Manual Renewal Opportunities
If a contract is coming up to maturity and you want to make sure you remember to reach out to your customer, or even better they have reached out to you, you can manually create a new renewal opportunity.
Click ‘Contracts’ in the menu bar, then click the Edit Pencil on a Contract of your choice:
Scroll down to the'Renewal Opportunities' dropdown, select your Status and Source, and press 'Add Opportunity':
Your Renewal Opportunity will now be displayed under the ‘Renewal Opportunities’ dropdown.
Note: For each Renewal Opportunity, the description is automatically set to 'Renewal of *REGISTRATION NUMBER*', with the opportunity type set to 'Renewal'.
If there is no asset logged against the contract, the description will simply read 'Renewal of Contract'. The Sub Source is the contract ID.
Renewals are automatically assigned to the relationship to whom the existing contract belongs.
Automatic Renewal Opportunities
To set these up, follow two simple steps:
Create a new action.
Create a contract milestone.
Create an Action
Navigate to 'Settings' followed by 'Workflow Settings', then proceed to 'Actions' and select 'Add Action':
Select 'Create Renewal Opportunity' as the Action Type:
You'll then be asked to select the opportunity source and status you'd like to use each time.
Automatic renewal opportunities display both in the contract record and on the Opportunities screen. They will also be described as 'Renewal of *REGISTRATION NUMBER*' or 'Renewal of Contract' and will also be set as the Renewal contract type.
You can select a Target Close Offset date based on the current contract maturity. Negative days would give the renewal opportunity a target close date before the contract matures, positive would be the number of days after the contract has matured.
Once you are ready, click the 'Save' button.
Creating a Contract Milestone
Now you need to create a Contract Milestone to add your Action to:
Scroll down to the ‘Contract Milestones’ dropdown and click ‘Add Contract Milestone’:
Enter a number into the ‘Days’ field for the point in time you’d like to contact your customers. Then click the ‘Save’ button:
You can then assign your new ‘Create Opportunity' Action to this milestone. Click 'Add Action’:
The following menu will be displayed:
Fill in all your details and select your new Action. Then click ‘Save’. And that is your Automatic Renewal created!