HubSpot Product Library 101

Does your work involve a wide variety of products? If so, you probably know the pain of trying to keep track of what you’re selling, to whom, and when. If you’re nodding your head right now, then HubSpot’s Product Library could be a useful tool for you. 

HubSpot’s Product Library lets you create a virtual library of all the goods and services you sell, allowing you to simplify your sales tracking process. The Product Library also comes with a range of features designed to help your business get better. In this guide, we’ll look into how HubSpot’s Product Library can work for you.

What Are Line Items, Products, and Deals? 

Once you get started in the HubSpot Product Library, you’ll probably start seeing terms like ‘products,’ ‘line items,’ and ‘deals.’ Understanding the relationship between these three terms is incredibly important. Let’s break it down. 

• A product in HubSpot refers to any good or service that you offer. You can think of it as an item listed in your catalog, ready to be sold. Each product has its own set of characteristics; price, SKU, description, etc. 
• A line item, however, is an instance of a product when it’s associated with a specific deal or quote. Think of it as selecting a product from your catalog and adding it to a customer’s shopping car. Each line item carries the details of the product at the time it was added to the deal or quote. This can include price, quantity, and other details. 
• A deal represents a potential sale or agreement with a customer. When you add a line item to a deal, you’re basically adding a product to that potential sale. The deal then carries the details of all its associated line items. Together, this gives you a more complete picture of what the potential sale includes.

Quotes and Their Relationship with Products

After understanding products, line items, and deals, it's time to introduce another player into the mix: the 'quote'. A quote is basically a formal statement of promise by the seller to the buyer. It offers specific products or services at defined prices. Think of it like a detailed proposal that outlines exactly what you're selling and at what cost.

When you're creating a quote in HubSpot, you're preparing a detailed proposition for your potential customer. This is where products and line items come into the picture. As you add products to your quote, they become 'line items' within that quote. Each line item carries the details of the product at the time it was added to the quote, including its price, quantity (and anything else that might be relevant). 

Just like with deals, once a product becomes a line item in a quote, it’s been earmarked only for that quote. Any of the following changes you make to the product in your catalog won't affect the line item that’s in the quote. This way, the details of your proposal stay consistent, even if you update the product details in your catalog later.

The beauty of this system is that it allows for flexibility and precision. You can customize each quote to reflect the specific needs and preferences of each potential customer. Plus, you can add or remove products as needed without disrupting the whole ecosystem. The HubSpot Product Library provides a clear and detailed record of what you're offering, at what price, and under what conditions.

To recap, products form the backbone of your quotes in HubSpot. By understanding how to manage your products effectively, you can create accurate and compelling quotes that help you win more business.

Creating a Product in HubSpot

Now that we're clear on the basics, let's get to work by creating a product. HubSpot makes this process as painless as possible. Here's a detailed guide:

1. Navigate to Commerce > Products: You'll find all your products (or an empty space if you're just getting started) here.

2. Click 'Create product' and Customize Product Details: Click this button to add a product and input key information like 'Name', 'Description', and 'Price' to effectively manage the product.

3. Click 'Save' or 'Save and add another': Once you've filled in all the details, click 'Save' to add the product to your library. If you want to add more products, click 'Save and add another,’ and start the process all over again. 

Syncing Products with Other Platforms

One of our favorite features of HubSpot's Product Library is its ability to integrate with other platforms. You can manage your products across multiple platforms from one central location - HubSpot. Let's take a look at how this works with platforms like Shopify and QuickBooks.

With Shopify, you can sync your products between the two platforms. This means that when you update a product in Shopify, the changes will automatically reflect in your HubSpot Product Library, and vice versa. This way, your product information is always up-to-date. It doesn’t matter where you’re viewing it from. 

With QuickBooks, you can sync your products so that your accounting records match your sales records. When you create an invoice in QuickBooks, you can pull in products directly from your HubSpot Product Library. You can be absolutely certain that your billing information matches your sales records.

These integrations save you time and reduce the chance of mistakes. These excellent integrations can lead to more accurate reporting, better decision-making, and ultimately, a more successful sales and marketing operation.

Leveraging HubSpot's Product Library

Sales and marketing both move fast. That’s why staying organized is so important. A few slip-ups, and it can feel like your whole business is getting away from you. HubSpot's Product Library offers a powerful solution for managing your products. From creating detailed product listings to managing line items in deals and quotes, to syncing with other platforms like Shopify and QuickBooks, the Product Library is a versatile tool that can help you work more efficiently. 

But remember, like any tool, the Product Library is most effective when used correctly. Take the necessary time to understand its features and keep your product information up-to-date. With these best practices, you can turn the Product Library into a powerful ally in your business journey.