Today we released an extra option to the Recurring Deals feature: you can now Ignore or Include your Recurring Deals in the pipeline views. The reason we added this is to make conversion rates more accurate (see Why does this matter? below).
This article explains in full about the new feature, however if you’re unfamiliar with the Recurring Deals concept then here is a quick video and example of what a Recurring Deal is:
Recurring Deal Example
If you have a Highrise deal that recurs monthly then you can choose to convert this deal in Tracks to a Recurring Deal. A Recurring Deal in Tracks spreads the value of the deal across the period of time the deal recurs. Here is an example:
Ignoring and Including Recurring Deals
As always , we’ve put together a short video demonstration of this new feature. You can watch the demo or if you prefer reading then we’ve included a full description below plus some comments on why ignoring Recurring Deals matters. If you have any questions just get in touch at [email protected]
What does “Include” Recurring Deals mean?
Converting a deal to a Recurring Deal in Tracks is done in the “Recurring” tab of your deal in Tracks.
You might have many deals that are converted to Recurring Deals and you can choose to “Include” these Recurring Deals or “Ignore” them in any of the pipeline views.
Including Recurring Deals in a pipeline view will show all your deals that are converted, and therefore – using the example above – show $1,000 in each month for 12 months.
What does “Ignore” Recurring Deals mean?
Again, using the example above, the Highrise deal value is $12,000. If you choose to “Ignore” Recurring Deals in a pipeline view then Tracks will display the deal ONCE at a value of $12,000 i.e. Tracks will ignore that you have chosen to spread the $12,000 across 12 months at $1,000k per month.
Why does this matter?
This matters for a range of reasons.
Converting a deal to a Recurring Deal is useful for you to see the revenue that is released across the period of time i.e. 12 months. It is also really useful if that deal value of $12,000 is actually billed monthly, as Tracks will allocate 12 deals at $1,000 a month for 12 months.
However, from a sales (or “bookings”) perspective, the deal was won (or “booked”) on a certain date, so it is really useful to ignore your Recurring Deals so that you can see when the deals were won and the value of them of when you won them – this helps in calculating conversion rates (which can be done in Tracks).
It is also normal to set targets for “bookings” rather than when the revenue is released or when the deal is actually invoiced, so seeing when the actual Recurring Deals were won (or lost) is necessary for understanding your performance against targets.
Hopefully, this all makes sense. If you have any questions just get in touch at [email protected]
Thanks for reading!
PS – “Bookings” is a term commonly used to refer to when a sale was actually won and ignores revenue and invoices