From the course: Advanced Business Development: Communication and Negotiation
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Contract renewal
From the course: Advanced Business Development: Communication and Negotiation
Contract renewal
- When is your deal up for renewal? 30 days, 12 months, five years? What many BusDev reps fail to realize is that the contract is up for renewal each and everyday. Sure, your terms and conditions might penalize an early termination but your buyer isn't saving that decision of renewal for the one day you bring it up. That's why your focus on renewal starts the day your deal is signed. Every interaction you have with a customer from that point forward is an opportunity to sure up your contract renewal. And to ensure a successful renewal, you'll need to zoom in on two key areas in your customer conversations. First, report regular results. Waiting until a goal is 100% complete is too long. Reporting updates, progress and milestones keeps you top of mind with your buyer. Help them see that progress is being made against their original objectives. Routinely update your buyer on what's happening and how progress is being made. Second, acknowledge implementation challenges. A lot of reps are…
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