There were a few questions that came in today about how to manage renewals.
"The reason for the renewal question is that it was advised that a sales executive should not copy a prior opportunity and use it as a new opportunity. For many of us, we use this as a method of recording renewals."
Another comment: "Many of our renewals have no changes, except renewal dates and stages of the opportunity."
@Dan Glaser - what are the best practices for using Opportunities to capture renewals?
Hey @Anthony Pergolotti - Great question! What I have seen work best in most cases is to create Add-On Opportunities to reflect contract modifications. This allows you to track the original deal, along with any additional or decreased business.
A few benefits, just off the top of my head:
* Provides an accurate way to measure how often and how much your deals adjust from the original contract value.
* Uses the standard Opportunity object for sales reporting and forecasts.
* Allows for appropriate sales credit in the month the additional sale portion was completed
* Simplifies reporting for adjusted deals-- removes that inevitable fuzzy gray area around "Well... is this additional? Or new?" (Especially critical if compensation is variable depending on which of those two is the correct answer!)
