It’s the age of the customer, and B2B customers, much like B2C consumers, crave fast and accurate responses from companies they’re considering doing business with.
In fact, Forrester found that 70% of B2B companies have noted that customers have higher expectations for the buying process experience, 62% desire a more convenient buying process, and 58% expect a digital experience.
This means sales teams must work faster and more efficiently to accurately price and quote solutions to prospective clients. But with all that goes into pricing a customized solution, this can be tricky.
The Hurdles to Pricing Faster & Smarter
Sales teams struggle with numerous barriers to price faster and smarter, including:
1. Responding to RFPs
Many sales reps find this task difficult, especially because many RFPs consist of requirements that are far too generic. Being able to hone in on the unique value your organization can offer can be time-consuming.
2. Not Knowing the Optimal Offer
Knowing and offering the optimal offer to prospective clients is key; but often, it takes too long for sales reps to define what it is and get it on the table.
3. Lack of Discounting Discipline
Factors like manual sales processes, lack of training, and employee inexperience can all lead to excessive discounting, resulting in lost revenue.
4. Missed Upsell Opportunities
Manual sales processes can also mean lost upsell and cross-sell opportunities, especially when it comes to new or inexperienced salespeople.
5. Quoting Takes Too Much Time
Oftentimes, quotes simply take too long to produce and unfortunately include incorrect information. In many sales cycles, the first quote wins the deal, so any time spent trying to navigate outdated pricing sheets, going back and forth for approvals, or jockeying with engineers or others in product to configure a solution is just giving the competition an opportunity to win the business.
6. Lack of Confidence
Your sales reps lack of confidence in your pricing can make the deal destined for failure. After all, if someone on your own team doesn’t believe they’ve offered the best price, how will you convince the prospect?
Similarly, a lack of confidence in product configurations can be a major problem. Highly complex, considered purchases are a significant investment for the buyer, and any errors that cause delays can leave a bad taste in the customer’s mouth. For your sales team, knowing that the proposed product configuration is correct and meets the unique needs of the customer helps them shepard the deal along, calming the customer and hopefully leading to future business.
Getting Sales Teams on the Right Course
Luckily, there’s a way to tackle all of these common barriers and get your sales team pricing faster and smarter.
With the right CPQ application, you can automate and simplify the pricing and quoting process, allowing your team to create tailored, accurate solutions for every opportunity in a fraction of the time.
Responding to RFPs becomes a breeze with an application that can properly configure and quote the right product at the right price to the right customer. Using your company’s data, you can ensure your prospect is getting the optimal offer and that you haven’t missed any upsell or cross-sell opportunities. What’s more, you’ll have confidence in the fact that your pricing will win the deal.
Make CPQ Your Most Powerful Sales Tool
FPX’s CPQ application arms your sales team with the tools and information they need to win more deals with greater accuracy, speed, and consistency, all while scaling the solution across all channels.
This means more targeted customer offerings, attracting and retaining buyers, synthesized data, connected delivery channels, and a seamless transition from partners to sales and ecommerce.
Ready to learn more about how our CPQ application can help your organization price faster and smarter? Click on the button below to check out our eBook and learn how CPQ has evolved with the needs of modern businesses.