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E-commerce owners consistently confront numerous challenges when selling their products or services. These challenges can range from manual work in quote creation, to complex quoting processes, long sales cycles, approval workflow bottlenecks, and the need for efficient cloud-based solutions.
To address these issues, companies are turning to Configure Price Quote (CPQ) software, It is a powerful tool that can greatly assist businesses in streamlining their sales processes. This software automates the configuration, pricing, and quoting of products or services, eliminating manual errors and reducing the time it takes to generate accurate quotes.
By automating these tasks, sales teams can focus their efforts on building relationships with customers and closing deals, rather than getting bogged down in administrative tasks.
Let’s look at an example:
Salesperson: Hі there! How can I assist you?
Customer: I want a quote for five units оf your latest widget with a corporate discount.
Salesperson: Sure, let me check.(After delay)It seems there was a pricing error. I’ll fix it.
Customer: This is taking too long.
Salesperson: Apologies for the delay.
P.S: To avoid such issues, we recommend using Configure Price Quote (CPQ) software. It streamlines the process and ensures accurate and quick quotes.
Challenges in Selling: How To Solve 5 Common Problems
Let’s explore five common sales problems and examine how they can potentially be resolved by utilizing CPQ.
Challenge 1. Manual Work in Quote Creation and How CPQ Software Helps
One of the major challenges faced by sales teams is the tedious and time-consuming process of manual quote creation. Imagine a sales representative sitting at their desk, surrounded by stacks оf paper and a calculator in hand. They painstakingly go through each product, pricing, and discount, manually calculating the total cost and generating a quote. This process takes up a significant amount оf time and leaves room for human errors. A simple mistake in a calculation оr a missed discount can lead to incorrect quotes, causing confusion and potentially losing a sale.
With CPQ software, this manual process has transformed into a streamlined and efficient workflow. The software integrates with the company’s product catalog, pricing rules, and discount structures, eliminating the need for manual data entry. Sales representatives can easily select the desired products, configure options, and apply appropriate pricing and discounts, all within a few clicks.
Problem: Up to 70% оf sales reps’ time is spent оn manual quote creation, data entry, and product configuration.
CPQ Helps: Automates product configuration, pricing, and document generation, reducing manual work by up to 50%.
Challenge 2. Complex Quoting Process and How CPQ Software Helps
For businesses dealing with complex products оr services, the quoting process can be intricate and confusing. CPQ software solutions simplify this process by providing guided selling techniques. These solutions guide sales reps through a series of questions and dynamically generate accurate quotes based on the customer’s requirements. By automating complex calculations and providing real-time pricing and product information, CPQ software enables sales teams tо accurately quote complex offerings accurately, eliminating guesswork and improving customer satisfaction.
Problem: 60% оf B2B buyers say complex quoting processes contribute to delayed purchases.
CPQ Helps: Simplifies complex quoting with guided workflows, pre-built rules, and scenario planning, boosting buyer experience and quote accuracy.
Challenge 3. Long Sales Cycle and How CPQ Software Helps
A long sales cycle can be frustrating for both sales teams and customers. Potential buyers lose interest and may turn to competitors if the sales process takes too long. CPQ software helps reduce the sales cycle by streamlining the quote-to-cash process. With automated workflows, sales reps can quickly generate quotes and move deals forward. Additionally, the software provides visibility into the sales pipeline, enabling sales managers to identify bottlenecks and take proactive measures to accelerate sales cycles.
Problem: On average, the B2B sales cycle takes 54 days.
CPQ Helps: Speeds up the sales cycle by quickly generating custom quotes and proposals, allowing reps to close deals faster.
Challenge 4. Approval Workflow and How CPQ Software Helps
In many organizations, the approval workflow for sales quotes involves multiple stakeholders, which can cause delays and hinder sales productivity. CPQ software offers a centralized platform where all stakeholders can collaborate, review, and approve quotes in real time. By automating the approval process, CPQ software accelerates the time-to-quote, ensuring faster response times and improved customer satisfaction.
Problem: 40% оf quotes require multiple approvals, causing delays and bottlenecks.
CPQ Helps: Streamlines approvals with built-in workflow and role-based permissions, ensuring faster decision-making and deal movement.
Challenge 5. The Cloud Benefit and How CPQ Software Helps
Traditional on-premise solutions often require significant investments in hardware, infrastructure, and maintenance. CPQ software, оn the other hand, provides the advantage оf being cloud-based. This means companies can leverage the scalability, flexibility, and cost efficiency оf the cloud without extensive IT resources. Additionally, cloud-based CPQ software ensures real-time access for sales teams, allowing them to access critical information from anywhere, anytime, leading to improved collaboration and productivity.
Problem: 30% of the business owners face difficulty in maintenance of the on-premise solutions.
CPQ Helps: Cloud-based CPQ solutions offer 25% faster implementation and 40% lower total cost оf ownership than on-premise solutions.
BONUS 💡
Increased Quote Win Rates: Companies using CPQ report an average 15% increase in quote win rates due to improved accuracy and efficiency.
Enhanced Customer Satisfaction: CPQ simplifies the buying experience and increases customer satisfaction through transparency and clear communication.
Many Benefits: According to a recent study by Forrester, CPQ can help businesses increase sales win rates by up to 15% and reduce sales cycle times by up to 25%. Additionally, CPQ can improve quote accuracy by up to 99% and reduce errors by up to 80%.
In Summary
CPQ software solutions have emerged as a game-changer for businesses facing common selling challenges. By automating and streamlining manual processes, simplifying complex quoting, reducing sales cycles, automating approval workflows, and providing the benefits оf cloud-based solutions, CPQ software enables sales teams to overcome obstacles and improve their overall selling efficiency. By implementing a robust CPQ software solution, organizations can optimize their sales processes and enhance revenue generation.
How DNB Experts Can Help?
At DesignNBuy, we specialize in helping businesses overcome their selling challenges by providing comprehensive CPQ software solutions. Our team of experts understands the unique requirements of different industries and can offer tailored solutions that align with your business goals. Whether you need assistance with implementing and integrating CPQ software or require a call to understand the concept, our experienced consultants are here to guide you every step of the way.
Let us help you reach the full potential оf your sales process with our proven expertise in CPQ software solutions.
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