People Achieving

Contract renewals

The loss of a key contract can have devastating effects on a company. Your contract base is something you will have undoubtedly worked long and hard to establish yet it is only too easy for a renewal to creep up and suddenly become critical and urgent. Growth is hard enough to achieve without having to back fill your contract base because renewals weren't successful.

Renewals are not just another sale

In our study of the leading sales methodologies none provide any specific focus on contract renewals. Whilst all of them would apply in general we think it is naive to treat a renewal as just another sales campaign. There are a number of areas, specific to contract renewals, each of which can be turned into opportunities or threats depending on how you approach them:-

    • Existing relationships - sales and service
    • Opportunity to appreciate broad client need
    • Current levels of service
    • Understanding of commercials
    • Ability to actually demonstrate innovation and commitment
    • Client business model changes

Our track record

We have a significant track record of contract renewal success such as:-

    • Renewal and extension of a £200m managed service contract for a large ITC company
    • 15 out of 15 contractual renewals over an 18 month period
    • Renewal and extension of a global service company’s     largest maintenance contract worth £14m

Finally, whilst we pointed out at the beginning the lack of focus on renewals in current sales methodologies, it is still important to have a sales force equipped with the skills, tools and processes required to plan and execute a successful campaign.

See how we helped generate an enviable renewals track record

Renewal feedback

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Renewal campaign praise

“We were looking for someone who could not just advise on current business fashion or apply a long experience of business process and practice. He can deliver that in spades, but so can many other consultants. What he delivers that is different is that most elusive and sought after characteristic – insight”

Robin J Castree

Account Director

Common Issues

Some issues we find the same issues when called in to our clients accounts:

  • • Complacency
  • • Demand for “innovation”
  • • Relationships tired
  • • Service issues
  • • Cost cutting demands
  • • Key sponsor move on
  • • A procurement exercise

 

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Key components

Some of the key components to focus on for successful contract renewal are:-

  • • Understanding the client
  • • Long term campaigning
  • • Systematic approach
  • • Political map
  • • Avoid re tendering
  • • Proven innovation
  • • Provision of skills and tools
  • • Goal directed relationships

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