Renewals are an integral part of any business, and their potential impact on growth and expansion should not be underestimated. In today’s ever-changing landscape, companies are realizing the importance of shifting focus from solely acquiring new customers to safeguarding and expanding their existing customer base.
Ignacio Miquelez de Mendiluce de la Torre, Global Business Development Manager from Exclusive Networks, emphasizes this strategic shift, stating, “Now more than ever, it’s essential to shift focus from acquiring new customers to protecting and expanding your existing customer base.”
The significance of renewals cannot be overstated, as they can account for up to half of a software company’s revenue and an impressive 80% of its profits. Investing in data and analytics, customer success programs, and effective renewal management strategies can substantially improve renewal rates and overall profitability.
Apart from the financial benefits, renewals also present a unique opportunity for upselling and cross-selling. The journey with a customer doesn’t end at the point of sale; rather, there is a wealth of potential for additional business. By skillfully employing cross-selling and upselling practices, companies can tap into this potential and realize substantial revenue gains. According to a 2022 HubSpot Blog survey, 72% of salespeople who upsell and 74% who cross-sell reported that it drives up to 30% of their revenue.
Let’s explore the various ways in which Fortinet technologies can drive profitability and provide opportunities for upselling and cross-selling:
Prevents competitors from disrupting established business relationships:
Renewing deals with Fortinet technologies can safeguard companies from competitors who might attempt to disrupt established business relationships. By maintaining strong ties with existing customers, businesses can secure their market position and protect their hard-earned customer base.
Increases operational efficiency:
Renewing deals with Fortinet eliminates the need for businesses to invest valuable time and effort in searching for new vendors or customers. By streamlining the renewal process, companies can focus on optimizing operational efficiency and productivity.
Adapting to change:
The business landscape has witnessed unprecedented disruptions due to the coronavirus pandemic, necessitating quick and agile responses from leaders. Fortinet technologies empower businesses to adapt to these challenges effectively, reassess their strategies, and reinvent their operations to thrive in the new normal.
Pursuing new opportunities:
With Fortinet’s advanced solutions, companies can confidently explore new opportunities, broaden their customer base, and cater to different markets. Embracing innovation and stepping out of comfort zones will drive positive change and open new avenues for growth.
In conclusion, renewals are the bedrock of stable revenue for resellers, offering an ideal platform for upselling and cross-selling with Fortinet technologies. By strategically focusing on renewals and leveraging the power of Fortinet solutions, resellers can maximize their opportunities for growth, profitability, and success in an ever-evolving market.