Service renewal performance is fundamental to overall corporate financial health. Existing service relationships represent a predictable recurring revenue stream and provide the foundation from which to grow revenue. Before you can grow relationship value however, you must be able to retain what you have.
Service renewal is the process of sustaining a contractual relationship with a customer to deliver promised services and entitlements. Service contracts may include Support Agreements, Success Plans, Extended Warranty programs and other renewable services. The renewal process consists of the practices and policies necessary to assure that customers understand, use and benefit from services and the means to secure the agreements and payments required to continue the relationship.
About This Report:
This playbook introduces the metrics, practices, and activities necessary to optimize service contract renewal performance. It explores the processes, policies, and resources required to retain and grow customer relationship value. Topics explored include: