Customer : Recruitment SaaS
Scenario
- A recruitment SaaS company, was facing issues with low Net Revenue Retention which compromised revenue growth, largely due to inefficiencies in managing the renewal process for customers spread across the size/complexity spectrum.
Challenges
- The renewal process followed a one-size fits all approach - regardless of the nature of the customer’s business.
- The process did not emphasize activities that are vital in a build-up to renewal – evangelization of value delivered, platform usage and user engagement.
- Inability to act on risks associated with renewals and initiate remedial action in a structured manner.
- The process was offline/manual, which increased the degree of difficulty in carrying out the renewal activities in a timely fashion.
Data Points
- The Net Revenue Retention prior to the deployment of playbooks stood at 75%
Solution
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A suite of renewal playbooks
- Playbooks were designed specific to customer categories - enterprises, mid-market and SMBs.
- The tasks (recommended set of activities) & renewal time-frames were customized to what needs to be carried out for a given customer category.
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Inclusion of several pro-active tasks in preparation of renewals:
- Auto-emailing of value & usage reports to customer stakeholders in advance.
- Automated task allocation for any customers escalations/issues during renewal period
- Automated remedial task allocations basis poor usage indictors for key customers
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Continuous improvement of renewal process
- Analytics w.r.t renewal data to determine best practices - what works and what doesn’t. Further, funnel the learnings into the renewal playbooks for a more optimized approach.
- Quick identification of customers that are running behind schedule
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Unified flow across all stakeholders
- Brought org stakeholders (renewal, finance & product teams) and customer stakeholders together as part of one task flow, establishing transparency.
Results
- Increase in Net Revenue Retention from 75% to 92%
- Increase in revenue by $ 1.2 M for the first year.
