Introduction
Renewal automation is a game-changer for companies looking to optimize their CSM / renewal team’s workload while boosting customer retention. By leveraging renewal automation, companies can streamline the renewal process and reap significant benefits in terms of increased efficiency and customer satisfaction. Once the user gives their consent, the renewal is processed automatically, making the entire process seamless and hassle-free.
This article will guide you through leveraging Gainsight's tools to implement these workflows effectively.
Why does this matter?
Automating renewal processes allows your team to focus on high-touch renewals that need personalized attention while ensuring that the majority of renewals are handled seamlessly. This strategy supports renewal predictability, scales the number of renewals your team can manage, and enhances customer satisfaction by providing a streamlined, efficient experience.
- Increased Efficiency: Automates routine renewal processes, freeing up time for high-touch renewals.
- Improved Predictability: Ensures timely and consistent renewal communications, enhancing forecast accuracy.
- Enhanced Customer Experience: Provides a hassle-free renewal process, increasing customer satisfaction and retention.
How to get started
To streamline your renewal processes, follow these combined steps for deploying automated renewal reminders and an automated renewal journey:
- Automated Renewal Reminders
- Set Up Opt-Out Notifications: Automatically notify customers of upcoming renewals and provide a one-click renewal option for simple agreements.
- Identify Opt-Out Logic: Determine which customers should receive automated reminders and which should not, based on their health scores and other criteria.
- Craft Renewal Messages: Use standard opt-out language from contracts and include value metrics where applicable.
- Track Buyer Personas: Ensure the correct contacts receive renewal notifications by tracking buyer personas and updating email addresses as needed.
- Automate the Renewal Journey
- Deploy Automated Workflows: Use Journey Orchestrator to automate the renewal journey for most customers, reserving manual intervention for more complex renewals.
- Trigger Renewal CTAs: Set up automated CTAs 135 days before the renewal date, prompting CSMs to follow up if there is no customer response or if there is a potential churn indication.
- Monitor and Report: Utilize Renewal Center to track renewal progress and create reports based on customer responses and follow-up data.
The Gainsight features you’ll need
To successfully implement these workflows, you’ll need to leverage the following Gainsight features:
- Journey Orchestrator: For automating the renewal journey and sending reminder emails.
- Renewal Center: To manage and forecast renewals effectively.
- CTAs (Automated): To follow up on survey responses and manage risk alerts.
What’s Next?
Having streamlined your renewal process, the next step is to enhance your risk management strategy with automated alerts and proactive notifications.
Next, read Set Up Automated Risk Alerts and Proactive Notifications to implement automated risk alerts and stay ahead of potential issues, ensuring timely interventions and improved customer satisfaction.
Further reading and inspiration