Why is the signed contract vital?
Winning deals and driving revenue is the lifeblood of any business.
You may already be getting more than 25% increase in closure rates, but are your deals closing in the timeframe you need?
From individual sales reps and sales teams to sales managers and sales VPs, their livelihoods (commissions) depend on winning and closing deals.
But, winning the deal is just half the battle.
Ensuring deals come in / getting contracts signed on time is crucial
Your company’s profitability and perhaps even its long term viability relies on hitting quarterly and annual sales projections. When this doesn’t happen future revenue and profitability forecasting may be at risk.
You may have a handshake agreement, but until the contract is signed money doesn’t change hands.
A one day delay can make the difference in meeting sales targets, quarterly/annual projections.
Not to mention, reps might miss out on critical sales incentives such as The President’s Club, The Winner’s Circle, sales excursions, quarterly/annual bonuses, etc.
A contract signed on April 1st versus March 31 is the difference between hitting your quarterly target or not. For a public company, missing targets can impact stock value and the valuation of your company.
This is when you need to motivate your prospects.
Contract timing is everything
You’ve won the deal. Now’s the time to motivate your prospect with an incentive to ensure the contract is signed by a specific date.
One incentive is to send a small thank you (e.g. $50.00 Visa card) for their time and effort. This will not only make a lasting impression but it could fast track your contract to completion.
Digital rewards sent AFTER the agreement, as a token of appreciation also works well.
Something as simple as: “Thanks for working so hard to get this agreement signed!” goes a long way for ensuring recurring deal completion consistency.
What if your point of contact is not the actual signer or the company has a multi-layer contract signing process? A $25 reward will motivate them to take action and get the signatures needed to finalize the deal.
At the end of the quarter, sales reps can use the incentives as a reason for follow up.
Worried about looking like too pushy with a monetary incentive?
There are multiple ways to position timely contract signing rewards. Take a look at how we frame our conversations below.
“Our marketing team has a small budget to help ensure we’re able to meet our prospects timeframes for your delivery/implementation.” (Make it about the customer)
“We’ve launched a customer thank you program for getting contracts in by the end of the quarter.”
“You’ve been a freemium member for a very long time. Wouldn’t you like the added benefits of being our partner? If you sign by ‘x date,” you’ll not only receive our added benefits, but we will also send you a $50.00 gift card to welcome you.
Be sure to indicate the end of the gift card promotions.
Don’t miss revenue opportunities because of delayed deals. With Rybbon’s digital rewards you can get your contracts signed right when you need them – without the hassle.
Giving digital gift cards has never been easier – even if you have customers/prospects outside the United States. From the UK and Germany to India and Australia, Rybbon has you covered to quickly and effortlessly send digital gift cards across the globe.
What are you waiting for? Now’s the time to give your closure rates an added boost.