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Sales & Retail vocabulary · Account Management

Renewal

Meaning in sales & retail, with examples

/rɪˈnuːəl/nounCommon term

In sales & retail, renewal means: The act of extending a contract or subscription for another period when the current one ends, or the new contract itself.

In Turkish: yenileme, sözleşme yenileme

How it is used

Important in account management, insurance and software sales. You secure, negotiate, chase or lose a renewal; the renewal date is when the decision is due. Account managers usually start renewal talks months before that date.

Example sentences

  1. Their renewal is due in March, so let's book a review meeting in January.

  2. We secured the renewal with a two-year contract and a small price increase.

Common collocations

  • renewal date
  • contract renewal
  • secure a renewal
  • renewal rate
  • up for renewal
  • contractA formal written agreement between a seller and a buyer that sets out what will be supplied, at what price and under which conditions, and that both sides must follow.
  • churnThe loss of customers who stop buying or cancel their subscription or contract during a period; also the rate at which this happens.
  • customer retentionA company's ability to keep its existing customers buying over time, instead of losing them to competitors.
  • account managerA person responsible for looking after a group of existing customers, keeping them happy and finding chances to sell them more.
  • key accountOne of a company's most important customers, usually because of the size of its orders or its strategic value, which gets special attention and a dedicated manager.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Account Management

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