily in relation to the use of our Renewals Automation Platform. Our platform provides a white-label renewals service, and in many instances we will be provided order and contact “renewal” information by third parties. In such a case our clients providing this information will take reasonable steps to ensure that you consent to being contacted by the renewals service, and Renewtrak will abide by the terms of the confidentiality and legitimate use clauses this renewal data is provided under.

     

    5. Disclosure of Personal Information

    Renewtrak may disclose your personal information to the following categories of recipients:

    • Third party service providers and partners where the processing of your personal information is a function of providing the service
    • To any other third parties where you consent to the use or disclosure
    • In the event Renewtrak participate in the process of any third-party acquisition or potential acquisition of an interest in us or our assets
    • To process a job application including reference and background checks
    • Where required or authorised by law.

     

    6. European Union / European Economic Area data subjects and GDPR

    EU/EEA data subjects may exercise the rights provided them under the provisions of the GDPR by requesting in writing to the email or physical address provided in section 14.

    • Request erasure or suspension of processing by Renewtrak
    • Request access to the personal information processed by Renewtrak
    • Resolve inconsistencies in the personal information held by Renewtrak
    • To opt out and/or withdraw consent relating to the processing of personal information
    • Under certain circumstances, your personal information can be provided to you in machine readable formats for transfer to another controller

    Renewtrak will review each request on a case-by-case basis and respond in accordance with the applicable data protection law.

     

    7. Security of Personal Information

    Your Personal Information is stored in a manner that reasonably protects it from misuse and loss and from unauthorized access, modification or disclosure.

    When your Personal Information is no longer needed for the purpose for which it was obtained, we will take reasonable steps to destroy or permanently de-identify your Personal Information.

     

    8. Data Retention

    Renewtrak have legitimate business needs to retain certain data.

    This information is retained to comply with our legal obligations, resolve disputes, protect rights and enforce our agreements

    Customer names, addresses and order history are maintained for a retention period agreed with clients of the Renewtrak platform unless required as part of accounting records.

    Accounting records including invoices, purchase orders and other historical financial records are stored for 7 years for legislated accounting purposes.

    Our backup media is protected using security measures including encryption and is disposed of securely when retired.

     

    9. Collection and Use of Data relating to Minors

    Renewtrak does not knowingly collect personal information relating to children under the statutory age of majority.

    If you believe Renewtrak have recorded children’s personal information, please contact us and we will delete this information on request. We encourage you to talk with your children about communicating with strangers and disclosing personal information online.

     

    10. Collection and Use of Data relating to Minors

    You may access the Personal Information we hold about you and to update and/or correct it, subject to certain exceptions. If you wish to access your Personal Information, please contact us in writing.

    Renewtrak will not charge any fee for your access request, but may charge an administrative fee for providing a copy of your Personal Information.

    In order to protect your Personal Information, we may require further identification from you before releasing the requested information.

    If you do not want us to use your personal information for direct marketing, you can let us know at any time through the contact details provided below.

     

    11. International Transfers

    Renewtrak use facilities in locations globally including the European Economic Area, United Kingdom, USA and Australia to process information in these regions.

    If you are an individual from the European Union or European Economic Area (EEA), the information that we collect from you, including personal information relating to you or Customer Relationship Information that we process in providing a Service, may be transferred to, and processed by, Renewtrak service providers outside the EEA for the purposes described in this Policy.

    These affiliates and service providers may be based in territories whose data protection laws are different from those of the country or region in which you are based, but we will always protect your personal information in accordance with this Policy. In addition, we will protect transfers to countries outside the EEA with appropriate safeguards, such as using standard contractual clauses adopted or approved by the European Commission.

    Further details can be provided upon request to the address provided below.

     

    12. Transferring Data to Renewtrak

    It is an important to us that your Personal Information is up to date. We will take reasonable steps to make sure that your Personal Information is accurate, complete and up-to-date. If you find that the information we have is not up to date or is inaccurate, please advise us as soon as practicable so we can update our records and ensure we can continue to provide quality services to you.

    Renewtrak have a range of security measures in place to protect the personal information that we hold. For example, those of our web pages that request sensitive information employ encryption technologies such as Transport Layer Security (TLS 1.2+).

    You can confirm that a data-entry page uses encryption by checking that:

    The page address in the web browser’s tool bar or status bar begins with https://; and

    The padlock icon in the web browser’s tool bar or status bar is locked.

    If you are considering sending us any personal information by standard email, please be aware that the information may be less secure in transit. We are required by law to take steps to protect the security of personal information once it comes into our possession. Contact Renewtrak stating the nature of the communication and we will provide a secure upload facility to use.

     

    13. Policy Updates

    This Policy may change from time to time and is available on our website.

    You can also obtain a copy of the most current Renewtrak Privacy Policy by either emailing or writing to the Data Protection Officer using the contact details set out below.

    This policy was revised on the 21st Oct 2021

     

    14. Enquiries, concerns and complaints

    Renewtrak welcome any queries, comments or requests about our Privacy Policy.

    If you want to make a complaint about a breach of your privacy by Renewtrak, you can contact us using the contact details at the bottom of this web page. All complaints will be investigated by an appropriately qualified representative. We will endeavour to resolve your complaint as quickly as possible, and in any event within 30 days. If your complaint takes longer to resolve, we will keep you informed of our progress with the investigation. We will let you know the outcome of the investigation, including how we propose to resolve your complaint and what, if any, corrective measures will be put in place.

     

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    • the application of any provision of the Australian Consumer Law (whether applied as a law of the Commonwealth or any State or Territory of Australia) (ACL);
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