It is widely known that it costs five times as much to acquire new customers than it does to keep existing ones. Renewals are tied to more than just LTV (Lifetime Value), they also directly influence customer acquisition costs (CAC), budgeting, margins, and brand reputation. According to Gartner Group Statistics, 80% of your future profits will come from 20% of your existing customers. Renewals are the lifeblood of SaaS businesses. This is why we are excited to announce our latest language model that detects when customers are conversing about - Renewals.
Here is how it works.
Sturdy is an AI + automations platform that unites all user language and converts it to data so that other people, teams and products can leverage that data. For example, when a user says, “Hey, when is our renewal date?” in an email to the accounting team (or through any other channel), Sturdy will flag it. Next, using Sturdy's no-code automation engine, the signal is routed to the appropriate account manager or teammate (who likely would never have been notified or notified too late) who can take action.
In addition to relying on top-of-the-funnel demand gen activities to bring in new business, leaders must turn their attention to a key source of growth hiding in plain sight- your customers (we have a signal for this too - Expansion). Systematically detecting critical business signals like renewals and ensuring that the appropriate people on your team are responding quickly needs to be part of your growth playbook.
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