How e-Contracts Increase Hit Rates and Reduce Close Time

If your salespeople fail to close a deal, instead of getting frustrated you should look for the reasons behind the failure. This is important because there are a lot of things that stand in the way to close a day. Today, the selling space is moving at a speed of light so you cannot afford to stick to only traditional methods to seal a deal. It is crucial for you as well as for your salespeople to learn how to adapt to new buyers’ behavior and sales methods to accelerate the entire sale process. Though there are a lot of obstacles that come in a way dealing, closing the deal fast is one of the major challenges among all. A lot of users usually find it frustrating to click more to find the prospect’s email, fill unnecessary fields in the CRM and handle a lot of paperwork. As a smart business or salesperson, you can streamline the entire process using e-contracts.

What is E-contract?

E-contract by definition is a digital legal binding agreement between two or more individuals by which rights are acquired by one or more acts or forbearance on the parts of others. This type of contract is usually done using electronic means like email or the introduction of the users with an electronic agent like a computer, laptop, mobile etc. Electronic contract aka e-contract is an aid for businesses or salespeople to streamline the entire process of closing a deal. It also reduces the demand for a lot of paperwork related to making and closing a contract.

Doing business with electronic contracts also helps companies to give users the digital experience they want while making a deal. This is important because meeting and exceeding clients’ expectations is ultimately what helps in closing a deal.

How E-contract helps in Bringing a Faster Close?

Digital contracts can help businesses and sales personals in a lot of ways. Continue reading to know some of the major benefits of using e-contracts.

• Enable Users to Review and Sign Proposals in Few Minutes

Today, people love to do anything fast whether it is their day to day work or signing a contract. Most of the buyers or decision makers stalled a deal because the salespeople asked them to print or sign the deal. There are a lot of problems related to this practice. It may be possible that the prospect is not available at their home or office or they are unable to access a printer. This will surely delay the contract for a few days.

E-contracts can dramatically boost the closing rates by enabling prospects to review and sign proposals by following few steps using their smartphones or laptops.

• Enable Users to Close Deals Using Mobile

Today billions of people are using mobile devices and this number is going to increase with the passes of time. Due to the introduction of new technologies and advanced features, these days a lot of people prefer to use their mobile over computers or laptops handling their works.

As people live and breathe mobile, by introducing e-contracts you will enable your prospects to see and sign a deal on mobile. It also enables reps to answer quickly as the deal progresses.

• Help to Include All Decision Makers in the Process

There are a lot of people involved when going to make a deal with a large corporation. So, there are always other decision-makers who need to say something in the buying process. In the traditional way of making a contract, even a single change in the contract will require you to modify the whole word documents, save changes, convert it to PDF, and resend it all involved recipients.

When using an e-contract, you can make changes or modify proposals based on the prospects’ demands easily and effortlessly. Moreover, you can also add every decision-maker in the entire process of making a contract.

• Double the Sales Figure

With e-contract, reps can stop wasting time on tasks that can kill sales momentum and productivity such as wasting time on finding the missing contract, updating, editing and entering the data manually in their proposals. E-contract enables both salespeople and reps to control and stays focused while making an agreement. With a single click, one can access it and provide an overview of the progress and status.

From the above discussion, you can easily get a clear idea of how e-contracts help in increasing hit rates and reducing close time. As digital contracts are so beneficial, it would be wise to not waste a lot of time thinking about integrating e-contract in your business strategy.