Photo by Kelli McClintock on Unsplash
Many companies drastically underestimate the importance of contract onboarding, In fact, 22% of companies have no formal onboarding program at all, while 49% only have a partially successful process. But do you know just how detrimental unsuccessful onboarding can be? Employees become less productive, stressed, and feel disconnected from the rest of the team, while customers end up flocking to your competitors.
One way that simplified contract onboarding helps you is by increasing customer engagement. The process benefits new customers, existing ones, and company leaders alike.
What is Onboarding?
Onboarding is the process of integrating new customers into your user base. When done successfully, onboarding is a process, which often continues for months to weeks to months until a new lead is converted into a paying customer.
The best companies start the onboarding process before day one. This allows new customers to get acquainted with the company before they’re expected to sign any contracts or commit to subscription plans. On the other end, your employees can get administrative tasks out of the way and begin making customers feel comfortable with their service. Then, the onboarding process continues as new customers are nurtured into loyal, returning ones.
How simplified contract onboarding increases Hit Rates
We all know sales are all about momentum. And the probability of closing decreases rapidly with time. Speeding up your deal and getting you to close it faster is what you need to get ahead of your competitors.
One way to achieve this is by using e-contracts to simplify contract onboarding.
E-contracts remove that same friction that kills momentum in sales and help you automate your proposal and contract processes.
Customers are impulsive and many abandon a deal the moment a vendor asks them to print and sign their quotes or proposals. There are a few problems with this practice. It’s time-consuming, cumbersome and unintuitive.
Simplifying the process with e-contracts can dramatically improve your hit rates by enabling prospects to review and e-sign proposals with a single tap on their smartphones or desktops.
At Trakti, we are about embracing the new standard in contract negotiation and management. This is why we paving the way for the adoption of smart contracts in contract negotiation and management to make e-signing all the more easier.
Now, you can conduct business from where your consumers are. It also enables reps to respond quickly as the deal progresses and automate your templating, negotiation and obligation management processes.
No matter which business you’re in, if you’re selling anything today, you want to look like you’re playing the digital game. Actions speak louder than words, and a platform that supports the entire life-cycle of your contract is the only way forward.