High renewal rates are vital for the health of every software business. With the rise of the subscription economy, effective renewal management becomes even more important. However, many software companies rely on manual software renewal processes and deliver a fragmented customer experience. That’s a risk. Buyers want to plan and budget accordingly, and they should be notified in time to do so.
Suppliers that start the renewal process soon have time to act when a customer doesn’t get the expected value from the software. And if the customer does get value and needs more they benefit from upsell or cross-sell opportunities. That increases predictability, business growth and ultimately company valuations.
The renewal process itself should be as easy and gentle as possible. Many small steps make up a great customer experience: Timely notifications to right contacts, a simple overview about all entitlements that are due for renewal, customer self-service and integration with CRM or billing systems for automated low touch renewals.
Join IDC and Flexera in this complimentary webinar to see how smart renewal management can:
- Strengthen your subscription business
- Reduce churn
- Create more transparency
- Drive shareholder value and predict future revenue
IDC Analyst Amy Konary will discuss typical renewal process gaps and provide guidance for optimized workflows. She’ll also explore the ways you can add automation and customer self-services to your renewal processes using a purpose-built software monetization platform.