3 Step To-Do List for Proactive Renewals: A Look into the Zero Touch Renewal Feature
Typically, the first 45 days of your fiscal quarter go towards drafting Renewal Quotes, making a busy time even busier for those involved in the sales process. Each sales representative’s to-do list is long – manually draft renewal quotes based on each client’s process and requirements, manage leads, and regularly check up on the completion of each renewal quote.
Since maintenance and support renewals account for roughly 20-25% of the revenue for any vendor, it’s important that these contracts get closed, however only 50-60% of these contracts get renewed year after year, leading to huge potential revenue loss. Unfortunately, the biggest victims are the low-dollar-high-volume contracts due to the renewal process being largely manually, and the cost of time and effort to close low dollar contracts ends up being bigger than the contract value itself.
But what if we told you there is a solution to be proactive by automating this whole process? With YagnaiQ’s Smart Renewal platform, you can increase your ontime renewals by 30-50% by accelerating the sales process, so that you can secure recurring revenue of renewals.
At YagnaiQ, we are committed to protecting your information against unauthorized use or disclosure. YagnaiQ products are trusted by numerous Fortune 500 companies and certified by independent security experts as well as security audit tools. Trusted by more than 20,000 users globally, YagnaiQ’s Smart Renewal platform presents Zero Touch Renewal, a feature that no other Revenue Acceleration as a Service platform has.
Now you may be asking us, how does this work? Well, in the famous words of Lee Child, “Do it once and do it right and do it quickly.”
Breaking this quote down, you learn there are three simple steps that Lee Child is getting at. Take any task- it could be completing a sale or finishing that project at work- if you do it once, do it right, and do it quickly, you don’t have to worry about looking back at it. We can apply these three simple steps to the renewal process to help you do just that:
- Sign up for Yagna iQ’s Smart Renewal.
- Set the renewal rule just once.
- Sit back and watch the rate of renewals soar every quarter.
With these three steps, YagnaiQ can help transform the sales process by presenting a platform that allows you to take charge of your quote renewal process and get ahead of the game. Now, instead of spending the first portion of the quarter on drafting renewal quotes, you can define rules for discounting, margins, and notifications in your renewal rules in order to streamline the process for both you and your customers.
Once these rules are set on the first day of the quarter, you can let YagnaiQ Smart Renewals do the rest! The system will automatically send renewal quotations according to the discounting rules set, and reminders will be sent automatically so there is no added stress on you. Since YagnaiQ identifies renewal opportunities and sends automatic quotes to the customers, they can even make the payment online and renew their contract easily!
What we’re getting at here is by being proactive about renewal quotes, you automatically take every opportunity presented in order to ensure customers come back, without having to constantly check whether the renewal occured. Set the rule for renewal once, set it right, and set it quickly, and you’ll never have to worry about looking back.