6/11/2024-Sign ’em up again…renew EVERY account.

Work on renewing your client for contract #2 immediately after the ink dries on the first one.

Don’t take it for granted your customer will re-up without you working hard and smart for the second deal.

Closely observe how your client engages with your team and how they use your product; the insights you glean will give you a strategic selling advantage.

Still, you’ll need to apply all of those core skills you possess, like value prop differentiation and objection handling.

Plot your renewal strategy by building a playbook of questions that will reveal the insights you need to propose a compelling contract #2:

1. "What did you like most about our offering during this contract term?" And of course, "What didn’t meet your expectations?"

2. "How would you quantify the value you’re getting from our offering/partnership?"

3. "How was our service?"

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

Certainly, you can add much more to this list…do it today so you’re ready when the renewal date arrives.

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.

Makes sense.

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

In many instances, you’ll need to prove yourself all over again. And you’ll need to be even more strategic and smart about how you prove your value.

When your customer is ready to make another decision, they’ll know much more about how your company services them and how your performance meets their objectives.

This means your questions and probing must go deeper to learn more about what they think about your value. Don’t forget, the competition is now banging down their door harder than before too.

Obviously, it’ll be harder to renew business if your customer is unhappy during the initial contract.

As you’ll see in this R-rated farce from SNL featuring a next-gen Starbucks product, there won’t be a renewal opportunity…this product is going in the trash.