What Are Document Analytics and Why Do They Win Deals?

By Adam Metz, VP of Business Development at PandaDoc

As any veteran PipelineDeals user can tell you, the answers in sales lie within the analytics. A quick look at your activity scoreboard report in PipelineDeals will show you which activities are working for you and which ones aren’t.

Today, there’s one more variation of analytics you’ll need to learn to avoid losing deals. It’s called document analytics. Perhaps you’ve used a digital signature product in the past. For basic document signatures, they’re fine, but they don’t deliver what I call “deal intelligence.” Deal intelligence points include:

  • Who’s engaged or disengaged

  • Who keeps “peeking” at the deal and not engaging

  • Who’s indecisive and who’s not

Without this kind of intelligence, there’s a wall between you and your prospective customers. Take a look below to see what signature analytics looked like four years ago.

Signature analytics show you who signed and who didn’t. That’s about it.

In comparison, here’s what document analytics looks like.


Screen Shot 2014-07-21 at 4.43.35 PM.png

The difference between signature analytics and document analytics

There are 4 core things you can do with document analytics that you can’t do with signature analytics.

  1. Infer who’s “on the fence” about your deal

  2. Know who read what part of your deal documents, for how long, and how many times they returned to it

  3. Allow clients to revise the deal without leaving the document

  4. Get an 18% higher win rate than with non-electronic solutions

There are 5 types of documents you’ll want to use document analytics for:

  1. Pitch decks


  3. Proposals

  4. Contracts

  5. Any confidential customer information

How document analytics can clue you into deals that may be “On The Rocks”

Which of your deals are “on the rocks”? Often, it’s very difficult to tell. That’s where document analytics comes into play. If you’re noticing that any of the 5 types of documents above are not getting looked at by all stakeholders on the deal, you can infer that someone is indifferent or opposed to the deal.

Your deal is officially “on the rocks.”

Once you figure out which decision maker is indifferent to your deal, it’s time to engage. Direct confrontation may not be the best way to address the decision maker.

The approach that I typically take is to engage my “coach” in the deal. The coach in the deal is your best client-side contact -- but this person is usually NOT the economic decision maker.

In most B2B deals, you’ll be working with 4 to 14 different decision-makers -- according to Gartner, the average number is 7.

And each one of those people is either in favor of your deal, in favor of the status quo, or in favor of something else entirely.

So, let’s say that Bob, the technical buyer, appears completely non-engaged. I’d call Pam, my coach in the deal, and say, “Hi Pam. I’m looking into our project, and I think there may be some team members that aren’t in agreement, so I wanted to chat with you to make a decision about what you and I should do.”

Then, I’d call Pam, and explain which players on both teams are in favor, and those that may be not in favor. This empowers the coach to suggest what a win-result for Bob would look like.

Without document analytics, this is much more difficult. You risk losing a lot of deals that you could have won. You’re blind to the business decisions of your potential customer, and that is never good.

Picking your economic decision maker early

There’s one other big strategic advantage that document analytics gives you. It makes it very difficult for a client to “hide” an economic decision maker. Say the CEO at your client’s company was truly the decision maker, and the main client contact wanted to obscure that fact. They’d have to download and email documents, a real time-waster, to do it.

You can prevent this from even happening in the first place if you simply ask the customer this question early on in the sale:

“Our decision-making team will be made of X, Y, and Z persons. Who do you think should be on your team for this project?”

Speaking of great document analytics, have you tried PandaDoc’s proposal and document analytics yet? Why not get 3 free documents to start with (you can even get 3 more with a tweet). No credit card is required, and you’ll be up and running in minutes. Check here for a future integration with PipelineDeals.

About the Author: Adam Metz is the author of Amazon #1 internet-marketing best-seller, The Social Customer and the VP of Business Development at PandaDoc. He’s a veteran sales executive who’s carried a million-plus sales quota for a Fortune 500 company (CDW) and run a sales channel for a Google Apps eco-system startup, UberConference.

4 Tips For Setting Effective Sales Goals

By Lisa DeYoung - Follow Her @LisaADeYoung

For sales leaders, there is no shortage of challenge when it comes to setting and reaching sales goals. Keeping the sales team focused and motivated is key to achieving success. Setting clear sales goals and coaching the team through the process will give team members the tools necessary to bring in more money and crush those quotas.

What is most important for sales leaders to consider when setting goals for their sales team? Here is our list of key areas to focus attention when setting goals as a sales leader:

1 - Set goals for the sales team that are specific and measurable. Provide detailed expectations as well as specific dollar amounts and deadlines.

2 - Based on these goals, work with individual members of the team to teach them how to  best contribute given their strengths and expertise.

3 - Seize the opportunity to coach individual team members on how to not only play up their strengths, but improve in areas where they lack experience.

4 - Don’t forget about your own self-improvement. Setting and pursuing goals is a great opportunity for reflecting on how you can up your selling game. This is also prime time to refine your coaching skills and become a better leader.

A sales team with a clear view of their goals, specific metrics for success and an engaged and insightful sales leader, is sure to shine bright and win more deals!

Utilizing a CRM provides extra muscle in the goal setting process. PipelineDeals is a wonderful toolset for helping sales leaders set and track their team’s sales goals. Learn more about goal setting and tracking in PipelineDeals.

Lisa is a Customer Ambassador at PipelineDeals and a graduate of Washington State University. Prior to joining PipelineDeals, Lisa spent 8 years working in the wine industry.