Introduction to Products in HubSpot

1. What Are Products in HubSpot?

Products in HubSpot are line items you can attach to Deals, representing goods or services you sell at a specified price. Typically, a Product record includes:

• Name (e.g., “Project Management Package”)
• Description (details about what’s included)
• Price (unit cost)
• Unit (quantity, hours, seats, etc.)

When you add these Products to a Deal, the combined total forms the Deal’s amount, which can help you track revenue more precisely.

2. Why Use Products as a Consultant?

1. Standardized Service Offerings: If you offer recurring or standardized services—like an “Operations Audit” or a “Monthly Advisory Retainer”—you can store each as a Product for quick addition to Deals.
2. Faster Deal Creation: Instead of manually typing in each line item or price, simply select from your existing Products and let HubSpot calculate the total.
3. Consistent Pricing: Maintaining a central list of services ensures you don’t inadvertently charge different rates (unless intentionally discounted) or forget certain deliverables.
4. Detailed Reporting: By attaching Products to Deals, you can run reports on which offerings generate the most revenue, see average sale price by product, or track trends over time.
5. Invoicing or Quote Generation: If you’re on a tier that supports Quotes, you can easily pull your Product line items into a HubSpot quote, streamlining the proposal process.

3. Setting Up Products in HubSpot

3.1 Accessing the Product Library

1. Navigate to Settings
   • Click the Settings (gear icon) in the top-right of HubSpot.
2. Select Objects → Products & Quotes
   • In the left sidebar, look for Objects.
   • Choose Products & Quotes (the exact naming may vary slightly).
3. Open “Product Library”
   • This is where all your Products are listed. If it’s your first time, it may be empty.

3.2 Creating a Product

1. Click “Create product”
   • Provide a Name (e.g., “Strategy Workshop Half-Day”).
   • Optional: SKU (if you track internal SKUs).
   • Description (short or detailed summary of what’s included).
   • Unit price (e.g., $2,000 flat, or $150/hour if you charge by hour).
   • If relevant, choose a Recurring type (monthly, annual) if you’re selling retainer or subscription-based items.
2. Save
   • The new product is now in your library.

3.3 Managing Taxes, Currencies, or Discounts

• Taxes: If you need to include VAT or sales tax, some HubSpot plan versions let you configure tax settings. Otherwise, factor taxes into the final line item price or add a separate product labeled “Tax.”
• Multiple Currencies: In HubSpot’s Settings → Account Setup, you can enable multi-currency if you bill in USD, EUR, etc.
• Discount Items: You can create a discount product (like “10% Discount”) or adjust the line item price in the Deal itself.

4. Adding Products to a Deal

1. Open a Deal
   • Go to Deals and select the relevant deal record.
2. Product / Line Item Section
   • Look for a Line items or Products tab.
   • Click Add line item or Add product.
3. Select from Product Library
   • Choose the product(s) you want.
   • Adjust Quantity or override the unit price if necessary (e.g., applying a discount or custom rate for that client).
4. Save
   • The Deal’s Amount property updates to reflect the sum of the products added.

5. Example Use Cases

1. Hourly Consulting Packages
   • Product: “Consulting Hour (Discounted 10-Pack).”
   • Unit price might be $150/hour, but discounted to $1,350 for a 10-hour bundle.
   • Add multiple packages if the client wants 20 hours or 30 hours.
2. Fixed-Fee Services
   • Product: “Operations Audit” for a flat $5,000.
   • When creating a new Deal for a client requesting the audit, just select it from the library.
3. Monthly Retainers
   • Product: “Monthly Advisory Retainer,” $2,000.
   • If it’s a 6-month commitment, you might attach 6 as the “quantity” or note it’s recurring.
   • If you have HubSpot’s quoting system, you can generate a quote showing the total over the contract period.

6. Reporting with Products

• Deal Revenue by Product: If you consistently attach products to deals, you can run a report on “Revenue by Product” to see which services are best-sellers.
• Forecast: Combine product data with pipeline stages to forecast which revenue streams are likely to close in the next quarter.
• Profitability Analysis (If you track cost or margin): If you store product costs or use custom fields, you can approximate margins on each service.

7. Best Practices

1. Keep Your Product Library Lean: Only include your main services or packages. If you customize pricing for each client, consider storing a baseline product and adjusting line item details on the Deal.
2. Use Clear Names: Clients might see these names if you generate quotes. So use descriptive titles (e.g., “Executive Strategy Session – 2 Hours”).
3. Standardize Descriptions: Include bullet points or a short summary of deliverables. This saves time and ensures consistency in proposals.
4. Regularly Audit Prices: Over time, you may change your rates or add new services. Update the product library so it remains accurate.
5. Combine with Quotes: If you’re on a HubSpot tier that supports quotes, use the product library to quickly generate a professional quote for a prospective client.