Renew EVERY account

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 closing a new prospect.

However, just because your client bought once doesn’t mean you’ll skate through the renewal process.

Your renewal strategy should include the following:
1. Examine the data on how your client used your product or service,

2. Talk to your AMs to collect what they learned from client interactions,

3. Dust off your probing and qualifying skills…you’ll need them!

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, "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?" And, "How can our service have been better?"

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

Add to this list when you’re thinking about it…you’ll be working on a renewal soon enough.

This Short illustrates the exact opposite of what your renewal discovery stage will be with your clients.

Filmmaker Christopher Nolan’s interviewer asks closed questions…and many of them leave the audience wanting more.

Granted, an account renewal situation is very different, but it’s good to compare these questions with the ones you’ll be asking in the DO section.