topic Re: Contract Renewals and Tracking License Expansions in Tips, Tricks & Best Practices

Contract Renewals and Tracking License Expansions

Lockeca29 — Wed, 07 Jun 2023 12:51:20 GMT

We are currently using Deals that we copy fields from into the Company record to track renewal dates and keep track of license expansions. We have several products to keep track of. I'm curious how others are keeping track of Renewals and Expansions.

Thanks!

Re: Contract Renewals and Tracking License Expansions

MiaSrebrnjak — Thu, 08 Jun 2023 11:48:55 GMT

Hi @Lockeca29,

This is a great question, thank you for reaching out to the Community!

I wonder if @HubDoPete, @Franci, @noahmckeon and @GCasali could share their insights and experiences here? Thank you!

Cheers
Mia, Community Team

Re: Contract Renewals and Tracking License Expansions

mangelet — Mon, 03 Jul 2023 08:57:55 GMT

Hi @Lockeca29 , I understand you're looking for ways to track sales expansions and renewals in HubSpot.

As a highly customizable CRM, there's much you can do.

Using the company object as a space to hold this info is one way.

Here are two other ideas:

First, use the deal object. You can record similar information to what you are recording in the company. At the deal level you can have multiple deals to one company, and track expansions and renewals per deal basis. Moreover, in the Enterprise version of HubSpot, you can even track recurring revenue, upgrades and downgrades.

Second, consider creating a custom object like 'contract' to keep a record of all client agreements. Changes such as expansion or renewal can be linked to this object which could then connect your deals with your companies neatly.

Hope these suggestions make sense and help!

Re: Contract Renewals and Tracking License Expansions

Lockeca29 — Fri, 07 Jul 2023 17:26:57 GMT

Thanks for the helpful information. We are using Deals but I didn't think about creating custom object like Contract to keep track of expansions and renewals.

Re: Contract Renewals and Tracking License Expansions

louischausse — Tue, 05 Mar 2024 18:45:18 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