Knowledge-based Renewals

We are a data-driven society, aren’t we? Well, successful managers would like to lead us to believe that they operate based on data, but many managers operate based on gut feel and instincts.

Regardless of which way your management leans – decide by the data or decide by the gut – if you’re in a situation where you’re trying to renew an account or retain client business, and there are many clients to retain, then data has to come into play.

In professional sports, the issue of too many season ticket holders for the number of sales and service representatives is an ongoing concern. Here are some of the concepts that we suggest to pro sports teams but which could apply to virtually any business that has recurring customers. Consider these data-focused initiatives:

· Conduct Exit Interviews with former season-ticket holders to determine why they left so you can create profiles of those lost customers and apply those findings to your current season ticket holder (STH) base. This helps you to more clearly identify current season ticket holders who are at-risk of non-renewal. You may also be able to generate a good number of sales leads!

· Make In-Person Touches with 80%+ of First Year STHs. You use these conversations to not only develop rapport but also to gather intelligence on their expectations and satisfaction.

· Conduct an At-Risk Profiling Assessment of former season ticket holders to determine why they’ve left so that you can apply the criteria to your current season ticket holders.

· Conduct Season Ticket Holder Surveys asking about and gauging likelihood of renewals in the near future. This again helps you to target renewal efforts to those most likely to cancel.

These four important data gathering and analysis methods can help you get the renewal efforts to where they’re needed most because they allow you to target, target, target.

Learn from our approach to supporting our professional sports clients. Use data-driven concepts so your renewal and retention efforts won’t seem so daunting.

Interested in improving your company’s customer service? See more information at: http://www.cssamerica.com/

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