The Center for Sales Strategy Blog

Every year, a major Greek Festival attracts around 20,000 food and culture enthusiasts. The festival team diligently works with nearly 100 vendors to ensure the event runs smoothly. While all vendors are eager for business, many fail to fully understand the event's needs or follow up on the results.

Post-festival, the organizing team conducts a thorough review of all purchases to determine which investments were worthwhile and which could be eliminated. This evaluation process largely determines vendor renewals for the following year.

Vendors who demonstrated a clear understanding of the festival's requirements and offered suggestions for improvement are not only likely to be renewed but may also see increased business.

The 5th Annual Media Sales Report asked salespeople where their jobs are getting easier and where they are harder. 31% of salespeople responded that renewing clients is more challenging than ever before.

It's indeed crucial to recognize the evolving dynamics of client renewals in today's market landscape. With the increasing options available to clients, retaining them has become more challenging and important than ever before.

Here are some effective retention strategies that can be implemented throughout the sales process.

As businesses focus on attracting new customers, they often overlook the importance of nurturing existing relationships to boost their bottom line.

Don't let your hard-earned customers slip away. Read on to discover five powerful ways to elevate your organization and achieve a higher renewal rate.

Grow, the sixth and final step in the Sales Accelerator Process is often-overlooked and underutilized—despite having hidden revenue-generating opportunities. Closing deals is the ultimate goal in sales, but it’s not where the work ends with clients. Salespeople should start to care about the renewal the moment they make the sale.

It costs five times more to attract a new customer than it does to retain an existing one. One of the biggest untapped opportunities for increasing sales and growing annual revenue is renewal and growing existing accounts. To do that, you set up regular meetings with clients to review campaign results and make adjustments along the way. You keep your promises, sell success, and grow the account.

We know it’s extremely important to maintain open and regular communication with clients. Each team should be consistently tracking their efforts and goals and addressing any concerns along the way. Due to time restraints and other factors, that rarely happens – and that’s where a Service-Level Agreement steps in.

As sales professionals, we love annual contracts because we know that clients are going to spend throughout the course of a year. However, we cannot become apathetic and only talk to clients once a year.