6/11/2025-Renew EVERY account

Written by

Neil Monnens

in

Daily Quote

“You can focus on adoption, retention, expansion, or advocacy; or you can focus on the customer’s desired outcome and get all of those things.” Lincoln Murphy
SKILL

According to the book Marketing Metrics, you have a 60 to 70% chance of selling to an existing customer and a 5% to 20% probability of selling to a new prospect.

However, just because your client bought once doesn’t mean you’ll skate through the renewal process. Often, you’ll need to work harder to secure a second contract.

Your renewal strategy should include the following:
1. Examine the data on how your client used your product or service,
2. Talk to your account managers to learn what they learned from interacting with the client,
3. Dust off your probing and qualifying skills…
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DO

Build a playbook of questions to ask your customer that will help you secure compelling contract #2:

1. “What did you like most about our product/service?” (And of course, “What didn’t meet your expectations?”)

2. What do you wish we could do more of for you?”

3. “How would you quantify the value you’re getting from our offering/partnership?”

4. “How was our service?” (How can our service have been better?)

5. “Who would you use if you didn’t renew with us?”

Indeed, you can add much more to this list…do it today so you’re ready when your renewal efforts begin.
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OOMPH

While entertaining to watch the filmmaker Christopher Nolan participate in a rapid-fire interview (15 questions in 60 seconds), this Short illustrates the exact opposite of what your renewal strategy will be with your clients.

Watch it.

Can you identify the strategy differences?

Nolan’s interviewer asks closed questions…many of which are insipid and don’t reveal a dam thing. You’ll be asking open-ended, impact questions.
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