Calculate time to close....

jbarrow

Hi,

 

I want to do some analysis on how long it takes deals to close.  Clearly, I have access to "create date" for a deal and I know when it moves to "closed won."   I can create a report, export it to excel and run a DATEDIF formula to calculate days to close.   Can I do this within Hubspot so I don't have to do all the manual reporting?   If not, this would be a great thing to have from a sales mgt and sales rep perspective.

 

Thanks for any advice.


Joe 

15 Replies
edjusten
HubSpot Employee

Hi @jbarrow this functionality is not yet available in the tool.  Great suggestion though. Can you add this as a post to our ideas forum for further comment?

 

Thank you,

Ed Justen

lapolonyc
Member

Any updates on this request? 

edjusten
HubSpot Employee

If this was added to the Ideas Forum, any update would be noted there.

 

Ed

tomirasanen
Member

There is now a deal property "Days to Close" which can be used for this. You can now create reports about the minimum, average and max days it takes for a deal to be closed.

jbarrow
Participant

Thanks for the note....when I search for 'days to close' on deal properties nothing comes up.  Is it called something else?   Thanks for your help!   Joe

tomirasanen
Member
I'm not sure if the property is listed in the properties, but at least it was available in the new report builder when I was adding a report/widget to one of our dashboards today.
MDonelan
Participant

One step further than this would be the ability to report on the average number of days to close for deals that are "Closed/Won" versus those that are "Closed/Lost."

 

There's a huge difference in the insight gained through that distinction. I want to inform finance what the average sales cycle is for deals we win to help drive headcount/budget planning discussions.

 

It would also be helpful to report on the last deal stage prior to a deal moving to "Closed/Lost." What stage are my deals going off the rails? How can I train/enable my team to overcome the hurdles at that deal stage?

vikram
Member

It seems that the Days to close field is not based on the history of the closed deals. This simply calculates the days left based on Close Date for future deals. 

CharlesFortin
Member

Any update here @edjusten 

Nickcull
Participant

Here's the solution I came up with:

 

  • Create a calculated property that measures time between create date and close date (I called this property "Time to close")
  • Create a custom report using a KPI style report
    • Add the "Time to close" property as your value
    • Change your aggregation from Sum to Average

And... Ta-da! You could easily add a filter to this report to show average time to close by rep or by product/service 

jbarrow
Participant

👍Thanks for the suggestion, I will check that out!

Status updated to: In Planning
dmastin
HubSpot Product Team
 
torysher
Member

Building off of @MDonelan 's post, we're currently trying to report on the time it takes to go from our "Assessment Call Complete" Deal Stage (meaning their first call with Sales) to "Closed Won." And on the other side, "Assessment Call Complete" to "Closed Lost." 

 

Since BDRs create most deals in the pipeline and don't pass it off to technical sales consultants until the sales call is booked, time to close doesn't give us the data we're looking for (we want to focus on the time to close once handed to our technical sales consultants). The Closed Won vs Closed Lost distinction is also important. 

 

So generally, the request would be to be able to track "Average Time to Closed Won" from a specific Deal Stage, and "Average Time to Closed Lost" from a specific Deal Stage. 

SaWells
Participant | Platinum Partner

@torysher, we had a similar situation with one of our clients. I created date fields for each of the date stages then through a workflow time stamped them when the stage was updated. You would have to still export to excel to calculate the number of days between the close date and the date the deal moved to the specific stage.

sidsaha
Participant

I'm struggling with the same issue. This is also linked to other thread and suggestions on calculating Deal Velocity across deal stages. It will be very helpful to have this feature.