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Renewal Funnel
A Renewal funnel template is a valuable resource for businesses aiming to optimize their renewal process and enhance overall productivity. This template outlines the different stages involved in renewing customer contracts, starting from the initial contract expiration notification to securing the renewal. By utilizing a funnel template, businesses can effectively manage the renewal pipeline, ensuring a systematic approach and minimizing the risk of overlooking critical steps.
And here's the table for the Renewal funnel template:
Steps full description (5)
Description
Review the performance of the account, the rate of adoption, and account satisfaction. Identify any red flags that can potentially be brought up during the renewal discussion. Identify any new needs that can be added to the renewal contract. Communicate the renewal options to the champion on the account.
Description
Review the performance of the account, the rate of adoption, and account satisfaction. Identify any red flags that can potentially be brought up during the renewal discussion. Identify any new needs that can be added to the renewal contract. Communicate the renewal options to the champion on the account.
Probability
80% - 90% or expected rate of logo renewal
Probability
80% - 90% or expected rate of logo renewal
Forecast Category
Best Case
Forecast Category
Best Case
Recommended Gates
Champion Contact, Renewal with Upsell (Yes / No)
Recommended Gates
Champion Contact, Renewal with Upsell (Yes / No)
Automations
Previous Amount from Source Opportunity Amount to Field: Previous Amount
Automations
Previous Amount from Source Opportunity Amount to Field: Previous Amount
Account Review
Description
Review the performance of the account, the rate of adoption, and account satisfaction. Identify any red flags that can potentially be brought up during the renewal discussion. Identify any new needs that can be added to the renewal contract. Communicate the renewal options to the champion on the account.
Description
Review the performance of the account, the rate of adoption, and account satisfaction. Identify any red flags that can potentially be brought up during the renewal discussion. Identify any new needs that can be added to the renewal contract. Communicate the renewal options to the champion on the account.
Probability
80% - 90% or expected rate of logo renewal
Probability
80% - 90% or expected rate of logo renewal
Forecast Category
Best Case
Forecast Category
Best Case
Recommended Gates
Champion Contact, Renewal with Upsell (Yes / No)
Recommended Gates
Champion Contact, Renewal with Upsell (Yes / No)
Automations
Previous Amount from Source Opportunity Amount to Field: Previous Amount
Automations
Previous Amount from Source Opportunity Amount to Field: Previous Amount
Description
The account sees the potential in the renewed and possibly increased value proposition and is now evaluating internally if there cotniues to be a technical fit and an ROI or strategic fit with any internal initiatives.
Description
The account sees the potential in the renewed and possibly increased value proposition and is now evaluating internally if there cotniues to be a technical fit and an ROI or strategic fit with any internal initiatives.
Probability
80% - 90% or expected rate of logo renewal
Probability
80% - 90% or expected rate of logo renewal
Forecast Category
Best Case
Forecast Category
Best Case
Recommended Gates
Technical Fit / Win (Yes / No) if above is true + Next Steps
Recommended Gates
Technical Fit / Win (Yes / No) if above is true + Next Steps
Automations
Technical Fit / Win (Yes / No) if above is true + Next Steps
Automations
Technical Fit / Win (Yes / No) if above is true + Next Steps
Evaluate
Description
The account sees the potential in the renewed and possibly increased value proposition and is now evaluating internally if there cotniues to be a technical fit and an ROI or strategic fit with any internal initiatives.
Description
The account sees the potential in the renewed and possibly increased value proposition and is now evaluating internally if there cotniues to be a technical fit and an ROI or strategic fit with any internal initiatives.
Probability
80% - 90% or expected rate of logo renewal
Probability
80% - 90% or expected rate of logo renewal
Forecast Category
Best Case
Forecast Category
Best Case
Recommended Gates
Technical Fit / Win (Yes / No) if above is true + Next Steps
Recommended Gates
Technical Fit / Win (Yes / No) if above is true + Next Steps
Automations
Technical Fit / Win (Yes / No) if above is true + Next Steps
Automations
Technical Fit / Win (Yes / No) if above is true + Next Steps
Description
The account is trying to align with you on the definitive budget and financial commitment as well as any terms and conditions neccesary to move forward to contracting.
Description
The account is trying to align with you on the definitive budget and financial commitment as well as any terms and conditions neccesary to move forward to contracting.
Probability
80% - 90% or expected rate of logo renewal
Probability
80% - 90% or expected rate of logo renewal
Forecast Category
Commit
Forecast Category
Commit
Recommended Gates
Proposal Sent, Proposal Link or Document, Proposal Comments, Billing Term, Contract Term + Next Steps
Recommended Gates
Proposal Sent, Proposal Link or Document, Proposal Comments, Billing Term, Contract Term + Next Steps
Automations
Conduct Proposal Review to assess the proposal's quality. Conduct Proposal Approval to approve the proposal. Conduct Contracting Points Check to identify any contract changes required.
Automations
Conduct Proposal Review to assess the proposal's quality. Conduct Proposal Approval to approve the proposal. Conduct Contracting Points Check to identify any contract changes required.
Proposal/Negotiation
Description
The account is trying to align with you on the definitive budget and financial commitment as well as any terms and conditions neccesary to move forward to contracting.
Description
The account is trying to align with you on the definitive budget and financial commitment as well as any terms and conditions neccesary to move forward to contracting.
Probability
80% - 90% or expected rate of logo renewal
Probability
80% - 90% or expected rate of logo renewal
Forecast Category
Commit
Forecast Category
Commit
Recommended Gates
Proposal Sent, Proposal Link or Document, Proposal Comments, Billing Term, Contract Term + Next Steps
Recommended Gates
Proposal Sent, Proposal Link or Document, Proposal Comments, Billing Term, Contract Term + Next Steps
Automations
Conduct Proposal Review to assess the proposal's quality. Conduct Proposal Approval to approve the proposal. Conduct Contracting Points Check to identify any contract changes required.
Automations
Conduct Proposal Review to assess the proposal's quality. Conduct Proposal Approval to approve the proposal. Conduct Contracting Points Check to identify any contract changes required.
Description
The account has given a verbal commitment and now seeks to align on a master services agreement and legal verbiage necessary for signatures.
Description
The account has given a verbal commitment and now seeks to align on a master services agreement and legal verbiage necessary for signatures.
Probability
99%
Probability
99%
Forecast Category
Commit
Forecast Category
Commit
Recommended Gates
Billing Term, Contract Term, Contract Documents or Link
Recommended Gates
Billing Term, Contract Term, Contract Documents or Link
Automations
Conduct Contract Review to assess the contract's quality. Conduct Contract Approval to approve the contract. Collect signatures.
Automations
Conduct Contract Review to assess the contract's quality. Conduct Contract Approval to approve the contract. Collect signatures.
Contracting
Description
The account has given a verbal commitment and now seeks to align on a master services agreement and legal verbiage necessary for signatures.
Description
The account has given a verbal commitment and now seeks to align on a master services agreement and legal verbiage necessary for signatures.
Probability
99%
Probability
99%
Forecast Category
Commit
Forecast Category
Commit
Recommended Gates
Billing Term, Contract Term, Contract Documents or Link
Recommended Gates
Billing Term, Contract Term, Contract Documents or Link
Automations
Conduct Contract Review to assess the contract's quality. Conduct Contract Approval to approve the contract. Collect signatures.
Automations
Conduct Contract Review to assess the contract's quality. Conduct Contract Approval to approve the contract. Collect signatures.
Description
Closed Won
Description
Closed Won
Probability
100%
Probability
100%
Forecast Category
Closed
Forecast Category
Closed
Recommended Gates
Closed
Recommended Gates
Closed
Automations
Auto-renewal automation
Automations
Auto-renewal automation
Closed Won
Description
Closed Won
Description
Closed Won
Probability
100%
Probability
100%
Forecast Category
Closed
Forecast Category
Closed
Recommended Gates
Closed
Recommended Gates
Closed
Automations
Auto-renewal automation
Automations
Auto-renewal automation
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