As an agency, we use many software tools! You’ve probably heard us make reference to these in other posts and newsletters. Some of our production team’s favorites include SEMrush, SpyFu, Screaming Frog and BuzzSumo.
On the sales side of our business, I use PandaDoc to create most of our proposals. I picked this proposal software for many of the reasons you’d expect:
- Improve deal workflow
- Gain data insights into user interactions
- Easy to create and customize
- eSign capabilities
Statistics Paint a Clear Picture on the State of Deals
What I did not pick PandaDoc for, however, was its research studies! That said, they just shared their “State of Deals 2020” report, which consists of data pulled from the top 10 percent of their 20,000 customers. I found much of the data to be fascinating!
Allow me to simply summarize some of their key findings below. Many of these findings reflect the emphasis on process improvements due to COVID-19.
Software Usage Has Climbed
Software usage and spending:
- 56 percent of businesses say software use has increased.
- 47 percent expect software spending to increase.
- 66 percent predict that they’ll need to purchase one new software product.
- 25 percent say they need as many as five or more due to shifting priorities.
Has your organization invested enough in software to support your remote workforce?
Relationships Are Still Vital
- 71 percent of buyers believed that their relationship with the seller heavily influenced their decision to buy.
PandaDoc argues that the best way to build relationships is to personalize proposals, quotes and contracts to prospects’ particular pains and needs.
Proposals Drop in Number Before Soaring
The number of created proposals was down, but now they’re at record highs:
- January and February 2020: Proposals were up 7.5 percent.
- March: Proposals dropped 13 percent (as companies were adjusting).
- April to June: Proposals hit record levels, up 28 percent over April and May and up 38 percent in June.
If this upturn in proposals is any indication of what’s to come, 2021 certainly looks promising!
Sale Completion Rates Increase
Finally, let’s look at statistics on closing the sale:
- Completion rates in May and June were 1½ times greater than the completion rates in March and April.
- Time-to-close rates pre-COVID were 6 hours but are hovering around 3 hours during COVID.
- 23 percent of proposals were revised before they were completed, a YOY increase of 6 percent.
- 67 percent growth in completion rate from April to June 2020.
Organizations have been forced to move faster and make quicker decisions, albeit with more revisions. Is your organization’s sales team prepared to move at this pace?
I trust this data is helpful to your organization in some way! If I can be of any assistance relative to sales and proposal software and processes for your business, please don’t hesitate to reach out!