The electronic signature industry is growing fast, the global e-signature market is expected to grow at a CAGR of 34.7% during the forecast period, to reach $9,073.1 million by 2023*. Much of this growth is due to a compelling need to shorten business closure times, curtail costs, improve workflow efficiencies, enhance security measures, and government impetus for digitalization.
E-signature providers often combine document signing, workflow automation, and contract life cycle management into an integrated system, making it easier, quicker and safer to execute legally binding agreements online.
Initially there were a host of small players offering these services, but gradually a number of large SaaS players such as Adobe Systems (acquisition of EchoSign) entered the space.
With increasing competition, there is a growing need now for providers to track and monitor their competitors using demographic, firmographic and technographic data. This is how technographic intelligence can benefit e-Signature companies.
Here are some ways e-signature providers can benefit from technographics:
- Degree of session management: Whether the session management capabilities are spread across a range of integrated modules, or lie in the form of a standalone e-signature service plug-in which needs to be integrated with an existing ERP, is a tech-outlook you must study. Knowing your competitors’ solutions in terms of end-to-end functionality, addition of new documents etc can help stay ahead in the race.
- Customizability: Technographics can help you study the degree of customizability your competitors offer besides giving you a breakdown on the kind of technologies installed in your competing customer’s premises. Typically, better customization is possible with a unified and packaged development environment. You can gain a practical knowledge of the extent of customization possible in terms of configurability, process flows, dashboards, transaction tracking, and analytics capabilities, to name a few by drawing insights from the two.
- Robustness of electronic medium: Being a legal medium, an e-Signature serves as evidence. It is important to know how each player best captures evidence.Looking for features like e-vaults, record retention mechanisms, security features in the competition is one way to keep your product as relevant as possible.
- Mobility: The future of technology-offerings lies in the degree of mobility and multi-device access. Looking for device-independent solutions, signature-friendly apps and development platforms for those apps etc is a good way to track your own product development stages.
- Enhanced lead scoring: Marketing teams in this domain can use technographics to score their Inbound leads based on whether they are currently a competitor’s customers or not thereby allowing them to create a target list that they know has an existing need to use their product.
- Comprehensive competitor intelligence: Once teams identify the target market of their competitors, insights from technographics can help them identify the verticals their competitors plan to go after, as well as elements like the job titles of those end users within the organization, the common technologies used between competitors and the technologies used at those same companies at the time of scale.
- Product popularity: Besides the above, technographics can give e-signature providers an idea into the popularity of a particular e-signature product by the roles within an organization too.
Knowing the technology stack of your competitors will give you useful insights into their products and services, allowing you to position your offerings in a more relevant manner.