How to build a renewal playbook
Start early and demonstrate recurring impact
It’s no secret that the reason SaaS companies are so valuable is because of their recurring revenue model. But many teams forget that recurring revenue is a function of recurring impact and find themselves scrambling to hold onto business as the renewal date looms.
Today’s market is way too competitive to leave renewals to the last minute. With over 25,000 SaaS companies competing dozens deep in every niche, customers are more inclined to renew with vendors who demonstrate an ongoing commitment to partnership.
Demonstrating that commitment begins in the pre-sales process, continues during onboarding and continues again through the renewal process. Instead of waiting to kick off a renewal process 3 months before a contract ends, start it as soon as onboarding is complete and the customer has seen the initial impact they were expecting. This keeps the momentum going.
A renewal process spans 3 stages: