Tracking revenue is just as important for law firms as it is for any business. In fact, it is a key to ensuring your firm’s success.
Tracking revenue should go hand in hand with your marketing efforts, as changes in revenue are often related to the effectiveness of your marketing outreach. However, the problem with most marketing tools is that they don’t do much tracking.
Fortunately for law firms, this is one of the notable features of HubSpot.
HubSpot has a revenue analytics report tool that tracks revenue for you. You can see the effect of any customers that upgrade, stop, renew, and more. This is usually used to track subscription services but can be useful for lawyers with clients who pay monthly retainer fees or are on a monthly payment plan.
Before you can access this tool, you’ll need to set it up.
When you turn on the analytics tool, it will begin to display several properties. It includes recurring revenue, deal type, and inactivity date.
Once HubSpot begins collecting data, you can access the reports tab under revenue analytics. Set a date and frequency from the settings, and the tool creates a chart to visualize the data. You’ll see information on new, existing, and lost recurring revenue. From there, you can see why you may have earned more or lost more.
Getting this information is crucial to making any future marketing and business decisions.
Before you begin accessing your revenue data, make sure that HubSpot is collecting all relevant activities. You can double-check these deals to see if they are reflecting the correct amounts.
Afterward, you should move every closed deal to the Closed Won stage so that it reflects on HubSpot’s reporting tool. From there, you have the freedom to choose from the many available reports on HubSpot.
When HubSpot begins generating reports, you’ll see a library you can access. You can then add these reports to your revenue dashboard to collect them in one location. Some data you can inspect include:
Data-based decisions are impactful, and many businesses attest their success to them. By getting reports on your revenue, you can gain insights you may not realize without it.
As you use HubSpot Deals, you’ll get more accustomed to it. You’ll reach a point where data will become an anchor for your business.
If you need to consult with HubSpot experts, contact us. As HubSpot certified professionals, we can help you set up and implement revenue reporting and deals.