Want to reduce your sales cycle by 400%? Electronic signature technology is typically used in the very last stage of the sales process -- after the deal is closed, and you need the customer’s signature.
However, using e-signature technology throughout the selling process (even as early as the first contact), has major ROI. Let’s review the 10 most valuable ways e-signature technology can improve your bottom line.
1) Improve Stakeholder Management
Seven people are involved, on average, in the decision-making process. When multiple stakeholder are looking at your proposals, electronic signature technology can help identify the decision maker based on metrics like total time spent on the document or key pages.
And as the final decision gets closer, individuals without signing authority are more likely to reveal who the correct decision maker is earlier in the process if they themselves are nominated electronically.
Finally, it’s much easier to get everyone’s signatures when using a digital solution.
2) Adjust Your Message as the Deal Progresses
Because electronic documents are in the cloud, you can make any changes your clients request in seconds. In addition, as you and your team learn more about your prospects’ needs through conversations, research, etc., electronic signature technology lets you quickly adjust the agreement terms.
3) Increase Conversion Rates
Digitally signing a document is much easier than doing by hand. For that reason, any deal that can be signed electronically will have a higher conversion rate.
4) Reactivate Prospects and Avoid the “Proposal Black Hole”
Have you or your team ever received a “yes” only to send contracts through and never hear back again? You’re not alone. More than half of your documents fall into this black hole.
You can use e-signature technology to send prompts, reminders, and personalized messages powered by document tracking -- reactivating your silent prospects and turning them into closed business. In addition, prospects who may have indicated they are not interested or who have gone silent may find their way onto your documents later down the road. When you get a notification they’re reviewing your proposal, reach out.
5) Identify Other Stakeholders
As your target customers explore your offering, they’re likely to forward your materials to other team members involved in the decision-making process. Use electronic signature technology to identify whom they’re sending it to. Not only will you have a better sense of their buying process, you can also reach out the relevant contacts.
6) Increase Team Productivity
With e-signatures, your sales force saves potential time lost in manual tasks like filing documents, rekeying data, searching for lost documents or tracking down a contract that’s been lost in the mail. From our research across thousands of users, 58% of all successful contracts are signed with the first day and 48% of them within the first hour.
Furthermore, winning documents can be duplicated and edited rapidly versus manual reproduction. Contract teams can also collaborate with sales internally to get the best outcome using a digital platform.
7) Respond in Real Time
As your customers read your documents, don’t wait for them to reach out to you: Talk to them via live chat or email. Not only are customers more engaged, but you look great compared to more old-school competitors.
8) Personalize at Scale
Electronic document solutions allow you to create dynamic templates that transform typically standard collateral into highly personalized assets. Use details like the names of your audience, company information, and branding to create personalized, professional-looking documents that require little time from Sales or Marketing.
9) Empower a Modern, Mobile Workforce
Whether they’re in the field or at their desk, there’s one way you can always reach someone: Their phone. An electronic signature tool with a mobile app can greatly increase the follow up rate of your workforce and enable reps to respond dynamically to deals in play -- such as when a prospect opens a document for the first time.
10) Lower Legal Risk
Missing, misfiled, or incomplete documentation can result in non-compliance fines or penalties. Electronic signatures provide stronger evidence and reduce the risk of legal disputes.
Are you still using the pen and paper method? It might be time for a change. Even if you have a small sales team, you can transform your sales process with electronic signature technology.
Originally published Jan 12, 2018 6:30:00 AM, updated October 29 2019