What concessions are you making to get renewals done?
Hi, everyone. Steve Frost from TSIA. We're currently running a poll that talks about how renewal rates are going, and what you're doing with your policies when customers say their procurement or budget is tied up. Poll can be found here: https://www.surveygizmo.com/s3/5568952/TSIA-Rapid-Research-Response-Renewals-Impact
Answers
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You might want to offer your customers options that show willingness to help in these unprecedented circumstances while indicating you need to do it in a way that will ensure the delivery of the service you are providing them will not be impacted and ensure the stability of your own business. One option is to provide financial concessions for multi-years renewals.
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The data is evolving and we see a number of accommodations to help customers. On the defensive posture, we see willingness to extend or accept longer payment terms 30 - 60 days, or provide discount to motivate closure. This may be a 5-20% event or a month or 2 free of charge. (These actions are generally being driven on a case by case basis and not a blanket policy). On the offensive posture, we see companies providing incentives to sign up now or on time. Additional months of service or subscription for the same cost, or a discount to motivate closure now.) Be thoughtful for setting precedence that you will ultimately want to unwind at some point, and may find difficult if you reset the value of your services or subscription.
Check out the Rapid Response poll: https://www.tsia.com/members/for-you/covid-19-resources/rapid-research-response-dashboard. Renewals Impact
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