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To avoid the limitations of in-person business and establish an online presence, businesses everywhere are performing digital transformation of go-to-market strategy. If you’re not overhauling yours to create competitive digital advantages right now, you’re falling behind.
But evolving your go-to-market strategy without careful consideration can be just as devastating as standing still. Change for change’s sake won’t help your organization – you need to be strategic about the digital transformation initiatives you undertake.
If you’re struggling to find a place to start, here are five ways we recommend to overhaul your go-to-market strategy.
Time is money, which means any unnecessary step in the contracting process is costing your business. As professionals increasingly exit the traditional office environment and escape being chained to their desk for eight hours per day, companies that fail to update their agreements will find it hard to close deals moving forward.
So, successful digital transformations need to create mobile-friendly contract options. One Statista study shows that more than 52% of all website traffic is now generated through mobile devices – and that there are almost 4 billion unique customers browsing the web with this technology.
Therefore, your mission is clear: to shorten your sales cycle and close more deals, mobile-friendly contracts aren’t optional. They’re a must-have. Your customers want products and services now, not after waiting. Which means your go-to-market strategy needs to adapt.
Related Content: Using Mobile-Friendly Contracts to Collect Acceptance
Today, many people use software like Slack or Intercom every day at work. So why not send your contracts to them there instead of waiting for them to check an email inbox? A chat-to-sign solution enables your business to do just that; an agreement is sent via the software of your customer’s choice, where they can then read, review, and accept your terms without exiting the application.
An even more mobile-friendly contract option is to push your agreements via Short Message Service (SMS). By including a text-to-sign solution in your digital transformation of go-to-market strategy, customers receive a contract within a standard text message that can be confirmed by simply having them reply “Agree.”
Whether you choose to use these methods or implement something else entirely, a mobile-friendly contract process gives you the power to meet your buyers precisely where they prefer. For you, that means accelerate timelines to close deals, a more satisfying customer experience, and a much less time- and resource-intensive sales cycle.
As online business continues to grow, any agreement process that fails to enhance your e-commerce experience will only harm your bottom line moving forward. Your contracts need to be smart, efficient, and able to take advantage of the digital market’s momentum.
Clickwrap agreements are a logical step forward for your organization because they make advantages such as faster acceptance, reduced redlining, and better user experiences possible. Because they’re Application Programming Interface (API)-driven, clickwrap agreements are quickly becoming the go-to enterprise solution whenever the goal is fast, efficient signings that maximize customer satisfaction and your sales team’s potential to close deals.
These agreements are convenient, one-click experiences that effectively eliminate friction in critical customer signup flows and e-commerce checkout processes. In fact, they’re already considered the gold standard for digitally transformed go-to-market strategy website terms, privacy policies, and End-User License Agreements (EULAs).
eBook Download: 101 Ways to Use Clickwrap
The digital transformation of go-to-market strategy is about making your business more efficient, secure, and successful. So, traditional contracting shouldn’t have a place in your future – after all, these workflows are only going to slow your sales team down.
That said, simply replacing a real signature with a digital version isn’t enough to consider your transformation complete. It requires a complete shift in mindset: a switch where the priority is getting contracts accepted instead of signed.
The acceptance mindset complements clickwrap agreements because it’s all about eliminating the unnecessary manual work that all-too-often goes into customer agreements. It’s an overhaul that views contracts as a single-step acceptance process – enabling a higher volume of agreements to occur (and more money to go into the respective pockets of your organization).
And the need for an acceptance mindset has never been greater. As much as 70% of the time spent in today’s contract lifecycle is dedicated to negotiating, reviewing, and approving terms. By applying a more efficient process that allows customers to accept a digital agreement with just one click, you create a modern operations environment that gives your business unlimited scalability.
In today’s online business world, product-led growth is one of the newest ways digital transformation is impacting go-to-market strategy. By using your product as the main vehicle to interact with prospects, you give potential customers a “test drive” experience to foster adoption, close deals, and even expand your audience.
Companies that have adopted product-led growth actually garner a 30% higher average valuation than their competitors within the public market. But why?
Related Content: What Product-Led Growth Teaches Us About the Buyer Experience
While there are several possible reasons, the most likely explanation is that product-led growth’s central tenet is improving the user experience. Which means innovations such as mobile-friendly contracts, clickwrap agreements, and cutting-edge contracting tech are even more likely to drive key business initiatives and differentiate anyone that adopts this go-to-market strategy.
A traditional contracting process disrupts the buying experience – undoing a lot of the work that goes into creating a seamless transaction. By leveraging product-led growth, however, you’re selling to customer through the product rather than salespeople to empower buyers and increase the likelihood they complete their purchase.
Standardized and personalized contracts each service a distinct purpose, so your digital transformation of go-to-market strategy needs to address the role each one plays in your sales initiatives.
Agreements such as Non-Disclosure Agreements (NDAs) and Terms of Service – a.k.a. high-frequency, low-value contracts – are ideal targets for standard agreements, while the opposite (low-frequency, high-value contracts) are recommended for personalized contract scenarios like long-term partnerships or mergers and acquisitions.
While you probably use both to conduct business, the mistake many organizations make is treating them the same. By being more strategic in where and how you use each, however, you can reduce the overhead of low-value contracts and free up resources to give your high-value personalized agreements the time and attention they deserve.
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Otherwise, you’ll negatively impact your customer experience. Personalizing agreements that should be standardized makes the process take too long, and customers expecting a quick and painless experience are likely to take their transaction elsewhere.
And on the opposite end of the spectrum, customers that need personalized terms may feel slighted and that they’re not getting the attention their business deserves. By trying to rush through a delicate negotiation, you may also fail to capture important details that cost you a fortune in the long-run.
The digital transformation of your go-to-market strategy is a mission-critical step for ensuring your future success. But – in terms of contracting – these five tips are just the starting point. Explore our eBook, Becoming Self-Service, to make your digital channels more profitable than they’ve ever been.