Would it help speed up your sales cycle if you could anticipate the needs of a prospect? Chances are the answer is a resounding “yes!” Learn how software escrow, also called technology escrow, can help.
It’s no secret that economies across the world are in precarious place right now. Organizations are pinching pennies everywhere. The last thing a company needs is to have their deals stalled long enough for them to figuratively “die on the vine.” It’s clear: you need to have a well-supported sales strategy that contemplates all the nuances of your sales cycle… and while that may sound like a major undertaking, it’s worth it: every opportunity is a precious resource that feeds your bottom line. In essence, it’s all about preparation… but you already knew that, right?
Anticipating that a prospect will ask for a software escrow arrangement is much like preparing to share your (or your hosting company’s) SSAE16 or SysTrust certification during a sales presentation. In order for them to satisfy their internal Governance, Risk, and Compliance (GRC) policy, they need the assurance of a safeguard that will enable their continued return on investment, if you should fail to support them in a material way.
Consider this before you opt for a “cookie-cutter” escrow arrangement. Whether you are licensing software – or selling subscriptions via Software-as-a-Service – you need to prepare provisions that holistically address how your clients would carry forward, should you go out of business. How would they execute their contingency plan without your help, realizing that no one was left on board to even answer an email?
The key to accelerating your sales cycle is anticipating any risk objections in advance, and crafting a working relationship that will instill good-faith and confidence. The more openly you acknowledge the merits of an escrow arrangement, the more trust you’ll bring forth with your prospects. Verification testing is a proven mechanism in certifying this trust – and working with a reputable escrow agent (who will provide expert guidance) will ensure you’re taking a proactive approach to closing business faster, and with greater consistency.
Many sellers practice the offering of escrow services as a value-added service option… occasionally throwing it in to help close a deal now and then. But consistency is the name of the game here; get it right every time, every deal, and leverage software escrow to remove the sales roadblocks that are slowing you down.
Software escrow: enabling more deals – faster – and driving more revenue at the same time? In these uncertain times, this certainly sounds like a no-brainer to me!