Channel Mechanics

Renewals Management Software

Launch dedicated renewals programs to drive higher renewal rates and renewal revenues via partners

Most technology vendors rely on a significant portion of their annual revenue to come from existing customers by “simply” securing the renewal of their product.

Be it a SaaS subscription, services or a maintenance continuity for a perpetual software license, renewals account for a significant portion of total revenue. Missing out on a renewal in not only a direct hit on revenue, it is also the loss of potential to grow your business with any up-sell and cross-sell offerings from your wider portfolio. Renewals Management is therefore the lifeblood for many vendors and partners.

While renewal rates are listed as 1 of 9 Channel KPIs every manager should be tracking, they can be complicated when selling through the channel (Distributors, Dealers, Sales Agents, Resellers). This is because the vendor is often one step (and sometimes two) steps removed from the end customer. Many vendors fail to realize the churn when it comes to securing renewals by the lack of data, systems and tracking.

Unfortunately, Partners are not always good at keeping a database of record of previous sales. This is where the Vendor needs to step in. By putting tools and processes in place to track sales and automate the presentation of renewal opportunities to partners, vendors ensure no loss of installed base footprint. Partners are very grateful for this and often see this as the Vendor providing them with new opportunities, albeit opportunities that were theirs in the first place. But either way, a win-win.
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Benefits of The Channel Mechanics Renewals Management Software Program

  1. Protect and grow your existing customer base. Renewals are an opportunity to revisit and rejuvenate conversations with the customer.
  2. Automatically share unique renewal opportunities with partners via your partner portal, making it easy for them to get quotes and track progress.
  3. Makes securing the renewal easier with the functionality to incorporate an incentive program that instantly pays out based on achievement.
  4. Empower account managers to better support partners and focus on accounts at risk of renewal loss. Renewals are an opportunity to discuss additional requirements and the services and solutions the partner can offer.
  5. Predict future partner renewals performance with our “what-if” scenario planning across all partners, individual partners, and by partner type or geography.
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Conor Madden

Sales Director

Here at TitanHQ we use the Channel Mechanics Renewals Module to automate the delivery of renewal opportunities to our partners. Ensuring ease of doing business for our partners when it comes to renewals is critical to ensuring we maximise renewal revenue and the Channel Mechanics Platform has delivered the desired partner experience.

Key Features

  • Present partners a list of renewal opportunities in an easy to consume dashboard
  • List the renewal opportunities by value, renew date, end customer and status
  • Configure reminder notifications for partners such as 30-, 60- and 90-day cycles so they stay on top of upcoming revenue opportunities
  • Set renew rate targets for partners
  • Customizable dashboards to track performance in real-time
  • Measure and report Renewal Rate metrics
  • Renewal pool & attainment levels visible to both partners and partner account managers
  • Renewals Enablement – store renewal sales collateral and track which partners are accessing it
  • Synch the renewals status automatically with your CRM

Launch dedicated programs to drive high renewal revenue attainment and make it easy for partners to see which renewals are due and track their performance on self-serve dashboards.

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Related Renewals Management Resources

How To Open the Securing Renewals Conversation?

No-one needs to be told the importance of securing renewals. However, some fail to realize the leakage caused by the lack of data, systems and tracking. 

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Measuring Renewals Sales Performance: Insights and Analytics

Renewals Sales performance should be a relatively predictable entity. However, this is not a certainty. Measuring these KPI's should pinpoint any issues to address.

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Securing Renewals ... Data is King

Vendors often rely on more than 50% of revenue to come from existing customers simply renewing. But securing renewals is not as ‘simple’ as you might think.

Read More

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