How to Track Hubspot Expansion Revenue for your Feature Requests
Deciding what to build is maybe the most important problem in software.
We usually solve it by tracking customer feature requests and feedback and then using systems to assign priority. There are lots of ways to prioritize feature requests, and we could go on all day about how to do that prioritization well.
One common—and effective—way is to choose to build feature requests for your current customers. Savio makes it easy to see the existing customer MRR tied up with each feature request.
Note: Savio helps B2B SaaS Customer Success, Product, and Sales teams organize and prioritize product feedback and feature requests. Learn more about Savio here.
That total MRR per feature can help you decide which features to build next. Building for current customers helps increase retention and reduce churn.
But what if you want to build features to expand your revenue rather than just maintain it? What if you’d like to calculate the potential MRR from new deals that is tied to a given feature? Knowing the potential expansion revenue attached could be a useful additional factor that you consider when you’re making roadmap decisions.
For example, imagine you have Company A with two open Deals for $9,800 and $10,000 respectively. You want to see that total deal value of $19,800 beside all of Company A's Feature Requests. You can actually calculate and display potential MRR for each feature really easily in Savio using our HubSpot integration. Here’s how.
Use case: I use HubSpot CRM and I want to see the potential revenue tied to feature requests
Here’s when you might want to set this up:
You’re in Sales. You know that there is significant potential revenue from deals that hinge on a given feature. You want to be able to show the Product team how valuable that feature is in terms of the potential revenue it could generate. You’d love to be able to add together the potential revenue from new deals for companies that are asking for that feature, and then make that number visible in Savio where your Product team can see it.
You’re in Product. You know that there is a bunch of potential new revenue that could come from new deals if you build certain features. But you’re not sure what the exact value of that revenue is for each feature. You want to be able to easily see that potential MRR value for each feature and be able to compare it to other features as you choose what to build next. You’d love to be able to see that number right in Savio.
If you use HubSpot’s CRM, you can set up Savio’s HubSpot integration and make this happen. All you need to do is create a new property in HubSpot to calculate potential MRR from new deals, and then make that visible in Savio.
This article shows you how to do it. Once you follow all the steps below, you’ll be able to see potential new revenue for each feature request like this:
Let’s get it set up.
(Don’t use HubSpot? Here’s how to track potential expansion revenue in Savio using Salesforce.)
Pre-reqs: Make sure you have the necessary permissions
(Don’t have a Savio account? Get going with a free trial.)
What you need in HubSpot: The strategy we’re going to show you requires you to use calculated fields in HubSpot. Calculated fields are currently only available on the following HubSpot plans:
Marketing Hub Professional, Enterprise
Sales Hub Professional, Enterprise
Service Hub Professional, Enterprise
Operations Hub Professional
CMS Hub Professional, Enterprise
See the HubSpot website for more on their Sales CRM pricing plans.
Got the permissions you need? Great, let’s get started.
1. Create a calculated property in HubSpot
We’ll walk you through how to add a calculated property in HubSpot that will sum up the total revenue for a company’s potential deals.
1. Begin by creating a new custom property in HubSpot. It will roll up and display revenue from all a company’s Deals. Use the following specifications:
Object type: Use “Company”
Group: Use “Company information”
Label: Choose a name for your property. In our example, we are creating a property called “Deal MRR”.
- Field type: Use “Calculation”.
2. Define the calculation for the property. Use the following specifications:
Calculated property type: Use “Sum”.
Choose the associated record type: Use “Deal”.
Choose the associated record property: Select the property that holds deal revenue. In our example, we use “Amount” because, in our HubSpot instance, we hold our deal revenue in a property called “Amount”.
Now, companies will have a new property, called “Deal MRR” in our example, which totals together the revenue from all of the deals a company has in HubSpot.
2. Make the attribute visible in Savio
The HubSpot integration will automatically pull that new property directly into Savio. You’ll find it on the People and Company Attributes page.
Show the attribute in feature request filters and user information
If you want, you can choose to edit the attribute to be able to filter feature requests or show it alongside user information. To do so:
1. Click on the attribute.
2. Modify the attribute settings.
Check “Show in filters” to make it possible to filter feature requests by this attribute.
Check “Show with User info” to display this attribute when the company is mentioned.
***Read more: *How to modify attribute settings in Savio
You’ll see that the attribute is now visible in user info.
You’ll also see that the attribute is now available in the filters menu.
Show the attribute for each feature request
You may also choose to display the attribute in the feature request list.
To do that:
1. Navigate to the Manage Feature Request List Columns page.
2. Select your attribute from the list and click the “Display this Column” button.
Now, when you go to your feature request list, you’ll see the rolled-up sum of MRR for all the deals of all of the companies who have asked for that feature.
For example, imagine you have two new deals for a customer in HubSpot:
Now you’ll see that represented in Savio’s feature request list:
3. Filter for features with potential expansion revenue
You can now easily filter for the features that have significant expansion revenue. It’s easy:
just click the filter icon on the feature request page to bring up filters, find the potential expansion revenue attribute you created, and then filter.
Here, we’re filtering for feature requests with $500 or more in expansion revenue.
You’ll now see only the feature requests that meet your criteria.
We’re only shown features with “Deal mrr” greater than $500.
***Read more: *How to Filter Feedback and Feature Requests in Savio
Easily find potential expansion revenue in your feature requests
This is a quick way to find the features that provide opportunities for expanding your revenue. Prioritize them and you’ll be in a better position to close new deals and expand sales.
Kareem is a co-founder at Savio. He's been prioritizing customer feedback professionally since 2001. He likes tea and tea snacks, and dislikes refraining from eating lots of tea snacks.
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