@gautemercell from Norway asked a great question in the Power User Facebook group, and I wanted to cross-post it here to gather more thoughts on best practices.
“A quick question: What’s your best way of handling renewals and recurring revenue tracking?”
Drop your thoughts below!
Tagging @KirstyBell @NicuEnache @cynthia_dunlop @Ambushed @elizabethlui @jmcallister who may have some thoughts to share based on reporting expertise / industry experience? - Shane, HubSpot Customer Success Manager.
Posting the response here for folks who aren’t part of the Community on Facebook:
I recommend you check out the Recurring Revenue tracking functionality that exists in HubSpot Sales Hub Enterprise. It allows users to track how much revenue they are generating or losing in a specific time range, to better understand the impact of renewals, upgrades, downgrades, and churns on revenue. You can learn more about the functionality here: https://knowledge.hubspot.com/deals/track-recurring-revenue-with-revenue-analytics
For renewals of contracts with an “End date”, 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.
Learn more here
There’s also this post in the community that is interesting for deals with fixed terms