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How can you handle renewal negotiations when customers face financial difficulties?
When it comes down to a customer facing financial difficulties, they start to trim down the "nice to have" products and keep the "must-have" products. You have to ask yourself which of the two your company falls into. From there, it's relatively straightforward; they're in a tough financial bind, therefore how can you SAVE them money or MAKE them more money? If you can't do either of those two, then the renewal most likely will not happen. Can you MAKE money by enabling the sales team to close more deals? Can you SAVE money by reducing hours spend on time-consuming task? Can you MAKE money by automating Marketing content and eliminate the need to outsource? These are the types of questions you should be asking yourself/client.
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What are effective ways to ensure your team is knowledgeable about your products and services?
If you had a relatively decent training and onboarding, you should have an understanding of how your product works and its services. Unfortunately, that rarely translates into a true knowledge of the product. A good way to gauge true knowledge on a subject would to ask the question. "Why is this important to a client?" If you can articulate the clients needs and how your features tie into their pain points, this will not only ensure your team is knowledgeable, but you might also get a new client/renewal out of it. Put yourself in the clients/users perspective and that will always workout
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What are the most effective ways to ensure timely renewal processes?
Renewals can be the easiest or most difficult part of a customer relationship; it comes down to client management throughout the customer lifetime. How often are you speaking to the stakeholders? If it's less than once per quarter, the renewal might not even happen. However, if you speak to your client directly & often; the renewal is just another conversation and less of a negotiation. A simple rule to follow is... the more you speak to a customer and understand their needs, the easier the renewal. Otherwise, the renewal might turn into a termination.
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Pro-Tech Staffing Services, Inc.
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English
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