How Can Digital Signatures Accelerate Your Sales Cycle?

When you’re running a business, it’s important to take advantage of every opportunity to optimize your processes. Getting your contracts signed faster and more efficiently is one of the best ways to improve your bottom line. But don’t take our word for it. Let’s see exactly how digital signatures accelerate your sales cycle by looking at five real-life examples.

ToC

1. What Are Digital Signatures?
2. 5 Ways Digital Signatures Accelerate Your Sales Cycle
3. Let digital signatures accelerate your sales cycle with Contractbook

What Are Digital Signatures?

Let’s start with the basics. There are two types of signatures:

1. Wet signatures
2. Electronic signatures

The so-called wet signature refers to the one you get when you write your name on a piece of paper. The old-fashioned way, that is. Unlike a wet signature, an electronic one implies the use of technology in creating the signature. 

So what about digital signatures? 

Digital signatures are a subset of electronic signatures. As the name itself suggests, they’re also created with the help of technology. But not every electronic signature is a digital one. This is because digital signatures also involve the use of encryption to make them verifiable and more secure.

According to Forbes, most businesses still rely on paper to have their documents signed. This is so even though the digital signature technology can be used for sales automation. 

But can the use of digital signature really accelerate your sales cycle? Let’s find out. 

5 Ways Digital Signatures Accelerate Your Sales Cycle

It’s best to learn from real-life examples. What follows are conclusions about the benefits of digital signature technology that we’ve drawn from our own experience. They should be of great interest to you if you’re looking to increase your overall business performance. More specifically, they should give you a good idea of how digital signatures accelerate your sales cycle. 

1. Creating a stronger sales team

With digital signature technology, you give your team a lot more autonomy. It becomes possible for you to give your sales team access to all the tools they might need to create, negotiate, and approve a contract. 

To make it even better, you lose zero control over the process. This is because eSignature software comes with added functionalities, such as a centralized repository and collaboration tools. These allow for greater accuracy and visibility than ever before. 

Just imagine being able to oversee things without having to waste your own time on tedious manual work. This is one of the many ways to increase your sales team efficiency with eSignatures. And that’s exactly what Bonzer managed to achieve.

The case of Bonzer

Bonzer, a busy digital marketing agency, used to have all their contracts approved through the CEO’s own account. Ever since they switched to Contractbook’s team setup and digital signature technology, the agency has tripled their output.     

2. Saving your sales team’s time

Printing, signing, and scanning each contract is not a big deal for a company with little admin work. But if you’re a thriving business, it will take up a lot of your time. This is time you and your sales team could spend doing more meaningful work, such as getting higher-value business. 

However, it could be argued that it doesn’t really matter how much admin work you currently have. When you’re running a business, your ultimate goal is to increase sales volume. And with more sales comes more administration. 

That’s why using digital signature technology is a smart move both for large businesses and those looking to scale their operations. Let’s see how this implementation went at TSH Collab.

The case of TSH Collab

At TSH Collab, a company offering co-working spaces, a lot of time was being wasted using printers and scanners. Ever since they started using Contractbook’s eSignature software, they have been saving 45 minutes per contract.

3. Freeing up your resources

When you don’t use digital signatures, you waste a lot of resources. And it’s not just the paper, even though this can mean a huge spend, especially for a large company. It’s all the man-hours you need to waste as well. 

But when you do use them, digital signatures accelerate your sales cycle. Having your resources freed up means being able to work more productively. 

All of a sudden, you have money to invest in smarter ways of doing business. And your sales team has more time to do what they were hired to do in the first place - sell. Here’s how this went at Dreivers.

The case of Dreivers

Dreivers, a peer-to-peer car trading platform, used to struggle with the sheer volume of contract-related work. Then they switched to Contractbook and started spending 30 percent fewer man-hours on each purchase. 

4. Missing zero of your deals

Sometimes, documents that need to be approved get lost in long email threads. This seems to be a common pain point for businesses of all types and sizes. And it can lead to delays in the sales cycle, which are never a good thing.

However, if you can lose a document you yourself created, you can just as easily lose track of client inquiries. And that’s when the company is at real risk of losing business. After all, you’ll rarely come across a potential client willing to chase after you. 

Avoiding this is one of many ways to increase sales team efficiency with eSignatures. It helps you achieve a workflow free of errors and missed deals. It’s also the type of error MuteBox decided to eliminate.

The case of MuteBox

At MuteBox, a soundproof phone booth and meeting room company, inquiries were being lost in endless back-and-forth with the clients. Ever since they switched to Contractbook’s centralized repository and eSignature software, they have missed zero deals.

5. Speeding up the approval process

When you have to wait for an employee or client to manually sign a contract, your sales cycle is automatically prolonged. Of course, this also means the business itself is moving at a slower pace.

But when you introduce eSignatures, everything changes. Signing a contract becomes a matter of clicking a single button. There’s absolutely no printing or scanning involved in the process.

It could also be argued that your conversion rate increases as well. Namely, businesses that need their clients to sign contracts don’t subject them to tedious and time-consuming manual processes. 

Speeding up the approval process is one of the many goals of introducing eSignatures. Let’s see how this went in the case of MAX Burgers.

The case of MAX Burgers

MAX Burgers, a restaurant franchise with thousands of employees, was wasting precious time waiting for contracts to be signed. But now that they’re using Contractbook’s eSignature software, they have their contracts returned to them signed within 24 hours.

Let Digital Signatures accelerate your sales cycle with Contractbook

Now you know exactly what our software and eSignature technology can do. Do you think you’re ready to use them to take your business to the next level? We’ll make it so that digital signatures accelerate your sales cycle, too. You only need to get in touch.

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