How can you identify customers at risk of not renewing their contracts?

Most customers are keen to avoid any changes as long as they are being served well. Periodic calls help us stay in touch and maintain excellent rapport. If we have failed to communicate in a timely manner and customers build relationships to replace us, we are sure to lose them. Always be alert when talking to them in any case, as they will definitely let you know that they are going to move on.

in my experience negative feedback. This could come in the form of complaints, requests, or suggestions that indicate dissatisfaction, frustration, or disappointment. Negative feedback could also be expressed through social media, online reviews, or word-of-mouth

Not only should your CRM capture contract and sales engagements but your CRM should serve as your 360 view of your customers entire engagement with your business. This should include but not limit to things like calls, support tickets, emails, engagement with your marketing efforts, feature requests etc. Additionally clearly identifying what level of usage identifies a healthy customer is important and requires constant iteration based on past renewals. With the use of segmentation you can easily identify different variations of acceptable usage that leads to renewal and closely aligns to each customer rather then going extremely broad a more targeted comparison will help forecast at risk renewals earlier

If there is a change in the leadership at the client's organisation, chances are that the new executive will try to bring a change in the way of working. Hence it's important to track the changes at management level in your customer organisation and keep them engaged with your product and services.

There are some metrics which will provide insights on customer behavior for churn: 1. What's the usage or engagement trend of the product? 2. How many support tickets raised and solved? 3. Periodic NPS will be a good indicator to find out unhappy customers 4. CSM's engagement and relationship with the customers

Asking “what does good look like?” is important, but can vary widely depending on the segment or primary use case of your solution. Try to identify successful customers at each key segment of your ICP to determine the behaviors that can be replicated across others in the same cohort. Don’t assume that what’s good for one segment is also success in another.

Our firm focuses on creating and nurturing relationships, not just one off project opportunities. We mentor our staff to understand the value of each client relationship and how connecting with them personally provides a more mutually satisfying design experience. Client relationships with our legacy partners has been a key to almost 50 years of success. We never forget to care for people and not chase projects.

One way to identify customers at risk of not renewing their contracts is to segment your customers based on their behavior, satisfaction, and loyalty. By analyzing the data on how your customers use your product or service, how satisfied they are with it, and how likely they are to recommend it to others, you can identify the segments that are most likely to churn and the reasons behind it. This can help you design targeted retention strategies and improve your customer experience.

It is imperative to institute a comprehensive staff education program centered on the nuanced profiling of each customer, with a primary emphasis on tailoring services to meet individual needs. The strategic focus is on honing the skill of customer profiling, ensuring that our team can discern and understand the unique requirements of each client, thereby enabling a more personalized and effective service delivery.

In a world where technology is constantly changing the way we work, the power of human connection is often forgotten or overlooked. Having a regular check-in moment with several key stakeholders not only builds your relationship with the client, but also builds trust and respect. Trust and respect which hopefully leads to open communication around strategic goals but also hurdles/struggles the client might be facing, which you can address before they escalate. A simple 30 minutes call (or meeting), once a month, goes a long way in building and maintaining the relationship which will help you greatly in the long-run.

Make sure you aren’t only gathering feedback from one primary contact at your customer. To understand how your solution is helping your customer reach their desired outcomes, you must solicit feedback both vertically and horizontally from within the account.

To optimize receiving feedback from your customers, make sure to offer multiple feedback channels along their customer journey. Therefore you're not in the situation to get the feedback when it's already too late. Implement Feedback Requests after important milestones or product uses. This helps you to become actively involved instead of being the passive counterpart that just reacts.

Active customer feedback, albeit the gold standard and very helpful, is often difficult to collect and puts onus on the customer, and involves effort from them. One important asset your company has, and that should be taken advantage of are your field teams, who have direct contact with your customers. Internally polling field team members can give extremely valuable information, and investing in tools to capture this information along with training field team members to gather such feedback in a constructive and positive way will go a long way in assessing customer behavior.

Customer feedback can help you understand the level of satisfaction, loyalty, and engagement of your customers. You can solicit customer feedback through various channels, such as surveys, interviews, reviews, or social media. By analyzing the feedback, you can identify the pain points, expectations, and needs of your customers. You can also use the feedback to improve your products, services, and customer experience. By soliciting customer feedback, you can show your customers that you care about their opinions and value their relationship with your company.

Build a health scoring system using your CRM. This can combine data surrounding: 👉 Sentiment - how a customer feels about you 👉 Product usage - how engaged they are 👉 CSM ranking - how your team feels about them 👉 Cases & Surveys - if they've had a good experience By creating a system to rank your customers' health, you enable your CSMs to be "proactive" instead of "reactive." We can't have a meaningful conversation with every customer every day, but being intentional about who gets attention and when, can be a game changer for retention.

It is important to act on insights earlier rather than later. Automations can help to engage with customers easily and effectively but need to be continuously monitored and measured to ensure effectiveness

One thing I have found helpful is to involve customers in the conversations of process improvement, be it by way of proposing a possible solution over a trial period, or by asking their opinion on what our competition is doing better.

Un scoring client grâce à l'IA, encore hier très compliqué, est maintenant accessible à tous ! Cela permet en fonction des spécificités de chaque entreprise ou service de "scorer" son client et de détecter les risques. C'est un outil très puissant.

All methods mentioned are valid, but my focus is on "Automations with Heart", so I utilize my CRM to schedule tasks to checkin with clients, see how they’re doing and what their comfort level is. The frequency decreases as I feel they are becoming more confident in their abilities with the business operations software, but even with long term clients, I wouldn't go longer than 90 days without a personal checkin. Relationships are always going to be the key to the city...the software is just the tool to drive you there ;)

Ask 3 questions: 1. Is the solution a need or a want? 2. How deeply is it integrated into the customer ecosystem? 3. What is the capability, strategic, and financial ROI. Any account manager should be able to score these questions. From my experience, unless all 3 answers are positive, the contract remains at a risk for perpetual renewal.

Maintaining a comprehensive contract calendar, which includes dates and notifications for all customer-facing teams, enhances timing precision. Coupled with a thorough tracking of customer behavior, it facilitates segmentation to ensure customers receive appropriate messages at the right moments. Additionally, it helps internal teams prepare for seasonal contract demand fluctuations.

I typically have touch-point calls and I analyze customer trends. Seeing how often they’re engaging in services gives a little insight on what their temperature may be regarding renewals. Once I identify the trend, I reach out proactively to see if I can help gauge the reason behind any hesitance and address concerns.

Engage in Meaningful Conversations. Beyond segmentation, engage in meaningful conversations with your customers. Take the time to really listen to their needs, concerns, and aspirations. This not only helps in identifying at-risk customers but also allows you to tailor your solutions to their specific situation. By understanding their unique circumstances, you can work together to find a mutually beneficial path forward, demonstrating a human touch that builds trust and loyalty.