If you’ve ever worked in or had any experience with sales, you may be familiar with how difficult and stressful it can be dealing with pricing and quotes for a new client or customer, especially if you offer multiple products or services.
Managing the entire process can be time consuming and feel like a full time job in itself.
The Importance of Price Strategies
The price strategies that you adopt for your business can have a huge effect on sales and your relevance in customers' minds, compared to your competitors.
Choosing to put in to place the right pricing strategies with the proper supporting tools, can really benefit your sales.
Process of Price Strategies
One of the most popular price strategies recently is CPQ. Many of the top industry experts are starting to use the Configure Price Quote (CPQ) process and software to automate, streamline and centralize their sales, increasing the time and accuracy.
CPQ processes help companies produce a more accurate and highly configured quote that is available in real time, removing all the complex pricing spreadsheets and exception approvals.
This saves time and streamlines the process for the sales departments, making decisions that much easier because they have everything they need right at their fingertips.
In addition to speeding up the sales process, one of the advantages of a strategy like this is that it offers opportunities to cross-sell, as well as upsell to customers.
CPQ can be applied in both B2C sales as well as B2B sales, but is most commonly used in B2B situations as they involve more complex pricing and agreements.
This particular price strategy has many functionalities, including limiting or granting control over which particular groups or channels can access certain pricing or product information, while also granting access to specific users to unlock discounts and special portals.
This makes it even easier to manage your exclusive and ongoing discounts, pricing and shipping fees as well as revenue share.
Using these tools, you can launch exclusive marketing campaigns by geographic location and execute different marketing strategies based on different social channels.
You get to see the active trends and exactly what worked and what didn’t for each channel, so managers can adjust strategies as needed.
Why Employ Price Strategies
Businesses can also use CPQ to ensure that their managers and sales department abides by and only sells to the most recently approved pricing and discounting rules.
Staff and sales teams can be granted access to quotations and see them in real-time, which makes creating, revising, copying, editing and approving them as simple as a few clicks.
The automation of this project allows everyone in the organization to the see the exact same information, which moves the process along quickly and seamlessly, ensuring that your deals are never delayed or held up for too long.
Staff and sales teams are more efficient and customer oriented since they don't have to spend valuable time building and managing quotations and sales processes.
Businesses who adopt strategic price strategies, like the configure price quote process, experience increased sales across all channels and increased revenue. Smart price strategies can give you the power to create the best quotes and prices possible.