Renewal Management Best Practices
Share all ideas and best practices related to the Renewal and Account Management function
- 9 Posts
- 23 Replies
Webinar Recording: Risk Escalations: How To Configure and Implement a Weekly Business Review Process With Your Leadership Team
Missed our webinar last week on “Risk Escalations: How To Configure and Implement a Weekly Business Review Process With Your Leadership Team” You’re in luck, you can find the full recording here: password: GainsightWebinar This is a two-part webinar, where Easton Taylor, Regional Director of Client Outcomes, will first walk through how to run a cross-functional risk meeting and the workflow in Gainsight, followed by a live step-by-step configuration tutorial by Elliot Hullverson, Client Outcomes Manager.
We assume that you have a way to identify which customer is due for renewal and when is their renewal and you are tracking the renewal process(Opportunity) something similar to the below example. To calculate Retention Rates in Gainsight, We should use the Data Designer feature. Click here to know more about Data Designer. Calculating Net Revenue Retention Rate:Step 1:Using Data Designer, fetch Renewal and Expansion Related Information from Opportunity along with their Close Dates and Stages. Step 2:Next step is to get the First day of the Quarter for the Close Date of Opportunity. In case if you want to get Retention Rates by Month, You need to get the First Day of the Month for the Close Date of Opportunity. Step 3:Get the SUM of Amount of all the Opportunities, SUM of Current ARR and Total Number of Accounts per Quarter(Grouping by Quarter). Labels: SUM of Amount → Total Renewable ARRCount of Accounts → Total Renewable AccountsSUM of Current ARR → Total Current ARR .Step 4:Ge
Hi, not sure if this question has been asked before, or if anyone is has done this. We have our tactical measures on our scorecard and know want to get more strategic about interpreting the information. Basically do the measures we have on the scorecard really act as a prediction for whether an account will renew or not and to be able to use that dat with some certainty. So, I would like to look at scorecard trends and map that to when a renewal is due to see if there is any correlation between the account health at that time and the accounts propensity to renew and then look at this across a number of accounts/segments to see what trends we can see. It willalso help us to decide if we need to include other measures. I'm at a bitof a loss where to start - has anyone done anything similar? Anyhelp would be appreciated!
We have recently started to offer auto renewals to our new customers. Many of them are in a segment that has no CSM, but does have the Renewals Team handle renewals. We're about to have some of our first automatic renewals come up and we're wondering what type of outreach other companies are doing leading up to this renewal/anniversary date. Is there a health check X days before the anniversary? Are you reminding the invoice is coming? Does anyone have a best practice to share?
During [url=http://www.gainsight.com/pulse/]Pulse 2017[/url] the Gainsight Client Outcomes Team organized a Circles of Success & Birds of a Feather Program, featuring [b]group discussions[/b] for [b]Gainsight customers[/b] focused on [b]key topics and challenges[/b]. We had such engagement from our customers we wanted to keep the conversation going on Community. One of the topics we discussed was [b]Renewals & Expansion[/b]. Here are a few of the questions that we discussed: [list=1] [*]What role do CSMs play in renewals and upsells across the client base? What have you seen work well/not so well? How do others effectively manage this relationship/ownership with the sales organization inside their companies? [*]As renewal specialists we also have product expansion that the sales representative have up-sold. How you handle that (all on one Opportunity, split the opportunity)? [*]How do you position value during a renewal?[/list]Pleas
Have you created processes around auto-renewal with multiple SKUs that may have different renewal ra
Would love to know what people are thinking in terms of processes and Gainsight configuration associated with them. A customer of mine has multiple SKUs and a subset of these get sunsetted every year. If they use automation, it is hard to define a programatic approach towards it because a CSM has to get on a phone and let the customer know that this option is being sunsetted.
Hey everyone, We are currently exploring the possibility of merging our Marketing, Sales, and CS Ops teams to create a Revenue Ops Organization in our company. Together with the Head of Sales Ops I’m working on a proposal which we will put in front of the Leadership team in November, where we aim to get buy-in from them to move forwards. I’d love to connect with Revenue Ops Leaders who successfully transitioned from siloed Ops teams to a single Ops team. Specifically, I’m curious to understand:How did you manage the change process? How did you maintain close relationships with the commercial teams? What have been the key factors for success? What have been the main challenges you faced? What would you have do differently if you had to do it again? It would be awesome to connect for a short call, or via email, to get your insights on these topics. Please reach out if you can help. Thanks!
Up until today in my team, we have no way to reinforce the CSMs when a client renews. Winning takes effort and sweat so we need to find a way to: Motivate them, feel valued and recognized in the company Help them prioritize their goals as CSMs Perceive client expansion and churn fighting as an opportunity to grow The Question: how can we celebrate when we achieve success with our clients?Does anyone have examples or best practises on how to do this in your company?What are the most effective ways to reward CSMs so they keep motivated to renew and renew more account each year? I was thinking about these 2 options: A) Monthly email to the team sent by the CSM Lead with summary of the renewals using positive languageD) Mention by CSM team lead or Founder on a slide in the Company meeting - congratulating them Any other hints on your end?Your suggestions would be super valuable :) Thanks so much
Of course we all want to keep our customers renewing forever but we know this doesn’t always happen. How do we end a journey for a customer who we know is not renewing? We want to keep their info and data in Gainsight but do not want to get the automatic generated CTAs. I’ve been searching around but haven’t found a clear answer to this, maybe I’m not asking the question the right way. If you have any info, it would be appreciated! Thank you!
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