Proactively manage contract renewals and reduce last-minute scrambles with Notifications, Account Rooms, and Summaries. Keep your sales and customer success teams informed about upcoming renewals and ensure timely follow-ups. Maintain visibility for sales reps while allowing CSM and Customer Support teams to take over. Ensure seamless transitions and continuous engagement with detailed summaries focusing on customer sentiment and expansion/churn insights.

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Why Managing Contract Renewals Matters

Effective management of contract renewals is essential for maintaining strong customer relationships, ensuring continuous revenue streams, and minimizing churn. Poor renewal processes can lead to missed expansions, last-minute rushes, and lost contracts. By proactively managing renewals with Momentum’s features, you can ensure timely follow-ups, seamless handoffs, and continuous visibility for all relevant teams.

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Key Features for Managing Contract Renewals

  1. Salesforce Notifications with Scheduled Paths

    • Automated Reminders: Set up notifications using our scheduled paths feature to alert your team about upcoming contract renewals well in advance.
    • Customizable Alerts: Configure notifications based on specific criteria, such as renewal dates, contract value, and customer tier, ensuring timely and relevant reminders.
    • Consistent Follow-Ups: Ensure no contract renewal is overlooked by automating the reminder process and keeping your team on track.

    Salesforce Notifications

  2. Account Rooms

    • Centralized Account Management: Create dedicated Slack channels for each account, consolidating all relevant information, communications, and updates.
    • Seamless Handoffs: Transition management of accounts to CSM and Customer Support teams while keeping sales reps connected to deals with minimum overhead.
    • Continuous Visibility: Maintain total visibility for sales reps, ensuring they stay informed about account status and can re-engage when necessary.

    Deal Rooms and Account Rooms

  3. Summaries

    • Automated Note-Taking: Summaries automatically generate detailed notes from customer interactions, saving time and ensuring comprehensive documentation.
    • Custom Prompts: Create custom prompts for summaries to refine CSM notes, focusing on customer sentiment, expansion opportunities, and churn risks.
    • Informed Decision-Making: Use insights from summaries to guide renewal discussions, identify upsell opportunities, and address potential churn early.

    Summaries

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Step-by-Step Guide to Managing Contract Renewals

  1. Setting Up Notifications with Scheduled Paths
    • Navigate to the Salesforce Notifications section in the Momentum admin dashboard.
    • Create a new notification for any new contract created or opportunity closed-won.
    • Establish one or many scheduled path delivery for this notification, based on the contract end date.
    • Customize the notification message to include relevant information and actionable instructions for your team.
    • Schedule the notifications to be sent at intervals (e.g., 30 days, 14 days, 7 days before the renewal date) to ensure timely follow-ups.
  2. Creating and Using Account Rooms
    • Go to the Account Rooms section in the Momentum admin dashboard.
    • Create an Account Room for each key account, inviting relevant stakeholders from the Customer Success, Customer Support, and Sales teams.
    • Use Account Rooms to centralize all account-related information, making it easy for teams to access and update as needed.
    • Set up automated updates using AI Signals to keep Account Rooms informed about any significant changes or feedback from the customer.
  3. Utilizing Summaries in Account Rooms
    • Navigate to the Summaries section in the Momentum admin dashboard.
    • Set up summary workflows to capture detailed notes from customer success calls.
    • Customize the summary prompt to focus on key success areas such as customer sentiment, expansion opportunities, and churn risks.
    • Deliver these summaries within Account Rooms to keep all stakeholders informed and aligned on the latest customer feedback and renewal status.
  4. Maintaining Continuous Engagement
    • Ensure sales reps remain part of the Account Rooms to maintain visibility into the account status and potential upsell opportunities.
    • Use the data and insights gathered in Account Rooms and Summaries to inform and guide renewal discussions, ensuring that the customer feels valued and understood.
    • Regularly review the status of upcoming renewals and take proactive steps to address any potential issues before they become critical.

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Benefits of Managing Contract Renewals

  • Reduced Last-Minute Scrambles: Automated reminders ensure that renewals are managed proactively, reducing the risk of last-minute rushes.
  • Improved Customer Satisfaction: Timely follow-ups and well-managed renewals contribute to a positive customer experience, increasing satisfaction and loyalty.
  • Seamless Transitions: Account Rooms enable smooth handoffs between sales, CSM, and Customer Support teams, ensuring continuity and comprehensive account management.
  • Enhanced Sales Visibility: Sales reps stay connected to deals with minimal overhead, maintaining awareness of account status and opportunities for upselling or cross-selling.
  • Increased Renewal Rates: Proactive management and timely follow-ups lead to higher renewal rates, ensuring continuous revenue and customer retention.
  • Focused Insights: Custom prompts in summaries provide detailed insights into customer sentiment and potential churn risks, enabling informed decision-making.

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Customer Testimonial

“Momentum’s ability to combine Salesforce automation with AI-generated recommendations for our CRM has enhanced productivity for all our revenue-generating teams across the board. We’ve been able to get more revenue out of each customer interaction thanks to the automated notifications we’re able to send to our teams in Slack.”

— Austin Reece, Head of GTM Strategy Operation @ Rebuy Engine

By leveraging Momentum’s Notifications, Account Rooms, and Summaries, you can ensure proactive and efficient management of contract renewals, enhancing customer satisfaction and retention. For further assistance or to discuss custom workflows, please contact our support team.

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