Setting up Renewal Templates

In this guide, we'll show you how to set up your Renewal templates so that you can automate the dates of your renewal agreement.

Renewal agreements occur when an existing agreement comes to an end and both the customer and business decide to continue the business relationship. While some agreements may renew automatically, when specified, creating a new renewal agreement gives the business an opportunity to decide whether to continuing with the pricing and terms of the old contract or negotiating new pricing and terms.

When creating a renewal, we want to be sure that the contract begins exactly the same day as our originating contract. If it ends even a day early or later, an ambiguous date of service is now introduced into the existing agreement and renewal agreement.

RevOps helps safeguard these errors by allowing you to import the start dates of the Renewal from your CRM so that your Sales team does not need to lookup and input these types of dates.

Import the dates to RevOps

In order to setup an automated renewal template, the date for when the renewal agreement would begin must be stored within your CRM. 

To import the data to RevOps, we'll first need to create a CRM Variable in RevOps to store this start date. Head to Integration Settings, for the CRM you are using and click on the "Variables".

If you are using Salesforce, select the property on the Opportunity object that stores the contract start date.

If you are using HubSpot, click on "+ Variables", and select the field on either the deal or company object that stores the contract start date.

Setting up the contract term

To use the CRM Variable on our deals, we'll head over to our "Renewal" template. We recommend creating a new template first, if you don't already have one for renewal agreements.

On our contract period term, we'll now hover over gear icon next to "Start Date" and switch it from Current Date to CRM Variable.

This allows us to set the start date to the CRM Variable we just created. We'll leave the end date to "Calculated" so that our Sales team can create renewals of different lengths, depending on the input of the "Contract Length" term.

See it in Action!

When creating a deal from this template, we'll see that the contract dates will are not yet shown and will be coming from the CRM. 

Once the deal or opportunity is associated to our RevOps Deal, the start date and end date will now both update.

When creating a renewal agreement, the start date cannot be adjusted because we want to lock it to the day after the original agreement. However, the length of the contract may be adjusted, in the event that our renewal agreement will now extended to 24 months.