Software Vertical Contract Renewals SuiteApp gives your software company unprecedented ease in managing contract renewals of your install base. This SuiteApp is designed for software companies who offer perpetually licensed and term-licensed products.
Perpetual license is the term used to describe the traditional method of purchasing software – you pay for the license upfront, and you have the right to use the software indefinitely. Depending on the specifics of the perpetual license agreement, you may also be entitled to download updates to the software and receive technical support, although often this is only provided for a set period. One time fee payment.
Term Licensed Product means any Software that is licensed on a term or subscription basis that expires after the applicable term or subscription period ends .
This SuiteApp offers:
- A flexible and powerful automated renewal process that lets you track renewable assets and maximize renewal revenue
- Seamless tracking of upsell and returns
- Complete visibility into your install base
- Multi-tier channel sales management
Renewal and Upsell of Contracts
There are three main kinds of contracts: new contracts, renewal contracts, and upsell contracts. If your business works on a contract basis, all of your clients will fall under one of these three categories.
A new contract is simple. It’s the initial contract you sign with a new client with whatever services they choose to receive.
A renewal contract is a contract that was previously established but has come up to its original expiration date. For example, if you sign a year-long contract with someone to mow your lawn, the first year would be a new contract, and subsequent years would be renewed contracts.
Renewal contracts are all about keeping your current clients on board. When you’re working to renew contracts, you should be building relationships with clients, so they remember why they chose your business in the first place. Keeping your customers gives your organization security and stability.
An upsell contract is similar, but more valuable to you. Instead of just renewing the contract, the client adds more services to their agreement. When it comes time to renew your lawn mowing contract, you could choose to upgrade to lawn mowing and regular landscaping maintenance, which is an upsell.
When you upsell, you not only retain the customer but convince them to work more closely with your business. The additional services the customer accepts mean extra revenue for your business without the work of finding new prospects.
Setting Up of Contract Renewals
Prerequisites
Make sure that the following features are enabled in your account prior to installing Contract Renewals:
- Custom Records
- Client SuiteScript
- Server SuiteScript
Installing the Contract Renewals SuiteApp
Install the following bundle for the Contract Renewals SuiteApp:
- Bundle Name: SWV Contract Renewals Module
- Bundle ID: 187488
- Availability: Shared
The Software Vertical Contract Renewals SuiteApp is a managed SuiteApp and is automatically updated whenever there are updates. These issue fixes and enhancements are available after the SuiteApp is updated in your account. We should contact your NetSuite account manager to get this Suite App provisioned.