Have you ever experienced being late to the table to renew a contract? And worse, that the competitor walks away with the contract? That can be prevented in one day. Today we’re going to talk about automating renewal deals without losing control.
The Importance of Timely Renewal
A renewal process starts much sooner than you think. Pretty much at two-thirds of the contract term. So, on a three-year contract, you start at the end of year two. With a five-year contract, you start halfway through year three.
Too often, contract renewals are done manually and far too late. Here’s how to automate it:
Step 1: Write out your Utopian Process
Start by writing out your ideal process. What steps are you taking? Who is involved? When to do what? Make sure you have a clear picture of what you want to achieve.
Step 2: Create an Instant Renewal Deal in your Funnel
Once a deal is closed, make sure the renewal deal automatically enters your funnel. You can also create a separate funnel for renewals that are “waiting.”
This is a crucial step because it prevents you from overlooking renewals with departing account managers.
Step 3: Automate the Creation of Tasks
Now you’re going to turn everything you worked out in step 1 into automatic tasks that trigger on an action or a time.
You can choose to do this fully automatically, or build in an intermediate step for the account manager to have more control.
The Work You’re Waiting For
You may be wondering how much work this is. The good news is that it’s only one day’s work. Yes, you read correctly. One day!
Conclusion
And that’s it! With these steps, you can avoid being late for contract renewals and keep one step ahead of the competition.
So sit down, take a day, and prioritize automating your contract renewals. It will boost your sales, and your clients will appreciate that you are proactive and organized.
Happy Sales! 🙋♀️