What Are Document Analytics and Why Do They Win Deals?

A quick look at your activity scoreboard report in PipelineDeals will show you which activities are working for you and which ones aren’t.

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.

 Manage your documents with document analytics

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


 Clean data makes it possible to gain insight into your clients. 

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.

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