Oh, it’s the delightful time of the year when many advertising contracts are due for renewal. Listen, everyone knows that retaining existing customers is more cost-effective than finding new ones. In fact, the White House Office of Consumer Affairs says it costs at least 7 times more to attract a new customer than it does to keep a current one (yikes!). With our world in a constant state of change (now more than ever) it is imperative that you are doing what you can to ensure you are doing all you can to obtain those client renewals.
So, to help you keep costs down and retain your existing customer here are a few ideas on how to get the renewal as we enter a new year.
Review the Facts. Examine your interactions with the client over the past year. Emails, texts, call records. Did you live up to your customer’s expectations when it came to their concerns? Are there new concerns that your client may face now, such as a new competitor, or a challenge to reaching their consumers? Make a plan that isn’t just renewing your contract, but that is even more in-tune with your client needs analysis. Show your clients you care about them and are not just out to get something from them.
Check your original contract with the client. Be prepared to show your clients the analytics from the past year. Find places where you over-delivered to the client and save those instances to include in the new pitch. Examine places where you fell short and then…
Freshen up the new pitch. After looking at the ups and downs of the past year, bring in new opportunities that may have not been included in the original contract. This way a renewal isn’t just a rehashing of the same thing but some more exciting elements. What new products have become available over the past year? Let the client know all the ways their services will get even better in the new year because of new or future services being developed.
Don’t forget the obvious… ASK for the renewal! You can get caught up in servicing the clients and forget to give some warning as it’s time to review and look ahead to how you have freshened up the new year’s contract. In reality, the renewal process should begin when the initial sale is made. Keep track of the good things that have happened to your client because of working together and remind them not only at renewal time but throughout the year. If there are downsides, show the client how you are working diligently to improve on that outcome.
The renewal process is an ongoing event throughout the year and not something you panic about in the last few weeks of the year. In other words, don’t sign the contract and then forget about it until renewal time. Constant contact throughout the year shows your concern for their success. Share your successes while working to improve on your weaknesses.
To ensure you have all the items you need to nurture that renewal watch our course titled 10 Tips to Get the Renewal on the Ten-Minute Trainer Network!
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