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Top 3 Essential Talents of a Perfect Renewals Leader

Jim Stockwell
Jim Stockwell

Renewals management is different from sourcing net new sales. It involves high volumes of transactions, lower value deals and an opportunity portfolio that is constantly changing, updating and evolving.

So, hiring the right person to lead your renewals team can make or break your program. It is therefore essential to seek certain talents which are often unique to the fast-pace and heavy-workload operational environment of renewals.

 

Essential Talent 1 – The ability to motivate a team

In the renewals team, this involves coaching the renewals team by guiding and supporting them AND also being able to determine and set realistic targets.

Realistic targets must be both attainable and include a stretch for those who can exceed a standard workload. Due to the changing nature of renewals (not every customer is going to renew) it’s also important that the Renewal Sales Leader be flexible and offer quota relief when circumstances are beyond the representative’s control.

For example, if a couple of major renewal opportunities fall through or are delayed, the renewal leader should work with the affected representative to identify cross-sell or upsell opportunities that may help fill the gap. Are there any active campaigns that could be promoted to different customers? If the rep has demonstrated a high degree of effort and commitment to try to make-up the target, then consideration may be warranted.

A true leader has the confidence to stand alone, the courage to make tough decisions, and the compassion to listen to the needs of others” - General Douglas McArthur

 

Essential Talent 2 – To be a trusted communicator

Unlike the product side of your business, support contracts are intangible. Selling an intangible requires a particularly trusted communicator. Some customers are very reluctant to renew contracts, especially if they’ve never had a need to call on tech support. Therefore being able to communicate the value of these intangible benefits is paramount and requires adapting your approach for different customers – based on their experience and the perceived value of the renewal in meeting their unique needs.

 

Essential Talent  3 – The ability to sell and influence internally up the chain

Although renewals should be more predictable (and therefore expected) than net new sales, one essential talent that is often overlooked in a Renewals Leader is the ability to communicate the renewals team’s achievements up the chain to executive management. This includes demonstrating that the team is meeting its performance targets and is continually improving.

With the convergence to more cloud offerings, the net new sales teams can learn a lot from a renewals organization given the similar nature of the recurring revenue streams. Many renewals programs include detailed customer success and retention plans. These offer real-life blueprints for the successful deployment of cloud programs. There is a wealth of experience within a renewal team – so a good leader should encourage their organization to tap into it.

In summary, if you’re looking to hire the perfect Renewals Team Leader, ask your candidates to describe their perception of the essential talents required for the role. If they describe all the above, you can be assured that you’re on the right track to getting a great Renewals Leader.

Ultimate Renewals Playbook

 

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