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Clickwrap agreements can be a great asset to sales teams that are trying to move faster and close more deals. In a time of increasing uncertainty, sales teams are under a lot of pressure to beat their growth goals. In order to do that, they need to meet the customer where they are and provide both ease and value in the transaction.
eBook Download: 101 Ways to Use Clickwrap
By that same token, sales leaders are super invested in automating or simplifying the contract creation process for low value deals, and digitally transforming their go to market strategy. On the other side of the deal, with potential partners or B2B buyers, their goal might be to reduce redlines and make the contracting process less drawn out and more efficient.
Using clickwrap can help sales teams achieve all these goals in a way that traditional eSignature cannot.
Today’s buyer has little patience for unwieldy sales processes. If any part of the buying experience is too cumbersome and full of friction, you will experience either deal fatigue or cart abandonment. This will cause you to not only lose money you spent procuring the deal, but also money you would have gained toward your revenue for the deal.
73% of customers prefer to buy online with little to no interaction with a sales rep. This means that you need to provide an experience that allows a buyer to serve themself. Self-service contracts are an integral part of achieving this reality. Enabling a self-service experience allows you to present contracts frictionlessly to the buyer and collect acceptance without disturbing the flow of the purchase.
Related Content: Self-Service Contracts for Sales
As you may have guessed, traditional eSignatures are less than adequate for this task. It is clunky and is certain to cause hiccups, which is what happens when you basically convert a pen and paper contract into a PDF. Better suited to simplifying the buyer experience is a clickwrap agreement with robust back-end record storage. It increases sales velocity and will help you beat your growth goals by making the whole process easier on the buyer.
In our own work at PactSafe, we have noticed that the presentation of the contract impacts the amount of time it takes to sign.
There’s something to the psychology of it: seeing a contract presented as pen and paper or a digital rendering of an otherwise manual contract causes people to feel the need to negotiate and to redline. The ones that can be presented behind a clickwrap are contracts with standard terms that you don’t want to negotiate anyway because it’s not in the best interest of the company.
Image showing the amount of time it takes to sign from the time of verbal commitment
According to PactSafe’s Time to Sign Research, the average B2B, digital, click-to-accept transaction turnaround time is less than 15 hours. Meanwhile a Word Doc or PDF version of that same contract takes 2 weeks to sign.
Implementing dynamic clickwrap contracts can help sales and legal work together here. Rather than micromanaging and drawing out the length of the sales process, legal can pre-approve terms in a clickwrap that syncs to a Salesforce instance and allows quick and easy signing.
DoorDash, for example, needed documents ready to sign at a moment’s notice, and a flexible way to facilitate the transaction. The DoorDash sales team now distributes contracts via both a self-service experience using clickwrap agreements, and self-service forms that are emailed or texted from the sales team to the restaurant merchant.
The world was already moving towards a predominantly digital experience, but COVID accelerated the adoption rate. Today, most customers are found online, and in order to serve them, companies need to also move online.
But in order to successfully do business on the internet, companies need to be set up for online selling. Unfortunately, this means more than just putting an online store on your website. Rather, it means enabling a self-service experience that allows you to provide to the customer as they expect while also ensuring that internal needs are being met.
For example, this means optimizing the navigation to allow customers to easily find what they are looking for, providing online chat capabilities for customers who want to do something more complex, and setting up the check-out flow with clickwrap contracts to seamlessly collect acceptance. With the right clickwrap solution, the contracts can also be sources of data that will help the sales team make more informed decisions to provide better experiences for customers.
Related Content: 5 Things You Need to Overhaul Your Go-to-Market Strategy
In fact, leveraging your CRM systems can help you make standard contracts feel personalized. Further, your contracts can become a source of crucial data as it will provide information needed for you to attack the market with greater success.
There are so many ways that sales teams can meet (and beat!) their growth goals by implementing a clickwrap solution. In fact, every department in your company can benefit from using clickwrap. Download our eBook, 101 Ways to Use Clickwrap, to learn about them!