Use Salesforce as a renewals CRM
As they close deals, your sales team is building an invaluable set of data in Salesforce CRM. Are you using that data to maximize your renewal sales?
Here are three tips to help you maximize your recurring revenue:
- Work new sales and renewals in one place: use native Salesforce opportunities for all sales.
- Using Salesforce opportunities for all sales allows you to collect all your data in one place, easily generate combined forecasts for new sales and renewals, and gives you a more complete view of customer value.
- Collect and consolidate customer data before you contact your customers.
- Customers rarely keep up-to-date on how many active licenses they have, exactly what assets they own, or how many entitlements remain. When you do your homework before the sale, you’ll have all the information you need to close right at your fingertips.
- Contact customers before their expiration.
- You’ll increase renewal rates up to 35% if you contact customers before their expiration. And don’t forget to follow-up with customers if they don’t respond at first. As many as 25% of renewals aren’t completed simply because companies don’t connect with customers.