The business opportunity to drive low-zero-touch renewals
Low-zero-touch renewals refer to a process where customers renew their subscriptions or services with minimal or no human interaction. Automated customer and channel touch points are utilized across the post-sales customer lifecycle journey to make the renewal process as seamless and frictionless as possible.
Here are a few key strategies for driving a low-zero-touch renewals mechanism:
- Automated reminders: Set up automated reminder systems that reach out to customers prior to their subscription or service expiring. This can be done via email, text messages, or in-app notifications. This can help ensure that customers renew their subscriptions on time and keep their access to your service or product.
- Self-service portals: Make it easy for customers to renew their subscriptions by providing self-service portals where they can manage their accounts, review their billing history, and renew their subscriptions online.
- Predictive analytics: Use predictive analytics to predict which customers are most likely to churn, and then target them with personalized renewal campaigns. This can help increase the chances of retention and reduce churn.
- Seamless checkout: Optimize the checkout process so that it is as seamless and frictionless as possible. This includes simplifying the form fields and making sure that the checkout process is mobile-friendly. Offer alternative options such as Credit card, e-Sign and POs
- Build trust: Build trust with your customers by keeping them informed about their subscription status and billing details. Send automated emails or text messages to notify them when their subscription is up for renewal, when their payment is due, or when a payment has failed.
- Incentivize: Consider offering incentives for customers to renew early, such as discounts or free add-ons.
Implementing a low-zero-touch renewals mechanism can help businesses streamline the renewal process, reduce churn and increase customer retention. Automated customer and channel touchpoints across the post-sales customer lifecycle journey are key to ensure a seamless and frictionless experience for the customer. By providing a convenient and personalized experience, businesses can build trust and loyalty with their customers, which can lead to long-term revenue growth.
Importantly focus can turn towards customers that have not renewed or have the potential to grow. Human capital is expensive, focus this key resource in areas where the greatest return can be achieved and automate businesses processes that enhance and add vale to sales and customer success teams.