August 31, 2021

How To Track Revenue With HubSpot Deals

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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.

Steps To Tracking Revenue With 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.

  • Go to your analytics tools in the reports tab and click Revenue Analytics.
  • Add properties and begin tracking. If this is not possible, go to the next step.
  • Click create properties.
  • Go to the Sales tab and click Deals.
  • View all properties and search for the term recurring revenue.
  • From there, you’ll see the options and edit them as needed.

When you turn on the analytics tool, it will begin to display several properties. It includes recurring revenue, deal type, and inactivity date.

Analyzing Revenue

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.

Using Deals Properly

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.

Available Reports

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:

  • Deal revenue forecast by stages: displays how much money you can get from open deals when they close.
  • Deal leaderboard: Showcases which team member has performed the best in a set timeframe.
  • New deals created: Ranking based on new creations and forecasted revenue for a specific timeframe.
  • Closed revenue by source: This is a detailed report of all your completed deals.
  • Companies revenue by source: It shows you the source of most of your ROI.
  • First conversion: A report that bases revenue from the first conversions to show you what is more likely to lead to money flowing in.

Reap the Rewards

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.

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