Can esignature solutions help you close more business?
That’s been a topic of debate for a long time among companies that are on the fence. Transitioning from paper documentation to esignatures requires a significant investment in time and money.
You have to train your staff, and give them and your clients time to adjust to the change.
Read on to find out the basics of esignatures and how you can implement this technology to increase conversion rates.
The Main Benefits of Esignatures
It doesn’t matter what industry you’re in if you rely on paper contracts or paperwork that requires a sign off you’ll want to invest in esignature software.
Businesses today are looking to do more with fewer resources. To remain profitable and competitive, businesses have gone the way of downsizing. That forces fewer people to do more work. The job for most managers now is to streamline processes to get projects done faster.
One UK study noted that the average small to mid-sized business spends a little more than four hours on administrative tasks.
Some of that administrative time is spent chasing down signatures. When you have to chase someone down to get a signature, that gives them time to reconsider signing up with your company. Your company will lose the sale.
What’s the ROI of Esignature Solutions?
As a business looking to make an investment in esignature solutions, you want to know that the investment is worth it.
You’ll see an ROI, for sure. You don’t want to look at only conversion rates to see if esignature solutions work. You want to look at the total economic impact on your business. Your contracts probably have to go through many departments before the deal is finalized.
Esignatures have been proven to speed up operations and sales processes. Not only that, but esignatures also reduce contract disputes.
In the first year, a document signature tool has been shown to have a value of AUS $76,649.
How to Improve Conversion Rates by Using Esignatures
An esignature solution can cost a lot of money to your business. You have to know the legalities of esignatures or have your legal team sign off on the usage of them.
There are operations and training costs to get your staff to use them. Employees generally don’t like change, so you want to make sure you take the steps to ensure that they use the solutions.
With esignature software, once they see how it will make their jobs easier and how easy it is to use, they will be on board.
Once they are on board and using the software, there are adjustments that you can make in your processes to improve your conversion rates.
Improve Decision Making
One benefit of implementing electronic signatures at your company is to reduce the time to make decisions. You’ll want to know who the key decision makers are. That may not be easy if your customers work out of virtual offices.
What you can do is use an electronic document to sign to identify who the key stakeholders are. It’s also easier to obtain multiple signatures in this type of scenario.
Make Adjustments at Different Stages of the Buying Cycle
Your customers may be in different places in the buying cycle. Electronic documents let you customize your agreements according to where your customer is in the buying cycle. It’s an easy way to respond to your customer needs and show that you’re putting them first.
As any salesperson knows, the key to winning deals is to follow up. That doesn’t end when the contract is sent.
Depending on the esignature vendor you choose, you may be able to set up automatic reminders. You’ll be able to send out emails if a customer hasn’t signed in a couple of days. If the customer still hasn’t signed after one or two reminders, the salesperson can call to follow up.
How to Choose Esignature Solutions
There are a lot of options on the market when you’re looking at esignature vendors. How can you find the best document signing service for your business? Here are a few questions you can ask yourself?
How Easy is it to Use?
Remember, the easier and more intuitive a software package is, the faster your employees will embrace it. It’s not just the employees you have to worry about. You need to make sure your clients can use it, too. You have to keep both sides of the equation balanced.
How Does It Work on Mobile?
Your customers and employees in the field rely on their phones more than ever. One way to speed up your close rates is to make sure that your esignature tool works great on mobile devices. You don’t want to wait for someone to get to their desktop computer to sign off on a project.
They could change their mind by then and throw the entire project into disarray.
How Secure is it?
You might be in a heavily regulated industry like health, real estate, or financial. All of these industries have strict privacy guidelines. You want to be certain that your esignature solution meets those standards.
For those who aren’t in a regulated industry, your customers will appreciate the attention given to data security. That will increase the level of trust that they have with your company.
For example, ChileFirmas doesn’t keep backups and passwords on file. That protects your customers in case there’s a hacking incident.
Improve Conversion Rates Now
Whether you’re a one-person show or a major corporation, you can benefit from esignature solutions. There’s a bit of an investment involved to transition to esignatures. When you take into account a higher close rate and reduced operations costs, the economic impact on your business is noticeable.
When you do decide on an esignature solution, make sure that it’s appropriate and
Now that you know how to streamline your sales and operations, check out these tips to increase the productivity in your office.