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What's the biggest complication in the B2B sales cycle? It's not the introduction. Nor is it developing a plan for how you'll deliver on your promises. That's all solvable. It's signing the final contract. Once upon a team, it was a labyrinthine task involving envelopes, endless letters, or, if you were lucky, a fax machine.
Little wonder that according to Signix, eSignatures sped up the sales cycle by 400%!
In fact, AIIM found that 81% of digital signature users saw a payback within 12 months. That's already impressive – but the results stack even further if you integrate eSignatures into other platforms, like digital sales rooms.
In this article:
- What are Digital Signatures?
- 6 Ways eSignatures Close Deals Faster
What are Digital Signatures?
Digital signatures, or eSignatures, are a secure, legally binding way to sign electronic documents such as contracts, forms, or agreements.
Using encryption technology, digital signatures safeguard the authenticity and integrity of the signed document – which, if altered, invalidates the signatures. This confirms that the signer read and signed a particular version of the document without risk of post-hoc fraud.
In today's paperless world, they've become the mainstay of signing PDF documents. However, the potential for eSignature goes far beyond their everyday usage.
Consider these examples:
- Signing contracts in a digital sales room
- Approving financial transactions online
- Confirming consent on medical documents electronically
- Authorising legal agreements virtually
- Validating online forms and applications
6 Ways eSignatures Close Deals Faster
1. Ask for Multiple Stakeholder Signatures at Once
Signing a paper document is a logistical nightmare. It's one thing to sign the document if everyone is present in the same place on the same day. Try doing it when one client is halfway around the world.
Then there's the hassle of printing a document out, signing it, scanning it, and emailing it to the next party. Six signatures in, the original agreement is barely legible.
Not so with an eSignature platform – simply add the different parties to the document and send it to the applicable email addresses. The system will log who signed the document and when. Multiple stakeholders all sign the same document at the same time – and it's not validated until everyone signs. Genius, right?
2. Close Anytime, Anywhere
Hardly any online business works solely with local companies – it defeats the point of being online. China to Chile, Hamburg to Honolulu, modern technology means your clients can be anywhere. Whether they're on holiday, visiting family, or simply living in another country, digital signatures bridge the geographical and time zone divide.
Indeed, approximately 40% of all employees in the US complete work-related tasks outside the office. Part of a work-from-home (WFH) trend that's accelerated since the pandemic. It's no different in Europe, Asia, or almost anywhere else in the world.
Closing deals requires a flexible system that only eSignatures can provide. Oh, and you can even sign a document on your phone on a bus to Kathmandu if you so wish (although we wouldn't advise it!).
3. Integrate Signatures into Your Digital Sales Room
Digital sales rooms (DSRs) are a centralised hub for all your sales-related interactions and resources. From cold outreach to onboarding (and everything in between), it covers the entire buyer's journey.
That also means your DSR is where you'll complete the final sale. Sales teams can share documents (like a sales contract) in the DSR, using an eSignature platform to help the clients sign them.
This eliminates the need to switch between applications and tools. Not only does that streamline your sales cycle, but it also increases the likelihood of a quicker close.
4. Ironclad Security
Paper documents always carry the risk of being lost, damaged, or even falling into the wrong hands. There are endless stories of governments or businesses leaving vital information (like a contract) on buses or trains.
Taking everything digital (including the signature) provides an ironclad level of security. Moreover, advanced encryption methods ensure that the document remains confidential, and audit trails keep a record of every action taken on the document (from who viewed it to who signed it).
In fact, many digital signature platforms are compliant with new eSignature laws, such as the ENSIGN Act in the US, further validating their legal standing.
5. Send Electronic Reminders
Chasing an unsigned document is a tedious process that often delays the closing of deals. eSignature platforms usually come with an automated reminder service. It continually prompts stakeholders who've yet to sign the document and informs individuals when a person signs.
Nobody wants to be the one holding up the process. Indeed, with scheduled reminders and other updates, stakeholders are nudged to sign promptly. Not only does this save everybody time, but it closes the deal.
6. Boost Revenue Generation
Whether you're adding eSignatures to a digital sales room or simply speeding up the process, they're a surprisingly lucrative tool. When deals are closed faster, sales teams can focus on acquiring new customers and closing more deals.
It's a constant positive feedback loop – and yet another admin task you can automate.
Furthermore, faster deal closures lead to better customer satisfaction. That can result in repeat business and positive word-of-mouth, further driving revenue growth.
Oh, and digital signatures also save you money – (as previously mentioned) according to an AIIM report, 81% of eSignature users saw a payback in 12 months, and 25% saw an ROI in three months or less!
Closing Thoughts
Don't stay stuck in the past – digital signatures are the future! More secure than paper and ink, this new service helps speed up deals, boosting your revenue.
Plus, you can even add eSignatures to other sales tools like digital sales rooms. Trumpet – a digital sales room platform – integrates with several digital signature platforms like SignRequest and Scribe. Customers can sign deals or mutual action plans in the DSR, saving time and money.
Book a FREE demo to see the salesroom in action and talk about eSignature integration.
