A renewal management dashboard can produce significant results in renewal sales efficiency and recurring revenue growth for your organization…but only if your sales force uses it effectively.
As illustrated in our recent white paper, building a successful recurring revenue practice requires a solid foundation of clean customer data, actionable business intelligence, a laser focus on the product lifecycle and customer satisfaction, and technology to enable your workforce and automate the sales process. Get all these gears working in harmony and you’ve built yourself a high performance recurring revenue engine – new, predictable revenue streams galore!
Keep in mind though, that while the data and technology are core mechanisms of your renewal management dashboard, you should not overlook the importance of the human component – your sales team. You may work for one of many organizations that see the value in strengthening recurring revenue streams and are investing in sales enablement tools focused exclusively on maximizing contract renewal revenue. Now that you’ve bought or built a renewal dashboard with all the bells and whistles, you will only maximize ROI if your sales team actually uses it, uses it often, and uses it correctly.
Here are 5 tips to maximize sales force adoption of your renewal management dashboard:
1) Make Your Renewal Management Dashboard Easily Accessible
In order to efficiently touch 100% of your renewal opportunities, you need to get your dashboard in front of the entire renewal sales team. Don’t keep your renewal dashboard locked away where only managers can see it. Renewal sales reps need quick and easy access to customer product usage information and expiration dates to ensure that renewal opportunities are not falling through the cracks. As a sales manager it’s your responsibility to provide your team with this valuable information and enable them to close more deals. It’s best practice to host one version of your real-time renewal dashboard in the cloud so that everyone can work with the most up-to-date data available.
2) Train Your Sales Force to Use the Dashboard Properly
One huge mistake companies make all too often is investing heavily in a new sales enablement tool but not investing in properly training their sales force on where to find the tool and how to interpret and leverage the information it is providing them. Sending a blanket email to the company with a link to the tool and a list of FAQs will most likely fall on deaf ears, and your new tool will have a poor adoption rate and fail to achieve ROI as a result. Since renewals account for a valuable chunk of your company’s revenues, and your new dashboard will optimize this important revenue stream, make sure that your team trainings and sales playbook give a thorough overview of the renewal sales process and renewal dashboard features and functionality.
3) Display Your Data in a Way that can be Quickly and Easily Understood
With increasingly complex business reporting and sales analytics, it’s important that your renewal dashboard data be visualized in a way that everyone can easily comprehend. While everyone nowadays understands the importance of using customer data and product usage trends to make decisions and improve business outcomes, we can’t expect everyone to be a data scientist. BI systems and custom-built databases specialize in compiling and sorting vast amounts of data but not all do a good job of transforming complex data sets into a simple visual interpretation that any sales person can understand. Making the data easily digestible in the form of charts and graphs will benefit your entire sales force and allow everyone to take these intelligent insights and convert them into renewal revenue. When your sales force finds clear, actionable data in the dashboard, the value will be easy to see and encourage regular use.
4) Eliminate Disparate Reports for End-Users
Most companies have all kinds of important customer and product data stored across a variety of databases. To close a renewal deal it’s not uncommon for a salesperson to need to pull information from across multiple sources including a CRM system, product catalog and transactional database. It can be impossible to get a global view of renewal opportunities when shuffling through reports from disparate databases. This is probably your team’s #1 annoyance with the renewal sales process. If you can provide them with a renewal management dashboard that aggregates reports from across multiple databases, you can be confident that end-user adoption will be nearly 100%. Give your team a holistic view of their renewals opportunity pipeline in a single location and they will see the undeniable value in time saved.
5) Make Your Renewal Dashboard Responsive
We’re finding ourselves spending more and more time on our personal mobile phones and tablet devices. The mobile device culture has already inserted itself into the business environment with a variety of sales productivity apps now available. As IT departments become more open to outfitting their employees with smart phones and mobile devices you’ll need to make sure that your most important sales dashboards are “responsive” or capable of displaying well on any device screen size. When you provide your renewal dashboard in a responsive format, your sales team is more likely to use the tool and include it in their renewal sales process.
As with any new tool, adoption and use rates will rise if you continue to engage with your user base and offer insight into your renewal dashboard’s features, functions and benefits. The above five tips will get your initiative off to a running start, and more importantly, help you capitalize on up to 100 percent of the recurring revenue stream available to your organization.