The Challenge
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
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.
![line item](https://blog.revpartners.io/hs-fs/hubfs/line%20item.png?width=1000&height=76&name=line%20item.png)
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.
![work triple](https://blog.revpartners.io/hs-fs/hubfs/work%20triple.png?width=996&height=174&name=work%20triple.png)
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.
![renewal](https://blog.revpartners.io/hs-fs/hubfs/renewal.png?width=652&height=213&name=renewal.png)
![upsell](https://blog.revpartners.io/hs-fs/hubfs/upsell.png?width=648&height=137&name=upsell.png)
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.
The 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.
![brian blur](https://blog.revpartners.io/hs-fs/hubfs/brian%20blur.png?width=1300&height=445&name=brian%20blur.png)
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.
![Schematic - Switch Box](https://blog.revpartners.io/hs-fs/hubfs/Schematic%20-%20Switch%20Box.png?width=606&height=1310&name=Schematic%20-%20Switch%20Box.png)
RevPartners is at Your Service
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