Advancement in technology has made many businesses (small, medium, and large) rely on digital solutions to improve their company operations. They have embraced virtual data rooms (VDRs), seeing them as the most effective methods to store and share sensitive information.
As online repositories with ultimate security, VDRs give users the power to decide and control those that can access some specific corporate information or records in the repository. With this, VDRs have become an essential system that can help facilitate crucial financial transactions, including fundraising, mergers and acquisitions, and IPOs.
To know how valuable the features of a virtual board room are in relation to efficiency, organization, and security, you may want to take advantage of the free trial that some VDRs offer. This piece, therefore, will unveil what you need to know about the free trials and the period you can decide with a VDR.
Virtual data room
A virtual data room is an online database that helps with the storing and sharing of confidential information. Generally, companies always want to keep private documentation that is of high value to them safe, and this is the benefit that the data room offers.
VDRs are very affordable when data room pricing is compared to that of traditional physical data rooms. Through them, numerous financial transactions will be done much more efficiently and effectively from virtually anywhere worldwide with a guaranteed maximum online security.
Virtual data rooms are commonly used in several areas to meet specific needs. These include mergers and acquisitions (M&A), fundraising, IPO, strategic partnerships, audits, intellectual property (IP) management, board communications (thanks to effective board management software), and secure document sharing.
The fact remains that C-level executives will find a VDR highly helpful when it comes to sharing confidential data and files among themselves. With a board of directors portal, files can be shared effectively and flawlessly. Also, HR departments and project managers cannot underestimate its value as it’s an incredible method to maintain employee methods and manage various aspects of business operations, respectively. Some industries that commonly use VDRs include technology, life sciences, investment banking, legal firms, private equity, and venture capital.
The importance of free trials
Test driving a car before buying it will surely give you an idea of what to expect when you finally get it. Virtual data-free trials can be looked at from this angle, but the difference is that the trial period for VDRs can be up to 14 or 30 days. Within this sample period, users can deeply be convinced that the selected board room software is genuine, influencing their buying decisions.
Are you a potential SaaS buyer? Free trials will give you a taste of what the actual experience is like. With this, your interest in the product will grow, and your questions will be answered to a very large extent. Also, you can get leads via free trials if you are satisfied and interested in buying the product.
Free trials should not be confused with demos. With free trials, you will get first-hand experience, which a demo cannot provide for the product. This will ultimately lead you to make a better-informed decision.
Besides, free trials are preferable to demos due to how the provider makes more effort to show prospective buyers the advantages of their product. Nevertheless, this can totally be time-wasting if such a product turns out unsuitable for your organization in spite of the extra effort you put into understanding it.
The ideal period of free trials
The free trial periods offered by virtual boardroom software may depend on a specific VDR. Most free trial periods provided by VDRs Ideally last for at least a month; however, if the prospective buyers ask politely, some periods may be extended.
According to the survey on Pierre Lechelle, 30 days free trial periods are offered by 41% of most SaaS’, 14 days free trials by 18%, 41% list pricing on their websites, and 44% provide the free trial online.
Virtual data room options
Check below to see the different options that potential buyers should expect to make proper decisions:
- No-free trial option: Based on the survey of Pierre Lechelle, it’s evident that free trials are not provided by 56% of most SaaS providers. Although these providers have the right to do such, it will affect their leads and traffic. Potential buyers will naturally be more interested in providers that offer a free trial than those that don’t.
- Up to 14 days free trial option: The statistics from Torango shows that there are providers that give 14-day free trials. This time is barely enough for buyers to know what decision to take. The downside of this 2-weeks trial is that you may be left stranded mid-way while still trying to get to know the features of the board portal. This trial period option will only be ideal if you need the room for shorter transactions.
- 30 days + free trial option: The most reliable free trial period from a virtual data room provider is a 30-day or more time frame. With this time frame, you will have enough time to garner a perfect understanding of the software to make a good buying decision.
Virtual data room software and their free trial period
Below are some available virtual data room software and the free trial period they offer their customers:
|Virtual Data Room Software||Business Size||Free Trial Period|
|SecureDocs||Small and medium||A free 14-day trial|
|DealRoom||Small, medium, and large||A free 14-day trial (before subscription)|
|Sharefile||Small||A free 30-day trial|
|FirmRoom||Small and medium||A free 30-day trial|
|Caplinked||Small||A free 14-day trial|
|Intralinks||Large||No free trial periods|
|Merrill||Medium and large||No free trial periods|
The benefits attached to free trials make them great for every potential buyer. With free trials, potential customers will be able to explore the product they want before making any actual investment. But it’s not all virtual data room providers that offer a free trial. So, before subscribing to such software, you must ensure they are the best fit for you. By getting the appropriate VDR for your business, you will enjoy optimal security storing and sharing your confidential files.