Renewals: Sooner is Better than Later

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(By Rick Fink) “Procrastination is the lazy cousin of fear. When we feel anxiety
around an activity, we postpone it.”
– Noelle Hancock

In the profession of media sales, one of the areas where procrastination rears its ugly head the most is when it comes to renewals. Why is that?

Experts will tell you there are several reasons why people procrastinate including anxiety, perfectionism, fear of failure, self-defeat, lack of energy, avoidance, and others.

However, when it comes to renewals, there are two main reasons why we procrastinate. One is fear of rejection. Renewal time is often report card time. We fear we might be told “no!” And two is that we don’t want to come across as being pushy! They claim that they won’t come across as too eager if they wait until the last minute.

Far too often, media reps put off the renewal process until 2 or 3 weeks prior to the end of the agreement. This is far too late. The results of doing this are usually, at best, getting the same buy as the prior contract, or worse, you’re too late to the party and they’ve already chosen another option with someone else. Neither are the results we are looking for.

So, when should the renewal and upsell process begin? We suggest that you “start” a maximum of 3 months out and a minimum of 2 months out.

Why so far out? How often have you approached your client saying you’d like to present next year’s plan and the first thing they say is, “I’m too busy. Let’s look at it in a few weeks”. They’ll say this or provide some other objection whether it’s two or three months or two or three weeks prior to the end of the contract.

The fact is, if approached correctly, starting 2 to 3 months out will allow you to be less pushy than if you start only weeks in advance.

If you choose to wait, the words of one of our most famous presidents might ring true…

“Things may come to those who wait… but only the things
left by those who hustle.”
– Abraham Lincoln

When it comes to renewals, sooner is ALWAYS better than later!

NEVER Stop Learning – Get Better Every Day!

Rick Fink from ENS Media (www.ensmediausa.com) can be reached by phone at 605-310-2062 or e-mail at [email protected]

1 COMMENT

  1. “I’m too busy. Let’s look at it in a few weeks.”…Ok Rick, what would you then say, to respond to that comment from the client?
    Thanks.

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