Preferred Hotels has a network of over 800 partner hotels where they provide travelers luxurious accommodations and inspiring travel experiences. The company’s membership based-business model requires marketing cooperation with partner hotels which means there are a lot of contracts to manage.
Until recently Preferred Hotels did not have contract automation systems in place to manage contract renewals, which led to a slow contract renewal cycle. At the time, it was difficult to see which customers required attention as contracts came up for renewal. There was a general lack of transparency into status of contracts, which caused $500,000+ in missed revenue over 4 years.
Preferred Hotels decided to implement Conga Contracts to automatically generate more than 200 contract reports across teams and departments. After implementation, they have made these gains…
- Recovered $600,000 in missed billings
- Recouped 100% of the initial software cost in a single instance
- Created 200 autogenerated reports monthly
- Boosted member retention rate to 95% in a single fiscal year
Benefits of Conga to Automate Contract Renewals
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Speed up revenue flow
The time your teams spend managing a manual renewal process is slowing down your time to revenue. Manual data entry, renewal contract development, and reviews—which are all probably being done in silos—are slowing down the renewal process. This could result in missed or late renewals, which in turn, could greatly affect your customer’s satisfaction and your bottom line.
Solutions like Conga Composer allow teams to send consistent and personalized renewal agreements that elevate your brand and delight your customers. Sales teams can easily create beautiful, accurate renewal documents using customized templates that are automatically populated with Salesforce data. All activities are done in one location, eliminating any silos, bottlenecks, or errors.
Capture valuable insights on customer
With an automated contract renewal strategy, your teams will gain valuable insights into the process through your Salesforce CRM. This single-source approach will allow you to know exactly what customers are up for renewals or are currently in the contract renewal process. These insights decrease your chance of missing out on renewal opportunities.
Productivity tools like Conga Grid can also help teams during this process to track and keep up with renewals data. Plus, when paired with other products in the Conga Suite, like Composer, Batch, and Trigger, it’s easy to automate the entire renewal process—from information sorting to renewal contract development, to automatically sending and receiving the signed renewal.
Know where customer is in renewal cycle
Once you’ve identified your customers’ renewal needs and have developed the new contracts—all including the right data, terms, pricing, and solutions (thanks to Conga Composer)—you’re ready to send these documents to your customer.
A key benefit in having an automated contract renewal strategy is the ability to see where the renewal sits within the process. Plus, with an electronic signature solution like Conga Sign, you can secure the signatures you need for your business-critical agreements. Your customers will be able to review and sign renewals quickly and securely, which saves you money and time—all while reducing risk and delighting your customers with ease and efficiency.
Better experience for customers results in more loyalty
Your customers are busy and tracking down their contract renewals might not be on the top of their to-do list. One of the best ways to ensure that your sales teams are staying engaged with customers throughout the entire customer lifecycle—from proposal to renewal—is to make sure that they have access to the right data, at the right time.
What’s more, you can use an automated contract renewal strategy to provide a consistent end-to-end experience for customers, which will help create confidence and encourage repetition. With Conga Trigger, it’s easy to create and distribute renewals automatically from Composer and Salesforce—without having to click a button every time. Set up a contract renewal workflow for creation and delivery and your renewals will get to your customers exactly when they need them.
Get more done with fewer steps
The contract renewal process doesn’t have to be difficult or overly tedious. And, this process should not slow down your revenue cycle or sacrifice customer retention. That’s why having an automated contract renewal strategy is beneficial to businesses and customers alike. An additional benefit is the ability to conduct all renewal activities within your Salesforce CRM so your data is captured, updated, and stored automatically to your contact’s records. Plus, you can do it all with fewer clicks.
Within the Conga Suite, there are multiple tools that allow for greater efficiency between teams while simultaneously helping speed up contract renewal accuracy. For example, Conga Grid easily allows users to view, sort, and edit large batches of data from a single screen. This allows for teams to cut down on ‘clicks’ when working on multiple renewals at once.