Earlier this year I posted this question to the community and had some great help from many Hubspot Pro’s. I wanted to give back to the Hubspot community and pass on the knowledge to other new Hubspot CRM users.
So I put together a 2 minute video to show the renewal pipeline we created and use based on the feedback gathered. We run a B2B SaaS business with annual contracts, so it is specific to our requirements, however, hopefully, it will provide some ideas and a basis for a renewal deal pipeline setup.
If anyone has any further suggestions then please share on this post so that we can build some best practices around this topic.
Thanks for sharing. Just a quick question. For the year 2 renewal, is there a 3rd pipeline or does it just start over in the same renewal pipline as year 1? Also, do you think the renewal process you have setup would work for additional years (i.e. 3, 4, 5, etc.)?
When the deal is won for the renewal, the cycle starts again and we rename the deal with “2nd year” tagged onto the end. It’s helpful having all the renewal deals (1st, 2nd, 3rd year etc) in one pipeline as you can see the renewal amounts for each quarter very easily.
Your solution work if you have contracts with standard duration (i.e. 1 year) and the deal close date is the same date as the start date of the contract.
Here’s my current situation:
What if a deal can be renewed in advance for a new contract start date in the future and the contract term is always different from one customer to another?
I figured out something else by creating a list of contact “to renew” as my enrollment criteria. Since it is contact-based there is no re-enrollment issue.
We manually moved the deals quarter to quarter manually. But this was so that I could review them with the team together. So I didn’t look into a workflow for that part of the pipeline. If you figure it out please tell the rest of us, sorry I can’t be of more help on this.
Your solution is awesome, but will only work if your contract always has the same term length.
For businesses working with variable contract end dates, that won’t do the trick.
That’s why we’ve built a Recipe to handle that. 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:
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.
From a reporting perspective, how do you ensure you are not double counting revenue? e.g. Deal is moving from Year 2 renewal to Year 3. If you wanted to see how much rev you have in your BoB, how do you ensure you are not counting the original deal closed and the year 1 renewal amount? Thanks a million
I have been building around Dan’s super clever prcoess for a bit and how we handle the double counting issue is by using the main “Sales PIpeline” in conjunction with the renewal pipeline.
The renewal deal, when moved to closed won in the renewal pipeline, triggers a workflow to move it to the main sales pipeline in stage closed/won. By doing that it accurately accounts for the won revenue in the main sales reporting as it is only representted ONCE in the entire system. This will also trigger the NEXT years renewal deal creation.
I like it this way as i can track renewal opportunity by quarter, and run churn and net dollar retention reports with the live data as well as keep track of overall revenue all in hubspot without doing any finagling.
Not sure if I udnerstood the challenge and if this would work for the stated sue case, but there it is.
