January 24, 2023

How does the sales process work for finding new customers and ensuring existing customers renew for the license-based products?

Our sales and marketing teams follow a structured and well-defined approach to identify new sales opportunities. Our marketing team generates potential leads via digital demand generation activities, including research, email campaigns, and webinars, as well as field demand generation activities, which are in-person events such as the Morningstar Investment Conferences. In addition, our sales team engages with existing clients and prospects to showcase our strategy, innovations, products and solutions, and identify sales opportunities (driven, for example, by product enhancements or a regulatory change). They also field inbound requests and RFIs for additional products/services.

Once a sales lead is identified by our marketing team, a sales development representative contacts the potential client to obtain a better understanding of the client’s potential need, budget, and timeline. Sales leads identified by the sales team or qualified by a sales development representative, enter a multi-stage process that starts with determining client interest in a Morningstar solution and runs through final contract negotiation and closing.

The vast majority of the contracts for our license-based products include auto-renew provisions. Throughout the term of the agreement, the sales and marketing teams will attempt to sell additional products and services to the client. When it comes to the renewal, there is a dedicated renewal team that works with the client to renew the agreement. For Morningstar’s largest clients, the sales team is more heavily involved as they look to increase the size of the relationship.

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