The Problem
Lack of Trust in Data
workvivo faced a significant challenge as they lacked confidence in the accuracy of their deal-related data, including deal amounts. This hindered their ability to make informed business decisions and track performance effectively.
Unstructured Deal Objects
The absence of a standardized deal category system and the omission of essential deal objects such as products and line items contributed to the disorganization of data. This made it challenging for workvivo to analyze and report on their sales activities accurately.
Limited Pipeline Visibility
The absence of a dedicated Renewal/Upsell pipeline meant that workvivo had limited visibility into upcoming renewals, renewal conversations, and the overall performance of their renewal and upsell activities.
The Solution
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1
Deal Category System:
RevPartners introduced a structured deal category system, which included categories such as New Logo, Renewal, Upsell, Expert Services, Downsell, and Churn. This categorization provided clarity and a standardized framework for organizing deals.
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2
Products and Line Items:
RevPartners incorporated products and line items into the deal structure, enabling workvivo to track billing start dates, billing end dates, and services with recurring and non-recurring revenue. This added granularity to their deal data.
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3
Renewal/Upsell Pipeline:
The creation of a dedicated Renewal/Upsell pipeline in HubSpot allowed Workvivo to efficiently manage and track their renewal activities. This included specific categories like upcoming renewals less than 180 days, 90 days, and 45 days, renewal conversations, closed won renewal, and closed lost. -
4
Automated Data Migration:
RevPartners implemented automation to copy line items from closed-won deals to the Renewal/Upsell pipeline, ensuring a continuous flow of accurate data and creating a comprehensive history of the company's renewal activities.
Impact
Enhanced Data Trust and Accuracy
With the new deal structure and automated processes, workvivo gained confidence in their data, leading to improved trust in the information stored in HubSpot. The 10 years of data in HubSpot became accurate and reliable.
Comprehensive Reporting and Analysis
workvivo now had the capability to analyze recurring vs. non-recurring revenue on a monthly basis, examine various line items (e.g., net new, renewal, upsell), and break down insights by months or quarters. This empowered them to make data-driven decisions.
Increased Revenue Visibility
The implementation of a revenue category breakdown by billing month allowed workvivo to observe a 2-3x increase in average revenue since partnering with RevPartners. They now had visibility into every revenue category and could track performance over time.
Historical Data Management
Through imports, data from spreadsheets, and manual updates, RevPartners ensured that every deal in the system had a detailed line item, updating historical records and providing insights into every customer Workvivo had ever worked with.
Voice of the Customer
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