How do I create a renewal deal?

Why is this important?

Creating renewal deal records in HubSpot when the initial deal moves to Closed Won allows our Account Management team to track renewals and gives them more background information on the deal in HubSpot.

What's in it for you?

Setting the Account Management team up for success from the moment a deal is Closed Won makes it more likely we can renew the deal or even result in additional business with the client.

When should a renewal deal be created in HubSpot?

A renewal deal should be created in HubSpot when any deal that includes Annually Recurring Revenue moves to Closed Won. The good news is we have set up an automation that will do this for you if you follow the steps set forth in this guide.

Automating renewal deal creation

The workflow to automatically create a renewal deal will execute when:

The deal moves to Closed Won
The deal includes Annually Recurring Revenue in its Line Items section (Click here for more on entering Line Items/Products)
A date is entered for the deal's "Recurring revenue inactive date"

Recurring Revenue Inactive Date

This field is the date in the SOW that the client's license for Spoke/Coach/ReadySet expires or is set to automatically renew. It's the date we would turn off the Client's Spoke account if they decided not to renew their license.

Example: If you sign a client to a 3-year Spoke deal that is signed and completed on Dec. 8, 2023, you would enter Dec. 8, 2026 as the Recurring Revenue Inactive Date.

Renewal Deal Created

Just like that, HubSpot will automatically create the renewal deal in the Renewal Pipeline and pull over the following information:

The Recurring revenue inactive date will be the Close Date.
The Annually Recurring Revenue amount from the Line Items section of the deal will be the Deal Amount.
Deal Owner will transfer to the new deal.
Associated Companies, Associated Contacts and timeline activity from the previous 30 days will be copied to the renewal deal.