Want to automate your renewals? TekStack makes it easy!

When you sell a subscription product for a period of time, chances are your customer will want to renew it. You can easily set up your system to create renewal opportunities in advance of expiry, giving you the time to connect with your customer. You’ll want to ensure that the renewal is exactly what they want.

Why set up renewals automatically?

1. Easily maintain customer continuity by ensuring that renewal opportunities are automatically created so you don’t have to remember to renew a product or service.
2. Keep your customers happy. Adapt to their changing needs. The automated renewal gives you the time to review and adjust product price, quantity and time frame to your customer’s satisfaction.

How far in advance is a renewal opportunity created?

Renewals of your products are pre-configured, according to your company’s business practices, to renew days, weeks, or months before expiry. Typically, a longer subscription term will be configured to renew further in advance. For example, a one-month subscription might renew 5 days before expiry and a one-year subscription might renew 90 days in advance.

Your renewal will appear in your My Upcoming Renewals view in your Opportunities list. It will be named with the original order number plus Renewal, for example, ORD-2022-21-03-000001025 -Renewal 1. This means that the past order has a renewal coming due.

1. Click the renewal opportunity name to see the associated information.

2. Click Products & Services to see the product is already added.

3. Click the product name to see the details--the Opportunity Line. Here you can change the Quantity, Price Per Unit and Discount Per Unit.

You can also change the Invoice Schedule. Use this choice with caution. You can’t invoice a three-month product Quarterly or Annually.

The Invoicing Start field is locked because it has been pre-configured for Opportunity Close Date. This choice is configurable for each product.

4. Choose Subscription tab to select Subscription Start date and the Renewal Type.

Note: Functionality for the Renewal Type is not yet available. By default, renewal will be Opportunity.

5. If you make changes, save the record. In this example, we reduced the number of subscriptions from 12 to 11.
6. When you are ready to close the order, click Close as Won. The close date will automatically default to the subscription end date.

You have now completed a renewal opportunity.

From here, your management, or finance analyst, can review your won opportunities and proceed to generate orders and invoices. See Review Opportunities and Generate Orders for information about next steps.

Understand How Subscriptions Expire

Every subscription is set to expire on a specific date. In advance of the expiry date, a renewal opportunity is created. As long as the renewal opportunity is open, the subscription will not expire.

If a customer does not want to renew a subscription, we can close the opportunity as lost. The subscription now expires on the original expiry date regardless of when the customer declined to renew (when opportunity was lost).

In the instance that a customer does not make a decision, the subscription remains active and the opportunity stays open. The subscription will only expire if the opportunity is Closed as Lost.