How to handle renewals in your deal pipeline - Best Practices and Pro Tips

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Esteemed Contributor

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. 

 

All the best, 

 

 

Dan 

www.orgcharthub.com

 

 

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Solution
Esteemed Contributor

Hi @dleitch

 

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. 

 

I hope this helps, 

 

Dan 

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Solution
Advisor | Partner

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.

 

Unfortunately, that is not something that HubSpot can manage with its built-in tools.

 

That's why we've built RenewalSpot, a custom module to manage renewals. Here's how it works:

 

 

Check out this video overview of RenewalSpot: https://share.vidyard.com/watch/Hg8U3bAE5xeAWPAqFjWKbs?

 

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 RenewalSpot on your HubSpot portal.

 

Learn more here: https://www.auxilio.io/en/products/renewalspot

Louis Chaussé

CEO

Auxilio

lchausse@auxilio.io
auxilio.io
Schedule a call

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13 Replies 13
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HubSpot Product Team

Terrific - thanks for sharing @Dan1

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Occasional Contributor

Hi Dan1,

 

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.)?

 

Thanks!

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0 Upvotes
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Solution
Esteemed Contributor

Hi @dleitch

 

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. 

 

I hope this helps, 

 

Dan 

View solution in original post

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Advisor | Partner

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?

 

Any thoughts?

Louis Chaussé

CEO

Auxilio

lchausse@auxilio.io
auxilio.io
Schedule a call
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0 Upvotes
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Occasional Contributor

thank you for the video

 

How do you manage workflow reenrollment? It will only work for one cycle?

 

Screen Shot 2018-08-09 at 12.12.54 PM.png

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Esteemed Contributor

@louischausse1 , its split into two workflows, the second below restarts the cycle. Sales pipeline to renewal pipelineSales pipeline to renewal pipeline

The second restarts the deal in the renewal pipeline once it's gone through the cycle. 

Renewal Pipeline workflowRenewal Pipeline workflow

 I hope this helps? 

 

Kind Regards, 

 

Dan 

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Occasional Contributor

Thank you @Dan1!

 

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.

 

 

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New Member

Hey Dan - This is really really helpful, thanks!

 

Question - Do you have a workflow to move deals automatically into each quarter or do you do that manually? If so, how did you set that up? 

 

Thanks!

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Esteemed Contributor

Hi @CamPage , 

 

Glad its helped 🙂 

 

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. 

 

Kind Regards, 

 

Dan

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HubSpot Employee

This is awesome, Dan! Thanks so much for taking the time to share this!

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Esteemed Contributor

@mbutterworth  glad it helps

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0 Upvotes
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Solution
Advisor | Partner

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.

 

Unfortunately, that is not something that HubSpot can manage with its built-in tools.

 

That's why we've built RenewalSpot, a custom module to manage renewals. Here's how it works:

 

 

Check out this video overview of RenewalSpot: https://share.vidyard.com/watch/Hg8U3bAE5xeAWPAqFjWKbs?

 

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 RenewalSpot on your HubSpot portal.

 

Learn more here: https://www.auxilio.io/en/products/renewalspot

Louis Chaussé

CEO

Auxilio

lchausse@auxilio.io
auxilio.io
Schedule a call

View solution in original post

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Esteemed Contributor

@louischausse  top work!! It's so good to have a solution to help with the renewal process.