Are you a startup navigating initial funding rounds? Or a large corporation managing complex transactions? Selecting an appropriate virtual data room software plan can significantly impact your deal!
Read our guide and explore the critical aspects of choosing data room plans, get valuable tips, and make an informed decision that aligns with your business needs.
How to choose data room plan
Follow the steps below and improve your chances of selecting the ideal solution!
1. Assess business needs
Determine the specific requirements of your business, including the volume of data, security needs, and the number of users. This will help you understand the type and extent of features required in a data room and choose the appropriate plan.
✔️Top tips
- Conduct a detailed workflow analysis. Map out your business processes to understand where and how a data room will fit into your operations.
- Assess integration capabilities. Determine how well a virtual data room can integrate with your existing software, such as CRM systems, email platforms, or project management tools.
- Engage in scenario planning. Run through different scenarios of how the solution might be used in various situations, such as mergers, audits, or large-scale projects, to identify must-have functionality and potential gaps.
2. Evaluate key virtual data room features
Identify the essential features you need, such as document security, business data management, and user activity tracking. Ensure that the virtual data room provider and the plan you choose offer a full set of these features, leaving no gaps in functionality.
Key data room features to look for:
- End-to-end encryption
- Granular user permissions
- Multi-factor authentication
- Document redaction tools
- Time and IP access restrictions
- Bulk data upload and download
- Automated data indexing
- Detailed audit trails
- Advanced Q&A module
- Mobile accessibility with full functionality
👁️🗨️ More insights! Learn how to create a data room that brings maximum benefit.
3. Assess data room scalability and flexibility
Check whether a provider offers customizable data rooms that can grow with your business. Evaluate how easy it is to scale up or down based on your future needs and whether the platform offers flexible subscription plans.
✔️ Top tips
- Examine multi-project handling capabilities. If you anticipate managing multiple projects simultaneously, check if the software can handle a few data rooms within a single account to organize and manage various initiatives efficiently.
- Assess the platform’s performance under load. Test the platform’s performance with increased data volume and user activity. A scalable data room should maintain high performance and responsiveness even as your usage increases.
- Check for easy upgrades and downgrades. Adapting a platform to your needs should be a straightforward process with minimal disruption, ensuring you can adjust your services as your business requirements evolve.
4. Compare virtual data room pricing plans
Analyze the subscription pricing models of different data room providers. Make data room plans comparison against the features offered, and consider which plan provides the best value for your budget.
Here is a brief description of common data room pricing plans:
| Pricing plan | Description | Best for |
| Per page | Charges are based on the number of pages or documents uploaded to a data room. | Businesses with relatively small but critical document volumes, such as legal firms or companies handling one-time projects. |
| Per user | Costs are determined by the number of people accessing the data room. Each user or user group is billed individually. | Small to medium-sized businesses or teams with a stable number of users who need regular access to a data room. The model works well when the number of users is predictable and consistent. |
| Per storage | Charges are based on the amount of data storage you need. Virtual data room cost increases as the storage space requirement grows. | Companies with large volumes of sensitive data, such as financial institutions or corporations involved in mergers and acquisitions or other data-heavy transactions. |
| Flat fee | A fixed monthly or annual fee is charged, regardless of usage, covering a set range of features and services. | Organizations with consistent, predictable usage patterns, such as large enterprises with ongoing data room needs. |
👁️🗨️ More insights! Explore virtual data room pricing in 2024 and get more tips on choosing the most beneficial plan.
5. Evaluate support and customer service
Ensure your provider offers a data room trial period, reliable and timely assistance, quick onboarding, and customer base with training resources. Unlike free or low-cost data rooms, the best virtual data rooms provide dedicated account managers and 24/7 multi-language customer support via phone, email, and live chat.
👁️🗨️ Questions to ask a virtual data room provider
- What are your customer support hours?
- What support channels do you offer?
- Do you provide dedicated account managers?
- How long does it typically take to resolve support tickets?
- What languages does your support team speak?
- What onboarding and training resources do you provide?
- Are there any additional fees for premium support services?
6. Read reviews
Research customer reviews and testimonials to gauge user satisfaction with specific data room plans. Reviews open valuable insights into how well different subscriptions meet the needs of businesses similar to yours.
🔊Red flags
- If multiple positive reviews use similar language or appear overly generic, they might be fake or incentivized.
- If you can’t find reviews from businesses similar to yours in size or industry, it may be a sign that companies like yours don’t widely adopt the plan.
- If a provider ignores or inadequately addresses negative reviews, it indicates a lack of commitment to customer satisfaction and responsiveness.
- If reviews highlight significantly different experiences with the same provider across various plans, it may indicate inconsistencies in service quality or plan offerings.
- Multiple reviews mentioning poor customer support or unexpected costs associated with certain plans indicate a high chance for future issues.
Ready to explore the best data rooms? Take our quick quiz and find the perfect match for your business today!
Data room selection help
Virtual data room plans in different business scenarios
Here are examples of how different data room plans suit various business scenarios and meet specific needs.
| Scenario | Needs | Key features needed | Best data room plan |
| Startup seeking seed funding | Sharing pitch decks, financial projections, and intellectual property documents with potential investors. | 🔸 Robust data security 🔸 Ease of use 🔸 Limited user access 🔸 Cost-effective subscription pricing | A basic plan with robust security features and affordable pricing. |
| Midsize company undergoing M&A | Sharing large volumes of confidential documents and collaborating with multiple parties in a controlled environment. | 🔸 Advanced security features 🔸 Detailed user activity tracking 🔸 Large data room storage capacity 🔸 Streamlined workflow management | A comprehensive plan with advanced security, ample storage, easy data room management, and multi-user support. |
| Large corporation conducting a global audit | Streamlining a complex, multi-location audit, involving various teams and large amounts of data from different departments worldwide. | 🔸 High scalability for large volumes of data 🔸 Detailed reporting 🔸 Multi-language support 🔸 24/7 customer support | A premium plan offering scalability, global support, and advanced reporting tools. |
Before you go!
What are the risks of choosing an unsuitable pricing plan?
Choosing the wrong virtual data room pricing plan can pose the following risks:
- Overpaying for unused features. Paying for features your business doesn’t need leads to significantly higher costs without any real benefit. Furthermore, it can divert resources from other critical business areas.
- Underestimating costs. Some plans may appear affordable at first glance. However, they often come with hidden fees for extra features, additional storage, or increased user access. These unforeseen costs can accumulate over time, leading to budget overruns and financial strain.
- Insufficient resources. Opting for an online data room plan that lacks adequate storage, user licenses, or critical features can hinder your ability to manage data effectively. As a result, your team may face delays in data processing, challenges in collaboration, and compliance issues.
- Compromised security. Cheaper plans might cut corners on secure document sharing, leaving your sensitive data vulnerable to breaches or unauthorized access. It can have severe consequences, including legal liabilities, loss of client trust, and potential financial penalties.
- Inflexibility. Some virtual data room providers and plans may lock you into long-term contracts with little flexibility to adapt to your changing needs. If your business evolves or your data requirements shift, being stuck in an inflexible plan can limit your ability to respond to new opportunities. Thus, you will continue paying for a service that no longer suits your needs.
Key takeaways
- Different virtual data room providers offer various pricing structures, including per page, per user, per storage, and flat fees. Evaluate these models, make a virtual data room comparison, and determine value based on your budget and expected usage.
- Focus on the tools crucial for your business, such as security measures, document management features, and user activity tracking.
- Ensure virtual data room services provide robust security features, including encryption, data room access control, and compliance with industry standards.
- Compare virtual data rooms and plans to choose the solution that can scale with your business’s growth and adapt to changing needs.
- Look for a reliable, responsive customer support provider with 24/7 assistance, dedicated account management, and comprehensive training resources.
Select a plan that not only meets your current needs but also supports future growth. Ultimately, this will significantly enhance your business operations and pave the way for keeping ahead of competitors!
