Automate your renewals process in HubSpot

Steal these HubSpot workflows to effectively drive renewals and increase revenue retention with 3 simple steps.

Use this template in Arrows
Automate your renewals process in HubSpot
Made by
Arrows
Category
Customer Success
Type
Tips
Workflows
Tools used
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 3 steps to create a robust process for managing renewals in HubSpot AND giving your entire team visibility into the revenue being generated after the initial sale.

1. Create a dedicated “Renewals Pipeline” using HubSpot deals

→ Add stages based on the time to renewal. For example: “9-12 months”, “6-9 months”, “3-6 months”, 3 months, 1 month”, “Closed Won”, “Churned”

→ Display the expected renewal amount (make sure you clearly state MRR or ARR), account owner, any indication of account health you track, and renewal date on the deal card.

→ Add required properties to close a renewal deal of “Renewal Amount” and “Renewal Date”

2. When a new deal is closed in your sales pipeline, use a workflow to set up the renewal

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

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

3. Create a workflow to automatically move deals through the renewal pipeline based on the number of days until the renewal date.

→ Trigger the deal-based workflow when the Days to Renewal property is known and the Pipeline is Renewals Pipeline

→ Set up an if/then branch to check on how long they have until their renewal date

→ Set the deal stage based on how close they are to their renewal date

The best part about managing renewals in HubSpot deal pipelines is you can easily apply the same reporting and forecasting principles to renewal revenue as you do initial sales.

Now that we have a defined process for managing our renewals, we can also use the structured data about the status and time to renewal for an account to drive our internal renewal preparation and customer engagement. For example:

Investing in a robust process for driving revenue after the initial sale will help reduce churn, increase expansion and as a result lead to ever increasing net revenue retention.

Act accordingly.

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