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5 Ways You May Be Limiting Your Renewal Business

In today's marketplace, channel partners are seeing up to 30% of their organization's total revenue being derived from annuity-based renewals.


If your organization's renewal business has seen stagnated growth over the past few years it is likely being caused by one, or more, of the following reasons:



1. Your organization is currently using either spreadsheets, or other one-dimensional applications principally designed for another purpose, to track customer assets and annuity agreements.


These types of processes:

○ Often are reactive rather than proactive where value can be added to the renewal process

○ Result in higher labor costs due to lack of process automation

○ No additional value provided to your customer


Innovative leaders in the technology industry are rapidly adopting cloud-based management platforms to deliver a better customer experience. Specific platforms focus on the centralized management of customer data regarding assets and annuity agreements, extending the reach of a partner's value-add offering.

2. Current process uses multiple software solutions to manage daily operations.


A comprehensive management solution provides business process automation, promotes collaboration, and renders a horizontal solution for agility. Standardizing the customer engagement model supports an end-to-end process flow. From cost reduction to platform customization, these platforms can offer numerous advantages to partners with complex data systems and functionality requirements.


3. Renewal opportunity identification capabilities are not sufficient to support your organization's service and sales teams.


Dependence upon traditional OEM or distribution organizations is no longer adequate to manage the immense volume of annuity agreements facing channel partners today. Implementing a solution to manage annuity agreements generates an timely ROI from the increase in sales opportunities, but also a reduction in operational costs due to process automation and business efficiency.

4. Sales organization spends more time administering renewal opportunities than on engaging with clients.


In the IT channel, delivering valued services beyond the point of sale is critical to promoting long-term business relationships with clients. Every opportunity for channel organizations to provide a quality engagement helps to distinguish them from their competition. Providing a management platform shows your organization's commitment in the long-term relationship, not just the short-term sale; ultimately, these relationships create more opportunities and deeper customer partnerships.


5. Sales/marketing teams are unable to mine historical sales data to identify future opportunities.


Data growth is expanding at an exponential rate. Businesses today have access to more data than at any other time in history. The challenge they face is how to effectively use the massive amounts of data they have collected to improve business performance. To address this issue, partners are successfully integrating TRAX with their resident applications to provide the ability to significantly increase their organization's sales and management team's effectiveness.


If any of the above apply to your organization or you would like to learn more about how the TRAX solution can help your organization, please contact us at info@servtrax.com for more information.

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