digital transformation

Becoming Self-Service: Making Pricing and Contracts Your Competitive Advantage

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As the needs of the general public become increasingly immediate and remote, the time for businesses to embrace digital transformation and self-service is now. Finding places to automate and standardize across a number of different platforms will help make your business significantly more efficient and cost appropriate.

The key to better transacting on the global web is a frictionless experience. Consumers who are able to evaluate their choices and are empowered to make purchases without third party interruption are more likely to complete transactions online. This means the pricing must be accessible, and consumers must be able to complete purchases and accept agreements on their own.

Approaching it from this perspective, you can make pricing and contracting your competitive advantage when becoming self-service.

Related: A Case for Self-Service at Software Companies

Intelligent and Transparent Pricing

Pricing is a very important part of the decision-making process for any buyer. If the price is too high or is too hard to find, consumers are happy to take their time and money elsewhere.

Knowledge of consumer expectation of market prices is key to pricing your product in a way that won’t alienate potential customers who are more than happy to take their money elsewhere. In a self-service workflow, intelligent pricing can help eliminate the need for negotiation and help sales people close deals faster.

Also, do not making pricing information too difficult to obtain. Pricing on your site must be readily available and transparent. Encouraging people to talk to a sales representative to find specific pricing options or to track down discounts defeats the whole purpose of a self-service workflow.

Related: Is Self-Service Feasible for your Business?

Strategic contracting in self-service flows

Dynamic Contracts

After working with legal on pre-structured terms, you can render data dynamically in the contract or agreement based on the customer's specific buying requirements. That is, your agreements can include clauses and unique terms for buyers with specific needs or whose geographic location has particular regulations.

This eliminates the need for constant back and forth on contracts, a cause of friction in the buying process. Enabling standardization of documents and terms presented to customers while accounting for variable terms improves contract efficiency.

Contract Presentation

One major benefit of a self-service flow is moving faster (without breaking stuff). Clickwraps can be used to present and store any standardized agreement that needs to be signed by multiple parties. Clickwrap agreements are as simple as a literal click of a button, and allow you to present standardized agreements to a large user base and manage acceptance events from customers.

Related: Three Types of Contract Acceptance Methods Defined and Explained

For a Frictionless Check-out

Seventy two percent of B2B buyers want a self-service option to manage their online purchases. A cumbersome and unwieldy check out process can make the buyer abandon cart and look elsewhere. 

Contracts often introduce fiction into the check-out flow. Online agreements need to be presented in a way that allows your large user base to accept it quickly and allows you to store key acceptance data. This means ensuring that the right types of contracts within your ecosystem are being activated.

Enabling the consumer to enable themselves is key to becoming self-service. Implementing dynamic contracts and intelligent pricing reduces the need for any third party intervention. That allows consumers to move as fast as they need to and get what they need when they need it. Meanwhile your business moves faster and maintains its competitive advantage.

For more on enabling self-service experiences for your customers, download our eBook, Becoming Self-Service: What Enterprise Tech Needs to Know.

Becoming Self-Service - Download PactSafe eBook

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