Contract Management and Renewals

Managing contracts and their renewal can be a significant challenge for many companies, especially when there are many different kinds of contracts in place, complex series of contract milestones to manage, and different expiry and renewal conditions for each kind. The management of these intricate processes can constitute a major drain on a company's operations resources. But failing to effectively manage contracts and renewals can cause a direct hit to the company's bottom line.

CDC MarketFirst is an invaluable tool in helping companies manage their contracts and renewals effectively:

  • Standardize and automate communications: While contract terms may vary, many of the core elements of related communications remain consistent. With CDC MarketFirst's advanced conditional-content capabilities, companies can send consistent communications to all customers while tailoring elements to fit the specific customer's terms. These communications can be automated and scheduled based on contract milestone dates, eliminating manual communication development or delivery.
  • Communicate with customers via their preferred channel: CDC MarketFirst enables companies to deliver contract milestone reminders, renewal notices, and other related communications via the customer's channel of choice, be it letter, HTML or plain-text e-mail, fax, or SMS.
  • Ensure appropriate legal language is used: With contract-related communications, a large part of the time and expense is attributable to the need to carefully phrase communications in appropriate legal terms and with all necessary disclaimers and notices. With CDC MarketFirst, significant portions of contract communications content can be standardized and approved by legal once, then re-used, saving time and money.
  • Get proactive about contract renewal: Don't wait till a contract is at risk to take action. Using CDC MarketFirst, companies can schedule a stream of standard personalized communications many months in advance of contract expiration that provides regular reminders, each with tailored messaging and value propositions that escalate as a contract approaches expiration. CDC MarketFirst can also send follow-up thank-you messages when a contract is renewed, or "sorry to see you go" messages when a contract is terminated, which can be paired with a CDC MarketFirst survey to find out why the contract was terminated and what could be done to win the customer back.