Optimize HubSpot Deal Properties: Streamline Sales, Drive Growth

Is your sales team constantly struggling with disorganized data and missed opportunities??

This chaos can lead to poor sales forecasts and lost deals, stifling your business’s growth. Every time your team struggles with inconsistent data or loses track of a potential sale, it’s a setback that affects your bottom line.

Imagine a scenario where your sales process is seamless, every deal is tracked accurately, and your forecasts are spot-on. With HubSpot's deal properties, this transformation is within your reach.

By optimizing deal properties in HubSpot, you can eliminate data inconsistencies, automate routine tasks, and gain powerful insights into your sales pipeline. This saves time and empowers your sales team to focus on what they do best—closing deals.

We will guide you through the steps to set up and optimize deal properties in HubSpot to help you streamline your sales management, boost efficiency, and drive your business growth.?

Let’s get started on turning these challenges into opportunities for success.

What are Deal Properties in HubSpot?

Deal properties in HubSpot are critical information that helps you manage and track your sales opportunities. They are the essential details that describe each deal, giving you a clear view of its position in your sales pipeline.

When you create a deal in HubSpot, you’ll fill in several important properties, such as:

• Deal Name: A unique name to identify the deal.
• Amount: The potential revenue from the deal.
• Close Date: The expected date when the deal will be finalized.
• Deal Stage: The current phase of the deal in your sales process.
• Owner: The salesperson or team responsible for the deal.

These customizable properties allow you to tailor them to fit your business needs.

Why Deal Properties Matter?

Deal properties are crucial for a few reasons:

• Reporting: Deal properties are vital for generating insightful sales reports. You can create comprehensive reports highlighting trends and performance metrics by capturing key details such as deal size, close date, and deal stage. These reports can help identify strengths and weaknesses in your sales process, enabling you to make informed decisions and strategic improvements.
• Forecasting: Using deal properties for accurate sales forecasting involves analyzing historical data and current deal stages. By understanding the probabilities associated with each deal stage, you can predict future sales revenue more precisely. This allows you to set realistic sales targets and allocate resources effectively.
• Pipeline Management: Clear and well-defined deal properties help your sales team track the progress of each deal and prioritize activities accordingly. By having a detailed view of your sales pipeline, you can identify bottlenecks, streamline processes, and ensure no opportunity is overlooked.

How to Use the Deal Properties in Hubspot?

Deal properties in HubSpot are essential details that help you manage and track your sales opportunities. They clearly show each deal’s status and progress within your sales pipeline, ensuring you stay organized and efficient.

I. Setting Up Deal Stages in HubSpot

Setting up deal stages in HubSpot ensures that every sales opportunity follows a consistent and structured path through your sales process. Here's how to get started:

1. Create New Pipelines: In the HubSpot settings menu, navigate to Objects > Deals. To access the Pipeline Editor, Click on the Pipelines tab.

2. Add or Customize Deal Stages: Tailor them to your specific sales workflows. Go to Sales > Deals. Click + Add a Deal Stage. Define the stages that best represent your sales process, ensuring each stage is clearly defined and appropriately labeled.

II. Managing Deal Stages

Here’s how deal properties help you manage your sales more effectively:

• Custom Stages: You can set up custom deal stages that reflect the steps in your sales process, ensuring each deal progresses smoothly.
• Detailed Records: Each deal record can include communication logs, tasks, and notes, providing a complete view of interactions with potential buyers.
• Automation: Automate repetitive tasks based on deal properties to save time and reduce manual work.

Deal stages represent the steps in your sales process, each with an associated probability of closing. Properly managing these stages is crucial for accurate tracking and forecasting.

Steps to Manage Deal Stages

1. Access Deal Settings: Navigate to Objects > Deals in your HubSpot account.

2. Select Pipeline: Choose the pipeline you want to edit.

3. Add Deal Stage: Click + Add stage, enter a name, and set a probability.

4. Edit Deal Stage: Change the name or reorder stages by dragging them.

5. Delete Deal Stage: Remove stages after moving existing deals to other stages.

III. Customizing Your Sales Pipeline

You can customize your sales pipeline in HubSpot to tailor your sales process. Here’s how:

• Rename the Pipeline: Update the pipeline’s name by entering a new one.
• Reorder Pipelines: Drag pipelines to reorder them as needed.
• Manage Access: Control which users can view and edit the pipeline.
• Delete Pipeline: If a pipeline is no longer needed, delete it after moving or deleting its deals.
• Customize Board and Card View: Choose which properties are displayed on the board and cards.
• Deal Tags: Use color-coded labels to categorize deals.
• Automation Settings: Set up automated tasks for the pipeline.
• Pipeline Rules: Define rules for the pipeline (available for Sales Hub Professional and Enterprise).

HubSpot includes a default sales pipeline with seven stages:

1. Appointment Scheduled (20%)

2. Qualified to Buy (40%)

3. Presentation Scheduled (60%)

4. Decision Maker Bought-In (80%)

5. Contract Sent (90%)

6. Closed Won (100%)

7. Closed Lost (0%)

You can add or modify these stages to better suit your sales process, ensuring each stage aligns with your specific workflows. Customizing deal properties at each stage provides clarity and ensures that all necessary information is captured as deals progress.

Steps to Customize Properties

1. Edit Properties: Hover over the Conditional stage properties column and click Edit properties.

2. Select Properties: Choose the properties you want to appear.

3. Reorder Properties: Drag properties to rearrange them.

4. Require Properties: Make certain properties mandatory for moving to a stage.

5. Save Changes: Click Save once done.

IV. Managing Access to Deals

For better security and organization, manage access to deals based on user roles and teams:

1. Team-Based Access: Configure deal access so users can only view or edit deals assigned to their team.

2. Individual Permissions: Update user permissions by navigating to Users & Teams, selecting a user, and editing their CRM permissions.

V. Assigning and Reassigning Deal Owners

1. Assigning Deals?

• To assign individually, navigate to the Deals tab, fill out key information, and select an owner from the dropdown menu.
• To assign deal owners in bulk, navigate to the records index page. Once there, select the records you want to assign and use the ‘Assign’ option to choose an owner from the dropdown menu. This method is particularly useful for large teams or when managing a high volume of deals, ensuring that all deals are appropriately assigned without manual intervention.

2. Reassigning Deals

Access the deal record. Edit the deal owner field and select a new owner. This ensures continuity and maintains momentum in your sales process during team changes.

VI. Automating Deal Creation and Management

You can automate deal creation using workflows based on specific triggers, such as form submissions or lead status changes. This ensures that deals are created promptly without manual intervention.?

Additionally, you can reassign deals automatically to distribute them efficiently based on predefined criteria, streamlining your sales process and ensuring that the appropriate team member handles each deal. You can manage these automated deals by:?

• Setting Up Custom Automation Actions: Notify team members, create tasks, send automated emails, and update deal properties based on triggers.
• Monitoring and Adjusting Workflows Regularly: Ensure smooth operation and avoid conflict.?

VII. Analyzing Deal Metrics and Performance

Key deal metrics in HubSpot are essential for understanding the effectiveness of your sales process. Here are some of the important Deal Metrics:?

1. Total Contract Value: Represents the potential revenue from a deal, providing a clear picture of expected income.

2. Deal Probability: Indicates the likelihood of closing a deal based on its current stage, which helps in accurate sales forecasting.

3. Annual Contract Value: Measures the revenue generated from a contract over a year, offering insights into long-term profitability.

4. Win Rate: The percentage of deals won out of the total number of deals pursued, providing a snapshot of your sales effectiveness.

5. Average Customer Lifetime Value: Calculates the total revenue expected from a customer over their entire relationship with your business, highlighting the importance of customer retention and long-term strategy.

You can transform raw data into actionable insights using HubSpot's reports and dashboards. These tools allow you to:

• Monitor progress and make data-driven adjustments to your sales tactics.
• Display key metrics such as new opportunities, sales pipeline value, and total sales versus targets.
• Measure success, identify trends, and optimize your sales strategies, ensuring continuous improvement and achieving your business objectives.

Best Practices for Optimizing Deal Properties

You can make the most appropriate use of these properties and help ensure that your sales data is accurate, up-to-date, and aligned with your business goals, ultimately improving your overall sales management and performance.

1. Keep Data Consistent

Maintaining consistency in data entry is crucial for accurate tracking and reporting. Ensure that your sales team understands the importance of entering information in a standardized manner. This helps avoid discrepancies and ensures that your data is reliable, making it easier to analyze and act upon.

2. Use Automation

HubSpot’s automation features can significantly enhance deal property management. Automated workflows can be set up to update deal properties based on specific triggers or actions, such as moving a deal to a new stage or receiving a form submission. This reduces manual effort, minimizes errors, and ensures that deal data is always up-to-date.

3. Conduct Regular Reviews

Regularly reviewing and updating deal properties is essential to align your sales process with your business goals. Schedule periodic audits to check for outdated or irrelevant properties and make necessary adjustments. This practice ensures that your deal properties remain relevant and valuable for your sales team.

Practical Example: Optimizing Deal Properties for a B2B Company

Let's consider Tech Solutions Inc., a B2B company that provides IT consulting and software development services. It uses HubSpot to manage its sales processes.?

Here's a practical example of how Tech Solutions Inc. can use HubSpot's "Deal Properties" feature to improve their sales operations. Tech Solutions Inc. wants to streamline its sales process, track important metrics, and ensure its sales team focuses on high-priority deals.

Example Workflow:

1. Deal Creation: A new lead comes in from a trade show. The sales rep enters the lead into HubSpot and creates a new deal. They fill in the custom deal properties:

2. Automation: Based on the Potential Revenue property, the deal is automatically assigned to a senior sales rep specializing in high-value IT consulting deals. An automated task is created for the rep to contact the lead within 24 hours.

3. Progress Tracking: As the sales rep works on the deal, they update the Sales Stage property. When the deal reaches the Proposal stage, an automated email with a proposal template is sent to the client.

4. Manager Notification: When the deal moves to the Negotiation stage, a notification is sent to the sales manager. The manager can then review the deal and offer assistance if needed.

5. Reporting: At the end of the quarter, the sales team reviews their performance using the reports generated from the deal properties. They analyze the most effective lead sources and the average time deals spend in each stage.

This example illustrates how businesses can leverage HubSpot’s deal properties to drive significant improvements in their sales operations.

Are You Using Your HubSpot at Its Full Potential?

As a HubSpot Diamond Solutions Partner, INSIDEA is uniquely positioned to help you unlock the full potential of your HubSpot investment. Begin with a free, comprehensive audit of your HubSpot portal and discover the various features and tools waiting to transform your business operations.

Get your free portal audit today!

You can also book a meeting with HubSpot experts to explore how INSIDEA can help you with your upcoming projects.