Why Stay? Renewal Messaging Tim Riesterer Chief Strategy and - - PowerPoint PPT Presentation

Why Stay?

Renewal Messaging

Tim Riesterer

Co-Author: Customer Message Management Conversations That Win the Complex Sale The Three Value Conversations

Chief Strategy and Research Officer Corporate Visions

Why Change? New Sales Renewal Why Stay?

Customer lifecycle

You Them

Why Change?

74 26 % %

Buying Vision Bake-Off

Why Us?

Status Quo

60%

Prospect Engages

Your Solution

Defeating the Status Quo Bias

Preference Stability

De-stabilize their preferences

Your Solution

Defeating the Status Quo Bias

Preference Stability

De-stabilize their preferences Cost of Staying same

Cost of Action/ Change

Your Solution

Defeating the Status Quo Bias

Cost of Action/ Change Preference Stability Selection Difficulty

De-stabilize their preferences Cost of Staying same Create enough Contrast

Defeating the Status Quo Bias

Your Solution

Preference Stability Anticipated Regret /Blame Cost of Action/ Change Selection Difficulty

Cost of Staying same De-stabilize their preferences Create enough Contrast Before and after hero Story

Defeating the Status Quo Bias

Your Solution

Why Change Story Model

Unconsidered Need Flawed Current Approach Improved New Way Story with Contrast

Why Change Story

Unconsidered Needs Test

Uniqueness

2 3 4 5 6

Standard Solution Value Added Solution Unconsidered Needs Last Unconsidered Needs First Statistically Significant Uniqueness Improvement 50%

Quality

5 6 7 8 9

Standard Solution Value Added Solution Unconsidered Needs Last Unconsidered Needs First Statistically Significant Quality Improvement 10+%

Persuasiveness

4 5 6 7 8

Standard Solution Value Added Solution Unconsidered Needs Last Unconsidered Needs First Statistically Significant Persuasion Improvement (10+%)

Why Change Story Model

Unconsidered Need Flawed Current Approach Improved New Way Story with Contrast

You Them

Why Change?

74 26 % %

Buying Vision Bake-Off

Why Us?

Status Quo

60%

Prospect Engages

You Them

Why Change? New Sales Renewal? Why Stay? $$$$$

Preference Stability Anticipated Regret /Blame Cost of Action/ Change Selection Difficulty

Cost of Staying same De-stabilize their preferences Create enough Contrast Before and after hero Story

Defeating the Status Quo Bias

Your Solution

Preference Stability Anticipated Regret /Blame Cost of Action/ Change Selection Difficulty

Cost of Staying same De-stabilize their preferences Create enough Contrast Before and after hero Story

Defeating the Status Quo Bias

Reinforce Reinforce Reinforce Reinforce

REINFORCING

Your Solution

Why Stay Story

Messaging Test

Situation Background

Small business owner, hired firm to promote retirement plan After two years the contract is up for renewal Started at 20% participation, goal was 80%, achieved 50% Turnover down, but not sure if attributable to program Reminded that they did a thorough investigation originally reviewing multiple competitors for the program Tested messages to Provocative Why Change vs. Reinforcing Status Quo

Provocative Message

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of contributing to the 401k. In fact, companies that achieve world class participation rates are actually “flipping” their approach to enrollment. Instead of the traditional “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two years to adopt this approach and reach the world-class goals you’ve set.

Provocative Message

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of contributing to the 401k. In fact, companies that achieve world class participation rates are actually “flipping” their approach to enrollment. Instead of the traditional “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two years to adopt this approach and reach the world-class goals you’ve set.

Open with reporting on progress toward goals

Provocative Message

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of contributing to the 401k. In fact, companies that achieve world class participation rates are actually “flipping” their approach to enrollment. Instead of the traditional “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two years to adopt this approach and reach the world-class goals you’ve set.

Introduce Unconsidered Need to Destabilize Preferences

Provocative Message

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of contributing to the 401k. In fact, companies that achieve world class participation rates are actually “flipping” their approach to enrollment. Instead of the traditional “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two years to adopt this approach and reach the world-class goals you’ve set.

Reduce Perceived Cost of Change

Provocative Message

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of contributing to the 401k. In fact, companies that achieve world class participation rates are actually “flipping” their approach to enrollment. Instead of the traditional “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two years to adopt this approach and reach the world-class goals you’ve set.

Reduce Anticipated Regret/Blame

Provocative Message

Reinforce the Status Quo

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose us. As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point would create an unnecessary risk of losing the positive gains you’ve made. Not to mention that bringing in another company that does something similar to us would require you to invest time in their learning curve and money on implementation costs that you won’t have to spend if you continue working with us. You’re making great progress. Stick with it another two years, and I know you’ll get there.

Reinforce the Status Quo

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose us. As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point would create an unnecessary risk of losing the positive gains you’ve made. Not to mention that bringing in another company that does something similar to us would require you to invest time in their learning curve and money on implementation costs that you won’t have to spend if you continue working with us. You’re making great progress. Stick with it another two years, and I know you’ll get there.

Open with reporting on progress toward goals

Reinforce the Status Quo

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose us. As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point would create an unnecessary risk of losing the positive gains you’ve made. Not to mention that bringing in another company that does something similar to us would require you to invest time in their learning curve and money on implementation costs that you won’t have to spend if you continue working with us. You’re making great progress. Stick with it another two years, and I know you’ll get there.

Reinforce Preference Stability

Reinforce the Status Quo

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose us. As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point would create an unnecessary risk of losing the positive gains you’ve made. Not to mention that bringing in another company that does something similar to us would require you to invest time in their learning curve and money on implementation costs that you won’t have to spend if you continue working with us. You’re making great progress. Stick with it another two years, and I know you’ll get there.

Reinforce Perceived Cost of Change

Reinforce the Status Quo

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose us. As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point would create an unnecessary risk of losing the positive gains you’ve made. Not to mention that bringing in another company that does something similar to us would require you to invest time in their learning curve and money on implementation costs that you won’t have to spend if you continue working with us. You’re making great progress. Stick with it another two years, and I know you’ll get there.

Reinforce Selection Difficulty

Reinforce the Status Quo

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose us. As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point would create an unnecessary risk of losing the positive gains you’ve made. Not to mention that bringing in another company that does something similar to us would require you to invest time in their learning curve and money on implementation costs that you won’t have to spend if you continue working with us. You’re making great progress. Stick with it another two years, and I know you’ll get there.

Reinforce Anticipated Regret/Blame

Reinforce the Status Quo

Attitudes

4 5 6 7

Status Quo Point of View Point of View + Upsell Reinforce Status Quo Provocative Message Provocative Message w/Upsell

Statistically Significant Improvement 9.63%

4 5 6 7 8

Status Quo Point of View Point of View + Upsell

Intention to Renew

Reinforce Status Quo Provocative Message Provocative Message w/Upsell

Statistically Significant Improvement 13.27%

Switching Likelihood

4 5 6 7

Status Quo Point of View Point of View + Upsell Reinforce Status Quo Provocative Message Provocative Message w/Upsell

Statistically Significant Decrease 10.61%

Across multiple dimensions, the status quo reinforcement messages were more persuasive and effective than the provocative messages in the ‘why stay’ context.

• Dr. Zakary Tormala

Stanford

Preference Stability Anticipated Regret /Blame Cost of Action/ Change Selection Difficulty

Cost of Staying same De-stabilize their preferences Create enough Contrast Before and after hero Story

Defeating the Status Quo Bias

Reinforce Reinforce Reinforce Reinforce

REINFORCING

Your Solution

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve

• made. In addition, your employee retention rates have started to improve, which you said was the ultimate goal of making these
• changes. (Documented Results)

When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose our company. It was a long process that involved a lot of people, but you ultimately arrived at a big decision to bring this program on board. (Preference Stability) As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point could create an unnecessary risk of losing the positive gains you’ve made. (Anticipated Regret/Blame) Not to mention that bringing in another vendor would require you to invest time in getting them up to speed and money on implementation costs and other changes that you won’t have to spend if you continue working with us. (Perceived Cost of Change) We’ve continued to update and tweak your program over the last two years to make sure you are keeping pace with anything else available in the market today. Specifically, you will get two new features designed to help improve your goals of employee participation and satisfaction. The first is a monthly report that shows how many tax dollars your 401k participants saved versus those who aren’t in the 401k. You can share this with your employees monthly to provide a gentle nudge to get into the program for the tax benefits. Second, we’ve also added a new smartphone app with retirement planning calculators and budgeting tools to help your employees make more informed decisions, and feel like they’re making progress on their goals. (Selection Difficulty). You’re making great progress. Stick with our program for another two years, and I know you’ll get to your 80% participation goal and further increase your employee retention rates.

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve

• made. In addition, your employee retention rates have started to improve, which you said was the ultimate goal of making these
• changes. (Documented Results)

When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose our company. It was a long process that involved a lot of people, but you ultimately arrived at a big decision to bring this program on board. (Preference Stability) As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point could create an unnecessary risk of losing the positive gains you’ve made. (Anticipated Regret/Blame) Not to mention that bringing in another vendor would require you to invest time in getting them up to speed and money on implementation costs and other changes that you won’t have to spend if you continue working with us. (Perceived Cost of Change) We’ve continued to update and tweak your program over the last two years to make sure you are keeping pace with anything else available in the market today. Specifically, you will get two new features designed to help improve your goals of employee participation and satisfaction. The first is a monthly report that shows how many tax dollars your 401k participants saved versus those who aren’t in the 401k. You can share this with your employees monthly to provide a gentle nudge to get into the program for the tax benefits. Second, we’ve also added a new smartphone app with retirement planning calculators and budgeting tools to help your employees make more informed decisions, and feel like they’re making progress on their goals. (Selection Difficulty). You’re making great progress. Stick with our program for another two years, and I know you’ll get to your 80% participation goal and further increase your employee retention rates.

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve

• made. In addition, your employee retention rates have started to improve, which you said was the ultimate goal of making these
• changes. (Documented Results)

When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose our company. It was a long process that involved a lot of people, but you ultimately arrived at a big decision to bring this program on board. (Preference Stability) As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point could create an unnecessary risk of losing the positive gains you’ve made. (Anticipated Regret/Blame) Not to mention that bringing in another vendor would require you to invest time in getting them up to speed and money on implementation costs and other changes that you won’t have to spend if you continue working with us. (Perceived Cost of Change) We’ve continued to update and tweak your program over the last two years to make sure you are keeping pace with anything else available in the market today. Specifically, you will get two new features designed to help improve your goals of employee participation and satisfaction. The first is a monthly report that shows how many tax dollars your 401k participants saved versus those who aren’t in the 401k. You can share this with your employees monthly to provide a gentle nudge to get into the program for the tax benefits. Second, we’ve also added a new smartphone app with retirement planning calculators and budgeting tools to help your employees make more informed decisions, and feel like they’re making progress on their goals. (Selection Difficulty). You’re making great progress. Stick with our program for another two years, and I know you’ll get to your 80% participation goal and further increase your employee retention rates.

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve

• made. In addition, your employee retention rates have started to improve, which you said was the ultimate goal of making these
• changes. (Documented Results)

When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose our company. It was a long process that involved a lot of people, but you ultimately arrived at a big decision to bring this program on board. (Preference Stability) As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point could create an unnecessary risk of losing the positive gains you’ve made. (Anticipated Regret/Blame) Not to mention that bringing in another vendor would require you to invest time in getting them up to speed and money on implementation costs and other changes that you won’t have to spend if you continue working with us. (Perceived Cost of Change) We’ve continued to update and tweak your program over the last two years to make sure you are keeping pace with anything else available in the market today. Specifically, you will get two new features designed to help improve your goals of employee participation and satisfaction. The first is a monthly report that shows how many tax dollars your 401k participants saved versus those who aren’t in the 401k. You can share this with your employees monthly to provide a gentle nudge to get into the program for the tax benefits. Second, we’ve also added a new smartphone app with retirement planning calculators and budgeting tools to help your employees make more informed decisions, and feel like they’re making progress on their goals. (Selection Difficulty). You’re making great progress. Stick with our program for another two years, and I know you’ll get to your 80% participation goal and further increase your employee retention rates.

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, and you’ve said some employees have even taken the time to thank you for the changes you’ve

• made. In addition, your employee retention rates have started to improve, which you said was the ultimate goal of making these
• changes. (Documented Results)

When you signed up two years ago, you really did your homework and looked at a lot of options before getting your entire team to come to a consensus and choose our company. It was a long process that involved a lot of people, but you ultimately arrived at a big decision to bring this program on board. (Preference Stability) As you look at making a renewal decision, it’s important to realize that you are at a critical point in this journey and that it’s important to maintain momentum to achieve your ultimate participation and retention goals. Any change to the program at this point could create an unnecessary risk of losing the positive gains you’ve made. (Anticipated Regret/Blame) Not to mention that bringing in another vendor would require you to invest time in getting them up to speed and money on implementation costs and other changes that you won’t have to spend if you continue working with us. (Perceived Cost of Change) We’ve continued to update and tweak your program over the last two years to make sure you are keeping pace with anything else available in the market today. Specifically, you have two new features designed to help improve your goals of employee participation and satisfaction. The first is a monthly report that shows how many tax dollars your 401k participants saved versus those who aren’t in the 401k. You can share this with your employees monthly to provide a gentle nudge to get into the program for the tax benefits. Second, we’ve also added a new smartphone app with retirement planning calculators and budgeting tools to help your employees make more informed decisions, and feel like they’re making progress on their goals. (Selection Difficulty). You’re making great progress. Stick with our program for another two years, and I know you’ll get to your 80% participation goal and further increase your employee retention rates.

Why Stay Story Model

Document Results Review Prior Decision Process Mention Risk

• f Change

Highlight Cost of Change Detail Competitive Advances

Customer Renewal Messaging

Missing in Action?

42% 24% 13% 21%

How much of your budget is attributed to customer retention and related content activities?

0%-9% 10%-20% 20%-30% 30% or more

Only 1/5

• f companies spend at

least 30% of their budget

• n retention related

content

Nearly half

• f companies spend less

than 10% of their budget

• n retention related

content

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Marketing Marketing shares with other departments Sales / Business Development or Enablement Account Management / Customer Service

Who Owns Message & Content Development?

Renewal / Retention Demand Gen / Acquisition

Roughly half

• f all companies don’t

involve marketing in creating renewal messaging But marketing plays a role in creating

75%

• f demand generation

messaging

42% 58%

Do you think your messaging and content for demand generation / customer acquisition strategies should differ from your messaging for retention / renewal business?

Yes

These messages should differ significantly

No / Only Somewhat

A provocative demand generation message should still be applicable in a renewal scenario

20% 53% 28%

Why aren't you differentiating between prospect and customer messaging?

We prefer a consistent messaging strategy across these areas: No plans to differentiate messaging We would like to differentiate our messaging approaches, but don't have the time or resources to do so We really haven't considered whether we should differentiate these messages

Limited Time & Resources

are the greatest barriers for companies who want to differentiate their customer lifecycle message strategies

36% 31% 33%

How would you describe the focus of your messaging and content to existing customers, whom you'd like to convince to renew with you?

We regularly challenge our customers with provocative industry insights and show them how their world is changing We lean heavily on product-

• riented cross-sell / upsell-focused

messaging to expand our existing relationship We reinforce our value and emphasize the time, costs, risks and difficulties of changing to a different solution

Only 1/3

Of companies are using the messaging approach validated by the study

Defeat the Status Quo

Why Change? New Sales Renewal Why Stay?

Reinforce the Status Quo

Lifecycle messaging framework

GET THE RESEARCH BRIEF

“What’s in a Winning Renewal Story” http://cvi.to/whystayresearch ß Case Sensitive

Tim Riesterer

Chief Strategy and Research Officer Corporate Visions @triesterer Linkedin/in/tim-riesterer