PandaDoc, a leading all-in-one document automation software, today released the State of Deals: 2020 Summer Edition, which examines how changes in the business world due to the pandemic have impacted deals and how sales teams are adapting to the new normal. The report is an update to the State of Deals 2020: The New Sales Framework for Today’s Buyers, which was released earlier this year and designed to help sales teams close more deals and hit their quota target with insights into what successful deals look like, ways to execute them, and how to optimize opportunities to win more deals.
Using data from over 20,000 PandaDoc customers, the new report identifies trends in close rates, changes in the amount of people and time it takes for a deal to close, and the processes used by successful sales teams who have adapted to working with a distributed workforce.
Notable findings in the report include:
- Post-pandemic buyers are making decisions much faster: The time to sign a document from March to June decreased to 2-3 hours, a steep 53% drop from January when the median time for a recipient to complete a document was about 6-7 hours.
- Despite the expectation for slower sales as a result of the pandemic, the completion rate on deals from April to June jumped to 67% – the highest average completion rate on PandaDoc.
- The volume of deals initially decreased early on in the pandemic, but rebounded and were up overall by 38% in June.
“Post-COVID, we’re seeing changes in the behavior of both buyers and sellers, leading to deals closing 1.5 times faster during the pandemic, suggesting that buyers with remote workforces have become more nimble and are signing deals in record time,” said Nate Gilmore, Chief Revenue Officer for PandaDoc. “Sellers with adaptable sales processes and technology that supports remote workflows were able to rebound from losses early on in the pandemic by streamlining, saving time, and improving pipeline conversions, which has helped them come out on top.”