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Sales velocity is one of the key metrics most sales teams measure their performance against. It can be used to assess your process, team performance, GTM strategy gaps, and much more. At the end of the day, this number is valuable because it shows sales teams the areas that need to be improved in order to move faster, close more, and cut acquisition costs.
One of the keys to scaling any team operationally is finding ways to standardize work in a repeatable fashion, and establish an expedited path to delivery. When it comes to selling, contracts can quickly become a barrier to new business if they seem to be preventing a rep from moving to their next deal.
Companies that are onboarding hundreds or thousands of vendors, advertisers, or other partners to drive their business need to deliver flexible and adaptable onboarding experiences that facilitate rapid and painless ramp-up.
While self-service experiences are more closely associated with consumer apps, the past decade has seen a dramatic rise in expectation among B2B buyers for self-service, online buying experiences.
According to Merit Research, 73% of B2B buyers are millennials, who overwhelmingly prefer to buy online, and their dedication to online buying is projected to drive the total value of eCommerce transactions over $24 billion by 2025. This means that you need to find ways to facilitate or translate the ease of self-driven, online experiences in the ways that you sell...especially if your point of transaction is a common roadblock in your deal cycle.
Related: A Case Self-Service Workflows
As the head of commercial at DoorDash, Kathy Zhu sits in a unique position: both legal compliance and sales success factor into her departmental objectives. Kathy was struggling to find a process that enabled the sales team to rapidly process onboarding and vendor agreements for restaurants enrolling with DoorDash. Every process that was placed before the sales team was deemed “too slow”, prompting sales reps to find workarounds in order to maintain velocity, and ultimately sacrificing compliance and uniformity for speed.
She knows that restaurant managers are rarely seated in front of their computer, and have very little free time to give. They needed documents ready to sign at a moment’s notice, and a flexible way to sign.
In order to meet those needs, the amount of manual work required by her sales team had to be eliminated. With hundreds of franchising reps responsible for sending out contracts daily, it was clear manual work would prove to be disruptive and inefficient. She needed to effectively scale their efforts, support their velocity, and do it all in a way that was repeatable throughout the business.
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. Their team can now more efficiently enroll additional merchants and expand the options available for their food delivery service.
The best part? Kathy empowers their sales team to actually maintain speed while remaining compliant with important legal and auditing needs for the legal department.
The typical B2B transaction is does not cater to these consumer expectations. Multi-step processes, negotiations, interaction(s) with sales representatives, and required deal approvals can result in buyer drop-off. B2B companies need to ensure they support a seamless, personal, self-service experience that allows their customer to transact online and purchase what they want, when they want it.
You may not realize this, but a text message is a legally binding document and can be used to enforce your contracts. Try engaging your prospect in different ways to catch them on the go instead of waiting for them to check their email. After all, the average text message is read within 3 minutes.
The average response time? 90 seconds.
It's not just about meeting the customer where they want to transact, you have to build out a process that supports it. Hosting terms and other agreements online that you reference in your contract (or even hosting the agreement itself at an accessible, reusable link) can do just that. Creating dynamic sales forms that can be included in the online checkout process allows your buyer to make their purchase in a few clicks, shorten the sales cycle and converting on consumer drive.
One of the most valuable elements of an online buying experience is the ability to personalize the transaction with data. Integrate your contracts with the business systems you already use to manage customer data, automatically populating relevant fields, seamlessly tracking previous orders, and even sending contracts out for signature from directly within your CRM.
Give your sales team every tool they need to continue driving deals, without having to circle back with legal to negotiate red lines or get new language approved. Creating templated agreements that can be easily personalized for new customers shortens the contract preparation cycle while delivering a personalized experience for the signer. Empower your sales team to quickly send out contracts and secure signatures.
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