Automatically create a renewal deal in HubSpot

70-80% of revenue comes after the initial sale 🤯

Yet, so many companies spend much more time thinking about closing new customers than ensuring their existing ones renew and expand.

Especially as sales pipelines slow down, and budgets get tighter – building a clear process to effectively drive renewals will become a powerful growth lever for companies that are invested in making their customers successful.

Here are the steps to automatically create a new renewal deal when a sales deal gets moved to Closed Won

🌟 Note: in order to set up this workflow, you'll first want to make sure you've set up a renewal pipeline and the necessary renewals deal properties. If you haven't done that yet, you can follow these steps:

• ‍Create a renewal pipeline in HubSpot
• Create HubsSpot properties to manage the renewals process

Here's how it works:

1. Trigger the deal-based workflow when the Deal stage is equal to Closed won

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2. Set up an IF/THEN branch to check that all the data is ready

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3. Create a new deal in the renewal pipeline with a close date 365 days out (assuming an annual contract) and the appropriate renewal amount.

• Set the name to be {Deal Name} - Year 1
• Copy critical information about the account to the new deal. Eg Success Metrics, Decision Makers, Account Preferences
• Set the value of a “Renewal Year” property to 1
• Update the “Renewal Date” and “Renewal Amount” properties on the company record to increase visibility for all team members interacting with the account
• Set the Renewal Year Type to "Odd"

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