topic Re: Whats the best way to track new vs. renewal deals in hubspot? in Tips, Tricks & Best Practices

Whats the best way to track new vs. renewal deals in hubspot?

ASarker — Wed, 15 Feb 2023 07:30:53 GMT

For example - Let's say there's a deal for customer A running from Feb 14th, 2023 to Feb 13th 2024. Now let's assume customer A renewed their contract for another 12 months on Feb 14th 2024. What's the best way to tag the second deal to make it clear that it's a renewal and not new business. Is there a pre-defined way of capturing this? In free or premium versions?

Re: Whats the best way to track new vs. renewal deals in hubspot?

himanshurauthan — Wed, 15 Feb 2023 08:30:55 GMT

Hello @ASarker

One way to do this is by using the "Deal Stage" property in HubSpot. You can create a custom deal stage specifically for renewals and name it something like "Renewal," "Extension," or "Recurring."

When a customer renews their contract, you can move the deal to the renewal stage, indicating that it's not a new business but a renewal. It will help u to accurately track the revenue generated by new versus renewal deals.

Another how u can track renewals is by using a custom property. You can create a custom property called "Renewal Deal" or "Renewal Status" and set it to "Yes" for renewal deals and "No" for new deals. This will help u to easily filter and sort your deals based on their renewal status.

Thanks & Regards
Himanshu Rauthan

Re: Whats the best way to track new vs. renewal deals in hubspot?

franksteiner79 — Wed, 15 Feb 2023 09:20:57 GMT

Hi @ASarker

Adding to @himanshurauthan's points, you can use the existing "deal type" property in HubSpot, which can be customised to show you which deals are "net new" vs "renewals".

Another option, which I personally prefer, is to work with "net new sales" and "renewal" pipelines. New business usually has a longer and different sales process compared to the renewal process. That way you have two distinct pipelines which show you the new new business growth and how you renewals are progressing.

I hope that helps.

Frank

Re: Whats the best way to track new vs. renewal deals in hubspot?

louischausse — Tue, 05 Mar 2024 18:51:49 GMT

We've built a Recipe to handle Renewals. A Recipe is a small process that you can install in your HubSpot portal. This doesn't require any third-party tool.

Here's a video of how it works:

Watch the video!

Renewal deals are created automatically for each closed-won deals with a known contract end date. Then, a task is generated with a reminder date XX days before that contract end date to notify the deal owner (or another user of your choice) that the renewal is coming soon.

Other settings and configurations are also available to suit your use case.

If you are interested, we can have a chat to setup this recipe on your HubSpot portal.

Learn more here