10.05
We won’t go on and on about the importance of renewal automation, as we’ve already covered that in this blog series. You know the benefits of automating your renewal process, so what can you expect when implementing this long-tail solution in your organization?
Let your sales team to do their jobs.
This solution does not replace sales reps. It simply enables them to do their jobs better. They are able to focus on bringing in new customers and cultivating relationships - you know the stuff they're really good at. And bonus! With automation, they still earn commission on the long-tail customer renewals by doing the bare minimum. That's the definition of a win-win. Customers get what they want (an easy self-service process) and sales reps gain more business
An automated, self-service solution for long-tail customers means that your customers receive the appropriate communication from you at the appropriate time, providing them with an easy renewal process. Before, they had to call multiple times to process their renewal. But now? They can do it all themselves.
Sales reps are able to personalize communication to their customers, and once a human implement the process, it should work seamlessly and manage itself going forward. And the best part? No manual processes in sight. That means no approaching internal accounting teams for invoice creation and quote sign off. It’s all managed digitally, freeing you from the shackles of heavy administration.
You will see an impact on revenue.
Revenue is a word we all like to hear — particularly when it’s paired with the word ‘increased.’. In research conducted by McKinsey & Company, not only are more businesses welcoming artificial intelligence into their processes, but those who have, have seen “an uptick in revenue in the business areas where it is used," and 44% say that AI has reduced costs.
Why is this? Because it’s easy for customers to get on board with. It upgrades the customer experience. You’re giving them a choice. In this case, it’s choosing to self manage their renewal or speak to a sales rep at any point in their journey.
To sum up.
There is always room for improvement when it comes to decreasing churn. And if this is something you’re scratching your head about, improving your long-tail customer’s renewal process is key. You could hire more sales reps to follow up with customers, but that’s just an unnecessary cost, plus you’re still not delivering what B2B customers want.
Customers want a self-service option when it comes to renewing. Research from McKinsey & Company found that an overwhelming 99% of B2B buyers say they will make a purchase in an end-to-end digital self-serve model.
Wondering how automation and self-service can improve your long-tail customer’s renewal process?
