Did you know it costs seven times as much to get a new customer than retain one? There are expiring licenses around the globe that need to be renewed, which could amount to billions of dollars in recurring revenue. A renewal allows the possibility to expand and improve the relationship as well.
Renew Leads Action Guide
Bain and Co. estimates that a 5% increase in customer retention can increase profits by up to 25% We know the importance of retaining customers, so we created the Renew Leads Action Guide to help our partners optimize the licensing renewal process, simply and programmatically:
The guide explains steps for partners to follow: Recognize the key decision points, understand your customer, journey to exponential growth, transition customers to the cloud, plan for success, and measure success. Here’s a quick breakdown:
- Ensure your customers know you’re dedicated to their business for the long term by finding any key decision points and any gaps in their customer journeys.
- Understand your customers and ensure they know you’re dedicated to their business for the long term.
- Journey to exponential growth
- Follow our four-step framework of engage, commit, renew, and grow to create a foundation.
- Build personalized experiences across all customer touchpoints.
- Take advantage of Microsoft’s go-to-market resources on partner.microsoft.com
- Train your customers on new features, maintain their marketing touch points, and track their success.
- Transition your legacy customers to the cloud with the following:
- Plan for success and sell it right
- Track cloud extensions, plan for future selling opportunities, train sellers, and add collaborators if necessary.
- Become a Digital Partner of Record.
- Measure your success with metrics that include monthly recurring revenue, percentage of recurring revenue, average revenue per user, and total customer lifetime value to measure your success.
The Renew Leads Action Guide demonstrates the billion dollar renewals opportunity. The time and planning to create this type of customer value will help set your business up for long-term success.
As a partner, having access to a network of information and other partners gives you a vast advantage over the competition. If you utilize the action guide and other partner resources, earning licensing renewals and improving your sales can become less daunting and a lot more exciting.
Share about your experience with the action guide with the Partner Community here.