Managing customer retention and renewal

Managing customer retention and renewal involves creating and implementing strategies to retain existing customers and renew their contracts or subscriptions. This capability includes developing and administering processes and programs related to customer retention and renewal, analyzing customer behavior and needs, identifying and addressing customer concerns and issues, and continuously improving retention and renewal processes to enhance customer satisfaction and loyalty. It also involves promoting a culture of customer service excellence and maintaining positive relationships with customers.

Beginner competence definition

At the beginner level, managing customer retention and renewal involves understanding the basic principles of customer service and the company’s policies and programs related to retention and renewal. Beginner-level professionals are able to participate in managing customer retention and renewal, communicate effectively with customers and stakeholders, and follow established protocols and procedures related to retention and renewal.

Intermediate competence definition

Intermediate individuals have a deeper understanding of retention and renewal strategies and their application to the company’s needs. They are able to lead efforts to develop and administer processes and programs related to retention and renewal that align with the company’s overall business goals and values. They can also analyze customer behavior and needs, identify and address customer concerns and issues, and communicate effectively with customers and stakeholders. We’ve found that intermediate-level professionals have the skills to train and coach others on retention and renewal strategies and policies.

Advanced competence definition

Advanced-level professionals have a comprehensive understanding of retention and renewal strategies and their application in complex, global organizations. They can design and implement retention and renewal programs that comply with legal and regulatory requirements, promote customer satisfaction and loyalty, and align with the company’s overall business goals and values. They’re also able to use advanced techniques such as customer analytics and predictive modeling to analyze and interpret customer data, identify trends and patterns, and develop strategies to improve retention and renewal rates and drive business growth. In our experience, advanced-level professionals have strong leadership skills, with the ability to inspire and motivate teams to achieve retention and renewal goals and drive continuous improvement throughout the organization.