Here at PandaDoc, we are completely immersed in sales. We sell, our clients sell, our product sells, and we learn a lot about sales along the way. In addition to feedback from clients and our own experiences, another great source of information we have is mass data from how our product is used.
Because so many of our clients use PandaDoc to send their sales proposals and contracts, we get some interesting insights into what is and isn’t likely to result in a “Completed” document, AKA a signature on a proposal, contract, or invoice. Essentially, what wins deals? We can help.
How many days does it take for a document to get closed?
The takeaway: Good docs are completed within the first day. If your docs are not getting closed within the first day, check this out: How to Get Your Proposal Signed Quickly.
How many hours does it take for a document to get closed?
Takeaway: Even within the first day, your docs should be closing within an hour. Use the
PandaDoc Close to make it happen.
Should I use a template?
Takeaway: This one isn’t as clear-cut, but given the fact that reusable templates will save you time and reduce the chance of human error, combined with the slight edge it seems to give you in closing a doc, we would recommend it. Make your own template or use ours -- any template is better no template. Not clear on how templates work? Learn more here:
PandaDoc Templates vs. Documents.
How many recipients should I add to my doc?
Takeaway: The pie chart has spoken: definitelyless than 4! Any greater than 4 and you are putting yourself at a huge disadvantage. Make sure you are 100% clear on who the decision maker, the signer, or the payer is before you send the proposal and minimize the number of recipients to only those that MUST be on the doc. Other information you need to make sure you have on hand before you send: Prep Work Before a Proposal: Questions You Need to Ask.
We hope to create more blog posts like this in the future -- any requests for informative trends or stats you’d like to see? Let us know!