Improvement in Timely Renewal Rates
Of Annual Booking Value in 10 months
Average Win Rate Across 14 Modalities
It’s not only cheaper to retain an existing account, but loyal customers are also more likely to purchase more products or services through upselling and cross-selling. Improving customer retention and driving timely contract renewal is the key to improving sales forecasting, cash flow, and long-term profitability.
Effective account management helps maintain strong connections with customers throughout the life of the contract and sets the stage for a successful renewal conversation. A comprehensive renewal management program must also have the technology needed to cleanse and enhance customer data, enabling a 360° view of the entire install base. These critical insights allow sales teams to derive actionable intelligence to optimize their service packages and personalize the sales approach based on the customer’s unique needs.
Medical Device Healthcare Provider
Customer Success & Renewals
ServiceSource partnered with this global medical device provider to help improve their on-time renewal rates and bookings of service contracts for several modalities (types of medical equipment). These types of equipment included CT, Ultrasound, MISPECT, PET SCAN, MRI, and X-ray machines in their lower-tiered segment.
The client needed a high-caliber, experienced sales team that could effectively represent its core business knowledge and values to its customers. The sales reps also required a deep understanding of the nuances of selling to SMB customers, like ‘mom-and-pop’ medical facilities.
Due to the size of the company and the large amounts of contract and customer information coming from different sources, there were many quoting inconsistencies, which created confusion and inefficiencies along the renewal process. The client needed a structure to provide:
- Consistent and accurate quoting for equipment
- Improved reporting capabilities
- Customer relationship management (CRM) coverage of customer data
ServiceSource started providing account management and quoting support for two modalities. We then evolved our relationship in 2021 to own all SMB customer accounts in the U.S. market and expanded coverage of service and maintenance contracts for all 14 modalities provided by the client.
ServiceSource provided the following solutions to improve renewal rates and recurring revenue:
- A team of 17 highly trained, dedicated resources to cover SMB renewals for the U.S. Market
- A deep analysis of contracts, warranties, expiring asset reports, and sales data to identify upsell/ cross-sell opportunities
- Regular engagement with the customer to better understand usage patterns to tailor renewal contracts
- Collaboration with the client’s internal team on customer data and opportunity management to scale sales coverage and improve selling capabilities
- Implementation of specific contract types for SMB customers, support for ongoing win-back campaigns, and focus on contracts set to expire in the fiscal year
- A focus on multi-year engagements, with an average contract length of 4.1 years
In addition to improving timely renewal rates by 15%, our campaigns generated a high level of business intelligence that the client could use to better inform business decisions and strategies. We improved the average win rate from 52% to 60% across 14 modalities and achieved 105% of our Annual Booking Value goal in just 10 months.
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