Recipe: Deal board for 'Renewals'

Create a dedicated renewals deal board in MeetRecord to monitor all account activity in one place. This setup helps you track key renewals, identify at-risk accounts, and step in to provide timely support when needed.

Example: Setting Up a Renewals Deal Board

Follow this step-by-step guide to build your own renewals board. Customize it as needed for your organization’s requirements. If specific CRM fields are unavailable, use what you have and consult your MeetRecord admin to add additional fields later.

Step 1: Filter for Relevant Opportunities

1. In the Create New Board > Filters section:
   • Filter by Deal Status: Select the CRM field for "deal status" and set it to "open."
   • Filter by Opportunity Type: Set to "Renewal" and/or "Upsell."
   • Filter by Account Health: Include accounts with health statuses "red" and "yellow."

Step 2: Customize Board Columns

Add columns to provide a quick overview of account status. In the Columns section, include:

• Amount
• Close Date
• Next Call
• Warning
• Stage
• Account Health
• Opportunity Owner
• Customer Success Manager (CSM)

Step 3: Configure Warnings

Set up key warnings to flag potential risks. In the Warnings section, include:

1. No Activity for 10 Days: Track inactivity against expected service levels (SLAs).
2. No Prospect Response for 3 Days: Catch accounts going silent before renewal completion.
3. Close Date in the Past: Identify expired contracts or CRM discrepancies.
4. Fewer than 2 Active Prospects for 15 Days: Ensure engagement with multiple stakeholders.
5. No VP-Level Engagement Within 30 Days of Close Date: Guarantee leadership involvement based on renewal size or internal SLAs.

Step 4: Subscribe Your Team to the Board

Keep your sales team updated on renewal progress:

1. In the Digest > Subscribers section, select the teams to receive weekly email summaries.
2. This digest highlights deals needing attention and encourages forward momentum.

Step 5: Share Updates with Key Stakeholders

Ensure stakeholders stay informed with weekly board summaries:

1. In the Digest > Observers section, add Customer Success leaders, managers, or other relevant stakeholders.
2. Tailor visibility to specific teams or regions.

Step 6: Set the Board to Show Upcoming Renewals

Focus on deals closing this quarter or next:

1. On the Renewals Deal Board, set the timeframe to “Closing this quarter” and/or “Closing next quarter.”
2. Share the board URL with stakeholders or guide them to adjust their view accordingly.

Why Use a Renewals Deal Board?

With this setup, you’ll have:

• A centralized view of renewal activity.
• Proactive risk identification through warnings.
• Insights to strategize and prioritize renewals.
• Seamless collaboration across sales and customer success teams.

Regularly review and update your renewals board to ensure you’re always prepared to act on high-priority accounts and meet renewal goals effectively.