Paying taxes. Getting locked out of your email. Missing the first five minutes of the previews. Everyone has a personal epitome of frustration. For me, it’s losing a deal during the contract process. This falls into the category of “unforced errors” and as someone who’s sat on the marketing and sales sides of these, I can say it should never happen again.
Why sales teams lose contracts down the stretch
Research from CEB Global–famed for writing The Challenger Customer and The Challenger Sale–posit the average B2B buying committee is 7.8 stakeholders and rising. If a deal is at the point of putting pen to paper, it’s safe to assume there’s executive sponsorship and the majority of said committee is onside. What’s key at this point? Building momentum through a smooth negotiation process and quick signature. This is where technology–specifically contract management–can help augment your sales strategy.
Best-in-class sales organizations leverage contract management platforms to automate contract creation, quickly process redlining, and get signatures faster. Below are three situations where you or your sales team can bring in a platform to get more deals, and close them faster.
A potential roadblock to a quick close is contract generation. If you’re still relying on PDFs from the legal department, you’re draining their resources and slowing down your process. How many times have you gotten off the phone with a verbal agreement and then had to wait hours, or even until the next day, for a contract to be produced?
A much more effective process is to generate contracts directly in your CRM. Top contract management platforms now feature integrations with CRMs such as Salesforce, allowing sales team to work directly from the tool they spend the most time in.
The click of a button can generate contracts and even pull all the relevant data directly into them. The best part? Legal can still set the templates and finance can track the revenue, meaning compliance is 100% and you’re now automating manual processes.
Dealing with redlining
The fastest way to slow down a deal is to have two parties realize they’re negotiating on different terms—it makes the sales team look unprofessional and can send talks back to a screeching halt. Which makes redlining one of the most common issues that can keep you from your close.
Emailing a contract back-and-forth is manual, taking valuable time out of your day and creating more issues than it solves, including version control and key changes lost in the shuffle. Don’t risk leaving money on the table because the two parties are negotiating on different versions.
A contract management platform with the ability for online editing and negotiation, that also tracks all of your changes enables you and your teams to move at lightning pace, moving your deals from opportunity to close faster than ever.
And it’s not just pre-signature that your contract management platform is helpful for sales. It can also help you generate more revenue from your existing business.
Depending on your team’s compensation structure, there’s a good chance renewals are in your purview. A large number of sales organizations are relying on customer success or even an annual calendar reminder to kick them into gear when it comes time to lock in a renewal. This leaves too much to chance.
A full-lifecycle contract management platform offers built-in reminders and notifications. If your team needs 45 or 90 days to secure a renewal, then simply set that as your standard and activate every time you initiate a new contract. Those two-seconds, an easy step to add in once you’re already pushing your own contracts out, will reap you big rewards
These are just three use cases for a revenue-generating contract management platform. Consider that 15 years ago few sales teams were using CRMs or data append tools across the board. Now it’s unthinkable to work without them. Top sales teams already use contract management platforms to reduce their sales cycles, and win more, and bigger, deals. Are you?
To see a demo of Concord and explore your personal use case, simply fill out the form below and we’ll be in touch shortly.