Managing SaaS Renewals and Expansions

[JKaufman]

Hey team - I'm trying to automate some of the processes around renewals and expansions for our SaaS startup - we're on Sales Enterprise. Hoping to get some help.

Specific scenario: If I have separate deals for renewal + expansion on the same account, when those are closed-won, I would like to automatically generate a renewal with an amount that is equal to renewal amount + expansion amount.

For example - there is a $100,000 renewal and a $35K expansion. When they are both closed-won, I want to automatically generate a $135K renewal for the following year.

Any advice on how to set up a system like this or more generally on managing SaaS Renewal + Expansion in an automated way on Hubspot? I understand SFDC has this type of functionality out of the box 

[louischausse]

Hi @JKaufman 

Unfortunately, that is not something that HubSpot can manage out-of-the-box.

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:

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

[Lucila-Andimol · Accepted solution]

Hey @JKaufman hope you are doing well.

I could thinks about 2 possible scenarios here:

1) You could have a Custom object called "contracts" that will be associated to the deals you close won. The end date of this new Contract record will be one, let say 12/31/2023. Once reach the Contract end date (or 30days before) you have a WF to create a new deal for Renewal for the 100% amount of the contract (that has a calculated property with the sum of all the deal's amount).

2) Without the custom object, You can have a custom coded action that when reached the deal A end date, search for another deal with the same end date, and create a new Renewals deal summarizing both previous deal's amounts.

Hope this helps.

[JKaufman]

Thank you! So if I understand correctly, the "contracts" object would be associated with multiple "deals" - potentially "renewal" and "expansion"?

Or if we don't do a custom object, we are just searching for deals with the same close date in a custom expression?

[Lucila-Andimol]

Yes to both 

👍

[CateDuarte]

 Hi @JKaufman as you are in Enterprise have you already explored the Revenue Analytics features? 

If not, see here: https://knowledge.hubspot.com/deals/track-recurring-revenue-with-revenue-analytics

[JKaufman]

I have. It puts a lot of burden on accurate and manual filling of fields - I’m hoping to create something more automated since it is all just rules based