- Who We Serve
Now more than ever, your business – and your customers – are online. If you want to help your organization secure its slice of 2021’s $4.8 trillion e-commerce pie, you need to digitally transform your go-to-market strategy.
However, integrating a digital transformation process into your go-to-market approach isn’t an easy feat. And it’s certainly not something that happens overnight, either. Especially if your culture isn’t ready to embrace the new technologies, new workflows, and new customer experiences that are sure to result.
So, where should you start? What can you do to move your organization’s go-to-market strategy forward and help it create competitive advantages?
eBook Download: Digital Transformation of In-App Legal Agreements
While your go-to-market approach is undoubtedly unique, there’s one important place everyone should look first: contracts and customer agreements. Here are five things to consider as you line up your digital transformation process.
One of the most unique – and valuable – elements of any digital transformation strategy is your ability to personalize an online purchasing experience using the data your customers provide.
By integrating contracts with the business technology systems you use to manage customer data, it gives your online transactions the capabilities to automatically populate relevant fields and forms, track previous orders, and even sound out finalized contracts for signature directly within your Customer Relationship Management (CRM) platform.
You can even take personalized purchase agreements another step forward by creating templates that can be adjusted to specific customer needs – effectively shortening the contract preparation cycle and empowering your sales team to rapidly secure signatures and move on to the next deal.
In today’s world of work, nobody is a stranger to metrics and data points. Thanks to technology, it’s never been easier to collect this information and apply it to team performance measurement. While these Key Performance Indicators (KPIs) may vary from one company to another, sales velocity is almost always one that go-to-market initiatives lean on to assess overall business efficiency, success, strategy gaps, and more.
For sales teams specifically, velocity is a valuable consideration because it indicates precisely where they need to improve in order to move faster, close more deals, and cut customer acquisition costs. And implementing a high-velocity contract process can be one of the most effective ways to help them make this happen.
By hosting standardized terms and customer agreements online that are referenced in your contracts, you give your salespeople a scalable, repeatable, and expedited path for delivery – effectively eliminating the delay of assembling contracts that have traditionally prevented reps from moving onto new deals as quickly as possible.
Incorporating a high-velocity contract process into your digital transformation strategy also means creating dynamic sales forms for online checkout procedures. That way, your buyers can make a purchase in just a few clicks – dramatically shortening your average sales cycle.
This obviously offers advantages to anyone working with multiple vendors, advertisers, and/or other partners, too. By delivering a rapid and relatively easy onboarding process, external parties can get contracts and agreements out of the way early to maintain focus on driving business forward.
Today, data privacy is a moving target. Whenever new legislation such as GDPR or CCPA becomes enforceable, it fundamentally alters what is required of organizations when it comes to online agreements and the acceptance of their specific contract terms and conditions.
To maintain compliance and keep your digital transformation strategy aligned with these regulations moving forward, your online contracts and agreements need to be easy to understand, manage, and change.
And the most widely accepted solution for enforcing currently legal terms and conditions is through clickwrap agreements. Especially if you serve (or hope to serve) a large volume of online customers.
Combined with a self-service contract experience, a clickwrap agreement built with industry best practices in mind is the quickest and easiest way to obtain legally enforceable electronic approval. In fact, these agreements can be constructed to confirm an agreement through completion of a single action – such as a customer clicking an “I agree” checkbox.
As long as your application or website page prominently features the agreement and users can only accept its terms after actually reading them, a clickwrap agreement should be able to withstand any legal scrutiny as well as a traditional contract. Simply put, these agreements are the best way to enforce security and your business requirements without compromising any element of the customer experience.
In addition to high-velocity contracts, your go-to-market strategy can be enhanced by adopting a self-service system for contracts to further reduce the time required to produce agreements. Beyond deal acceleration, however, a self-service experience also eliminates any need for hands-on involvement from your team – giving your customers the seamless online experience they’ve come to expect.
While most self-service contracts are currently used in Business-to-Consumer (B2C) sales environments, more and more Business-to-Business (B2B) go-to-market strategies are finding these innovations useful.
According to Merit Research, 73% of today’s B2B buyers are millennials who overwhelmingly prefer to buy products and services independently online. Equipped with a satisfying self-service purchasing experience, your business can facilitate these increasingly popular transactions while overcoming traditional point-of-purchase roadblocks that frequently delay B2B deal cycles.
Multi-step processes, negotiations, interaction(s) with sales representatives, and required deal approvals can result in buyer drop-off. But with a digital, self-service contract your customers are presented with a personalized, dynamic, and convenient experience to make purchases precisely when and how they prefer.
As you adjust go-to-market strategies and enhance your digital transformation process, it’s important to understand that technology is turning “business as usual” into “business like never before.” And that means new opportunities for you and your organization where engaging customers is concerned.
While your contract negotiations are likely conducted primarily through email, new devices like smartphones and wearables can provide more convenient collaboration mechanisms for your prospects – and that means faster responses for you.
A text message, for example, (which is considered every bit as legally binding as a document or an email) is usually read within three minutes. And responded to within 90 seconds. Sounds better than waiting on someone to check their inbox, doesn’t it?
As more and more of your potential revenue migrates online, you need digital contracts that can scale and grow as your business needs change. To start elevating your go-to-market strategy, check out PactSafe’s Contactless Contract and Policy Kit! Or, Download our eBook, Becoming Self-Service: What Enterprise Tech Needs to Know.