Renewal Analytics helps you identify renewal trends and optimize retention strategies for better customer continuity.
Renewal Analytics can be used to identify which customers are most likely to continue using their services, and which may be at risk of churning.
By analyzing customer behavior and service history, businesses can develop retention strategies that address the specific needs and expectations of each customer segment.
Despite the obvious advantages of mastering and scaling the renewal process, renewals still pose a big challenge for most. Renewal Analytics assists you in discovering insights that will let you develop better solutions to increase the renewal success rate.
- Metrics and Description
- Calculated fields
- Benefits and Advantages
- Renewal Analytics short video tour
Renewal Analytics presents below metrics
|
Metrics |
Description |
|---|---|
Total Customers |
No. of customers to which Renewals are sent for the selected date period. |
Total Jobs |
Total Jobs with Renewals generated for the selected date period. |
Total Services |
Total services (renewals) that are bid for the selected date period. |
Renewals Close Ratio |
Understand the Renewals Close Ratio. For example, When you filter for a particular salesperson, you can understand Close Ratio for specific Salesperson. Likewise, You can filter by any available filter criteria[Customer, Service, Crew, Service section]. |
All Metrics |
Understand overall Price, Cost, OH Cost, Break Even, Net Profit, Gross Profit for selected period of time. For example, To understand these metrics for a specific service, selecting Service from provided filter criteria and Apply Changes. |
Renewal by Job Status |
It is useful to know the metrics of my renewals by Job Status. For example, How many jobs are under their belt per Job Status. |
Renewals by Service Status |
It is useful to know the metrics of renewals by service status. For example, how many services are under their belt per Service status. |
|
Top 5 Service Sections by Renewals Generated |
This one can help you observe and understand Service sections that are accepted the most vs least. |
|
Top 5 Services by Renewals Generated |
Top 5 Services (renewals) bid most vs least |
Top 5 Salesperson sent Renewals |
You can understand your Top 5 Sales rep by renewals generated. |
Renewals Overtime |
Metric to understand the renewals generated for the selected date period. Total renewals generated frequency is by week/month/year based on the selected date range and base period. |
Renewal Summary |
This report provides the summary of renewals presented with detail: Customer, Job, Service, Status, Price, Cost, OH Cost, Net Profit, Gross Profit. Using the link you can quickly visit Customer Information or Job Information view. |
Computed Fields and Business Constraints
Close Ratio = (Total services that are accepted / Total services
Accepted includes all services under status: Scheduled, Approved, Completed, Invoiced
Filters
Using filters you can analyze by applying various search criteria, here are the available filters:
Batch Name → Customer Name → Job → Service → Job Status → Service Status → Salesperson → Crew
Top 4 areas `Renewal Analytics` can help to grow your business:
- Renewal analytics can be used to identify which customers are most likely to continue using their services, and which may be at risk of churning. By analyzing customer behavior and service history, businesses can develop retention strategies that address the specific needs and expectations of each customer segment.
- Optimize pricing: Renewal analytics can help you understand how customers respond to pricing changes, allowing you to optimize pricing to maximize revenue and customer retention.
- Competitive advantage: Renewal analytics can give businesses a competitive advantage by helping them to better understand their customers and develop targeted retention strategies. By retaining more customers and increasing their lifetime value, businesses can outperform their competitors and gain market share.
- Improved operational efficiency: Renewal analytics can help businesses identify areas for improvement in their operations, such as streamlining processes or improving customer service. By optimizing their operations, businesses can improve their overall efficiency and profitability.
Importance of having Renewal Analytics
- “It costs five times as much to acquire new customers than it does to keep existing ones” is a saying that only begins to scratch the surface of why renewals are so important. Revenue generation and business growth depends on the customer’s decision to renew, the customer renewal process demands even more attention.
- Building strong relationships with existing clients can make your revenue-generating efforts more efficient and can help boost your bottom line. According to research by Bain & Company, a 5% increase in customer retention can lead to a 25% to 95% increase in profits.
- That increased margin comes from both the reduced expense of securing a new client, and the higher potential of up-selling and enhancing a relationship with an existing client. Selling to a new prospect generally has a success rate between 5% and 20%; the probability increases tremendously when you’re up-selling an existing customer (landing in the 60% to 70% success range).
- In addition, reducing churn and turnover means you don’t have to work as hard to grow. Consider these numbers: if you want to achieve 10% growth over last year’s numbers, you also have to factor in any churn that occurs during the same time period.
- If you have a 20% churn rate, your sales numbers actually have to increase by 30% just to reach that 10% growth mark. If your churn numbers are lower, you can achieve greater success and profitability with the same efforts.
Renewal Analytics short Video Tour