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How can you make your B2B contracts operate like an Airbnb or Uber? How can you present your contracts without needing the involvement of another human being? The answer: self-service contracts.
This might cause some to worry that without oversight, contracts can easily create more problems than they solve. But as businesses move online, this is a pain point that most will need to solve for.
The goal is to sell more, faster, with as little friction as possible. Legal can become a blocker when using linear contracting models, which defeats the entire purpose, especially when the goal is to move fast. If every time a contract needs to be executed there is a human involved, then the goal of moving faster is undermined.
How can you have legal approved contracts and terms while enabling sales reps to be autonomous in the contract creation execution process?
Legal should spend the time building out appropriate templates that sales reps have at their disposal, and enable dynamic rendering of terms based on the needs of the particular buyer. This way, sales reps will be confident that the right agreements are going to the right party, and legal can feel more secure about how sales uses contracts.
Related: Why Are Contracts So Expensive?
Then, these contracts should be presented as digitally native agreements - i.e., agreements that were born and raised digitally, rather than converted from paper and pen into a PDF that renders on a screen. Using clickwrap, embedded signing, or modern eSignature solutions, sales teams can present these contracts via mobile or a secure link, allowing the potential client to review and accept standardized agreements quickly, effectively closing the deal.
Based on some research we did at PactSafe, from the time of a verbal commitment to buy, Average B2B, digital, click-to-accept transaction turnaround is 14 hours and 26 mins. That same contract, presented using a Word or PDF doc takes an average of 2 weeks.
DoorDash revamped their sales process with text messages, online signup, and other onboarding tools for restaurants.
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” due to the amount of review dedicated to relatively standard agreements. This resulted in sales reps trying 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: “When you have franchising reps sending out literally hundreds of contracts per day, doing any of that manually is not scalable.” 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 now efficiently enrolls additional merchants and expands 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.
Learn more about the direct relationship between contracts and revenue in our eBook, Making Contracts the Key to Unlocking Revenue Recovery.