If you transform your sales process and integrate electronic signatures earlier in the sales cycle, you can significantly close more deals in a shorter time.
In the last 10-15 years, electronic signatures have been widely adopted in several industries for different purposes in several departments like HR, legal, finance, etc. But when it comes to sales, e-signature is typically used at the very end of the sales process; after the deal is closed, just to replace the physical signature. But why don’t we transform our sales processes and use electronic signatures earlier in the process to help us close deals? Here are seven reasons why you can sell more if you do so.
1. Saves Time & Shortens Your Sales Cycle
With e-signatures, your sales force saves time from filing documents, rekeying data, searching for lost documents or tracking down a contract that’s been lost in the mail. They can spend more time with your customer! It’s proven that you can shorten your sales cycle up to 400% and get paid much faster, especially if your sales process typically requires multiple signers.
2. Makes Customers Happy
It’s not only your sales team who hates paperwork. Your customers hate it too! Let them execute transactions at the moment they decide to buy, and avoid the hassle of printing, signing, scanning, and sending your documents.
3. Increases Conversion Rate
It’s much easier to electronically sign a document than physically signing it. For that reason, in almost any industry and sales process, even if you have the same deal, the one that can be signed electronically will have a higher conversion rate!
4. Helps You Avoid the Black Hole of Sales
You send your sales document, and expect to get it signed. But many times (roughly 65%) your document falls into a black hole, where you hear nothing back from your potential customer. With e-signatures, especially backed by document tracking, you can can avoid this black hole.
5. Makes It Easy To Identify & Involve All Decision MakersEspecially for B2B Sales, there are many decision makers involved in the purchasing process. With conventional methods, identifying and then involving all these people in the process might get very cumbersome. When you use electronic signatures, you can easily identify the right decision makers for two reasons: Firstly, you can have a look at who spends more time on your document. Secondly, individuals without signing authority will typically forward your document to the right decision makers.
6. Gives Ability To Update Documents On The FlyIn every deal, as your sales team learns more about your prospect’s needs through customer interactions and research, you will want to quickly adjust your sales collateral on the fly. E-signatures gives you the ability to do so.
7. Increases Your ReachOnce you go digital, you can start sending proposals to any company around the world, and tap into different geographies. Moreover, you can capture the growing demographic market segment known as ‘digital natives’.
8. Enables Signing & Tracking Documents On MobileAs of 2018, Internet use has reached up to 80%. That means if you enable your customers to review and sign your sales documents, and your sales force to track these deals on their mobile devices, you can significantly save time. And this is what modern electronic signature software exactly does.
9. Decreases Sales Team TurnoverWe bet your sales team hates wasting time with paperwork: printing, filing, sending physical documents just to collect signatures. Several studies indicate that you can actually have 3% less turnover if you use electronic signatures. Your salesforce wants to focus on selling, not paperwork! If you want to keep them happy, let them use electronic signatures.
Are you still using the old style pen and paper to have your contracts signed? Think again! Even if you have a small sales team, you can transform your sales process and integrate electronic signatures today to boost your revenue.