Salesforce:
The Renewal Opportunity Flow is triggered when an Opportunity with recurring revenue is marked as Closed Won.
At this point, a renewal Opportunity is automatically created with a Close Date equal to the Contract End Date on the parent Opportunity that was Closed/Won. Please see below for the full list of fields automatically populated on the renewal Opportunity, and let your Customer Success Manager know if you would like to opt out or alter any of them:
Account: the renewal will be auto linked to the same Account as the original Opportunity
Close Date: equal to the contract end date of parent opportunity
Contract Start Date: equal to the contract end date of the parent opportunity (same as Close Date)
Owner: same owner as the parent opportunity
Parent Opportunity: will be automatically linked to the original opportunity
Parent Opportunity ARR: the ARR from the original opportunity will be brought into a field
Products: the original products sold on the original opportunity will be automatically brought into the renewal
Type: equals renewal (other options for Type are New Business an
Stage: starts out in evaluating (note: if you'd like to create the renewal opportunity in a further stage, you have to make sure that it would not be blocked by any required fields for that stage - example: if the negotiating stage requires contract terms to be filled out in order to advance into that stage, you could not auto-create the renewal in that stage since that field value would not be filled out - and the creation would fail)
HubSpot:
With Line Items
This version of the renewals workflow is compatible for those who determine deal value by associating line items to the deal.
When a Deal from the Sales Pipeline is marked as Closed Won, this will automatically create a new Deal to track the renewal. Some variables for the renewal record defined by your team include:
Close Date: As part of enabling this workflow, specify the most commonly used contract term (in months) for line items. The automation will set the Close Date the appropriate number of days from the shortest line item term.
If a line item has a contract term outside the normal contract term length (or no contract term is specified), no close date will be set. The deal owner will immediately receive an email notification reminding them to set the close date manually. This is because HubSpot’s automations require a close date to be set a specific number of days in advance (e.g. 180 days from today), rather than using a formula.
Stage: Specify the Pipeline and Stage for the renewal
Owner: Specify if the renewal is owned by the same user as the parent deal, or if it should be assigned to a different team member
Any other custom fields where the value is hard-coded for every renewal
Please note that line items cannot be dynamically pulled through to the renewal; they can only be set statically (e.g. every renewal opp receives 100 seats of Product A). For this reason, the currency value will be pulled through to the renewal, but the line items will need to be re-created on the renewal
Without Line Items:
This version of the renewals workflow is compatible for those who determine deal value without using line items, and instead through a custom property on the Deal. Please note this will only work out-of-the-box if tracking contract term in monthly increments
When a Deal from the Sales Pipeline is marked as Closed Won, this will automatically create a new Deal to track the renewal. Some variables for the renewal record defined by your team include:
Close Date: As part of enabling this workflow, specify the most commonly used contract term (in months) for line items. The automation will set the Close Date the appropriate number of days from the shortest line item term.
If a line item has a contract term outside the normal contract term length (or no contract term is specified), no close date will be set. The deal owner will immediately receive an email notification reminding them to set the close date manually. This is because HubSpot’s automations require a close date to be set a specific number of days in advance (e.g. 180 days from today), rather than using a formula.
Stage: Specify the Pipeline and Stage for the renewal
Owner: Specify if the renewal is owned by the same user as the parent deal, or if it should be assigned to a different team member
Any other custom fields where the value is hard-coded for every renewal