When Concentrix partnered with this industry-leading visualization company in March 2021, it was experiencing low renewal rates, with less than $10M in bookings, and relatively high attrition rates. To maintain consistent growth and a strong pipeline, the client needed more accurate forecasting capabilities, better sales prioritization, and a team to improve bookings and renewal rates for its subscription and maintenance contracts.
This effort was complicated by a subpar number of timely contract renewal payments. Without being able to plan exactly when revenue would come in, the client couldn’t adequately plan its sale prioritization to reinvest that capital into further innovation, process improvements, and product development.
The first hurdle that Concentrix needed to overcome was to prove the effectiveness of its methodology and validate itself as a strategic partnership. The client’s in-house renewals team was dedicated to their top-tiered customers, dedicating auto-renewals or a reactive approach for the lower-tiered customers.
We initially implemented a team of eight renewal advisors across North American and Latin America. To improve response times to queries, the team dedicated a sales prioritization framework to set priority levels, improve SLAs, and increase accountability with the renewal advisors. This included dedicating mentor hours to help improve advisors’ ability to channel queries more efficiently and continue to improve technical know-how for renewal-related questions. We also implemented task load automation to help improve efficiency and pipeline management.
By establishing a successful partnership and proving the value of our capabilities, Concentrix took the client’s business to an unprecedented level of success. The client experienced an 81 percent increase in bookings year over year and a 3.3 percent drop in customer churn.
With the focus on sales prioritization and increasing maintenance and subscription contract renewal rates, the client achieved an 84 percent renewal rate, the highest rate it has ever experienced in this segment. Our continued success with the client has resulted in a global expansion, covering a wider range of customer accounts and more product lines.