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5 Top Reasons You Need An Automated Contract Renewal Strategy

January 9,2022

Is your first-time customer a repeat customer?

If yes, you are doing great! If not, your contract renewal is in danger.

Remember this important motto: “keeping a current customer is more profitable than getting a new one.” If your business is experiencing late renewals, then it’s time to consider an automated contract renewal strategy. This strategy will enable you to retain your client base while also creating brand loyalty and broadening your customer’s footprint.

Renewing contracts with clients is a vital sales activity. Not only does it help with client retention but it also generates a better customer experience by consistently measuring customer satisfaction.

As an organization, it is your responsibility to proactively seek the client’s desire to renew their contract. When you automate the customer renewal process, this effortless experience and dedication to the client instantly create customer satisfaction. This will keep them coming back for more.

Integration and automation into your Salesforce CRM enable you to view the whole process without compromising personalization. The end result is that your revenue generation is faster with immediate sales and ongoing renewal cycles.

Why is having customer retention software so important to customer satisfaction?

The contract renewal process is critical as it also helps you to retain business and enhance customer satisfaction. Re-engaging your customer at this point in their journey is essential where as having a disjoined renewal process will directly affect retention. Additionally, if you are still following a manual renewal process, sales reps are hyper-focused on fixing errors instead of consistently engaging your customers. This is a major red flag for your business.

Organizations without an automated renewal process will miss out on renewals. Putting your customers first through an automated renewal process will help you prioritize your customers and their satisfaction. Here’s how it helps:

5 Key Reasons to automate your renewal strategy

# 1 Accelerate time to revenue
The time you spend managing an old or manual renewal process reduces your ability to generate revenue. Additionally, your customer satisfaction is affected by: siloed data, manual data entry, and reviewing contracts.

Our Contract Lifecycle Management (CLM) solutions empower you with personalized and consistent renewal agreements in order to elevate the satisfaction of your customers. Your sales team will create error-free renewal documents with customized templates populated with Conga/Apttus and Salesforce data. All activities are accomplished in one centralized location by removing all inconsistencies.

# 2 View your document data
Get valuable insights into your contracts through your Conga/Apttus or Salesforce CRM with the help of our automated contract renewal strategy. This single-source approach helps clarify your customer’s business with real-time data in the renewal process. Never miss out on any renewal opportunity!

Our CLM solutions help you streamline the entire contract lifecycle. Plus, when paired with other products like Quote-to-Cash, it becomes easy to integrate the whole quote creation process along with contract and billing.

# 3 Analyze where the renewal sets within your process
After identifying the renewal needs of your customers, you create the new contracts by including the correct data, terms, prices, and solutions (thanks to our CLM solutions) – you are prepared to send the contracts to your customers.

One of the primary benefits of having an automated contract renewal strategy is the power to analyze where the renewal sits within your CLM process. Securing an e-signature for all your critical documents empowers your customers to review and sign quickly. Save money and time by reducing errors with enhanced customer satisfaction and efficiency.

# 4 Create a better customer experience
Automating a contract renewal strategy is one of the best ways to ensure that your sales reps are engaged with your clients throughout the entire contract lifecycle: starting from proposal to renewal. All these happen at the right time by sharing the correct data with your customers.

This automated contract renewal process empowers you to provide an end-to-end customer experience.

# 5 Few clicks to get more done
Enhance organizational efficiency with an automated contract renewal process. This process removes barriers to your revenue pipeline and customer retention. Implementing an automated contract renewal strategy helps you to conduct and complete all renewal activities within the Salesforce CRM with a few clicks.

Automate your contract renewal strategy with CommerceCX

We are one of the leading CLM solutions implementers partnering with Salesforce and Conga/Apttus to enhance your customer experience by engaging at every touchpoint. When you select us as your service provider, you end up with a team of certified Conga/Apttus and Salesforce experts. We personalize this experience to better understand your unique business problems and provide the best solutions in order to solve these concerns. CommerceCX works with many global companies to enhance their customer experience.

Talk to us to know more about contract renewal.

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