How RevPartners Revamped workvivo's Revenue Data Process

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.

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.

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.

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.

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.