Roles and Responsibilities of a Renewal Manager in B2B SaaS
A Renewal Manager is a point of reference for the customers who wish to renew their subscriptions and cultivate the best practices around renewals.
Of the many key contributors in a customer success team, one that strikes a balance is the renewal manager. It might look on the exterior that the work constitutes driving renewal and retention rates, but that is not what the whole story is about. Renewal Managers are basically the key point of reference for customers and cultivate the best of processes around renewals.
The spirit of this particular role is to actively communicate and let the customers partake in planning their growth. Further, this role focuses on understanding the trends in and around renewal activity and how to grab success. This individual is supposed to aid the Finance and Sales unit, in addition to revising and reporting renewal opportunities. Here we look into the topic with a magnifying lens. But, before that, let’s brush up on some basics.
The must-have’s of a renewal manager is to be aware of all the know-how of a renewal scheme. A customer will reach out to you in case of any issues. Therefore, you should preferably ace in the technical aspect of subjects like renewals and subscriptions. Further, having an aptitude and flair for automation and workflow procedures is a plus. This will give you the leverage to understand things from a better perceptive. Additionally, if you are having some previous experience either in the departments of sales administration and customer service, that assures you to walk through the long run.
As a renewal manager, acquiring only the hard skills might not be enough. Therefore, you must imbue some of the soft skills too. The nature of your job is to interact with people. In such a case, empathy is a must, and the ability to understand the other person is all that the job is about. On top of that, having exceptional communication skills will work in your favor as well. A strong communicator knows how to cut down the silos and foster communication in a rather healthy manner.
Aside from this, you should be flexible and approachable as a human. A client might reach out to you, in case of any queries. And nothing hurts more to see a client leave due to the absence of the approachability factor. You need to know how to learn the subtle art of building relationships. The best ingredients in building a great relationship are assertiveness and the ability to understand. When you create good relationships with a customer, there is every chance that they will revert to do business with you, and not churn away. This is where having stellar people skills will help you in attending well to the customers and wreathing yourselves as a team.
To be a qualified renewal manager, you need to have some basics experience and qualifications. To begin with, you must have the desired proficiency to work with Microsoft Office applications. A strong executive stand and the quality to partner closely within the multiple layers of the organization is even better. Having 5+ years of experience in the fields of sales, customer success, or renewals – or in the B2B SaaS industry is a huge advantage. Aside from all these, you must be qualified enough to operate under strict deadlines and know how to prioritize the tasks assigned to you.
If you have decided that you are going to become a renewal manager, one of the first ticks on the list is that of education. The quality and kind of education with which you have graduated and how that is of pertinence to the industry is all that counts. Having a Bachelor’s or a Master’s degree is even beneficial but one can become a renewal manager with a GED too.
Choosing the right major is a must, to begin with. This tends to be an important step when researching on how to become a manager. Or, if all of that does not work out that well for you, acquiring enough experience in the customer success industry will work out well too.
For letting your business run smoothly, getting a great renewal manager is really needed. It all comes down to carrying out your tasks just the way it demands it. What would really set you apart is how you build a rapport with a customer. Know and understand their point of view and place yourself in their shoes. Once you do that, you will get a clear view of your clients’ needs and wants. The more a renewal manager digs into the technical facets of a SaaS industry, the easier it turns out for him to consolidate and train his customers.
Originally Published November 23rd, 2020, Updated December 30th, 2020
Simran hails from the content marketing backdrop with extensive knowledge in blogs, articles, and technical whitepapers in the non-fictional domain. She uses her 'gift of the gab' to explore new possibilities on her way and to make an exquisite impact on her readers. In her spare time, she likes to read journals on artificial intelligence or play with her cute kittens.