Contracts are the least discussed and most outdated part of the outbound sales process. Poor contract management could mean losing the deal or slowing down the sales cycle, which is why it’s important to simplify the process as much as possible.
Yoav Susz is the VP of Global Revenue at Contractbook, an all-in-one contract management platform. Yoav joined the Predictable Revenue podcast to discuss how contracts can put the wind in your outbound sales.
The role of contracts in sales development
Cold calling and outbound sales methods are constantly evolving, but when was the last time you had a look at your contract management system? Contracts may not be as glamorous as other aspects of the outbound sales process, but they’re just as important.
We’re always introducing new tools for outreach, yet we rarely give a second thought to those outdated PDF contracts. With so much of the outbound sales process becoming automated, it’s time for contracts to catch up.
Automating your outbound sales contracts
Many salespeople dislike contracts. They find them intimidating or difficult to work with, slowing down deals and clogging up the pipeline. The key is to automate as much of the process as possible, which can be done using a tool like Contractbook.
Through automation, it’s possible to pull the correct information rather than enter it manually, which cuts down on time and eliminates human error. You can also create different templates for different deal sizes, types, etc., and let the software automatically pull the correct template.
Contracts should be considered as pieces of a workflow. For example, when a new employee signs their contract, it should automatically open a ticket for IT to create their email address.
If you need help building your workflows or tech stack, our sales development coaches can help. Click here to learn more!
The power of digital contracts
According to Yoav, not every contract should be automated, but every contract should be digital. This allows various stakeholders to make changes directly on the document, rather than suggestions getting lost in email or Slack.
Digital copies of each contract can also ensure that every team member has access to the information they need. If customer success only needs to know a few specific data points, for example, they don’t need the entire 27-page document. Automation can help them find what they’re looking for right away.
How better contract management can shorten the outbound sales cycle
How many hours does your sales development team spend preparing and sending contracts? If every contract needs to be manually edited, reviewed, and approved, that time can quickly add up.
Using software like Contractbook can create a standardized process, allowing you to get contracts out faster. It creates a better customer experience with no waiting period and allows customers to set renewal notifications or share the document with their team.
The handoff between outbound sales and customer success is also much smoother. Customer success automatically receives all the information they need without waiting on outbound sales to send it over. There’s no need to contact the customer for billing information because all of that has been collected in the contract.
Does your contract system need updating?
It’s best to establish these systems from day one; otherwise, contracts could end up lost, or you may miss out on deals. Yoav recommends getting started with automation if you send more than ten monthly contracts (not just outbound sales contracts, but all legal agreements).
An automated contract management system can make all the difference in closing deals, saving time, and shortening the sales cycle. It should be considered an irreplaceable part of your tech stack, just as important as your CRM or communication platform.
NO TIME TO READ?
In this cheatsheet, we’re sharing top insights to help you build, scale, and optimize your sales development function. From nailing your outbound sales message to motivating your team, choosing your tech stack, and more.