Does sending price quotes take longer than you’d like?
Have you ever sent a quote to a prospect, realized it included mistakes, and had to resend it with your apologies?
If you’ve ever sent a quote, one—if not both—of these scenarios, has probably happened to you. And—although the prospect probably didn’t tell you—it could have negatively impacted your chances of winning the deal. Essentially, maybe you weren’t the selected vendor because your quote was incorrect, amended, or simply was sent too late.
Why Sending Correct Quotes Quickly is Important
When it comes to business, doing things efficiently and right the first time is better.
Sending Correct Quotes
It’s possible that your company could be losing money due to errors on proposals. Errors often occur when businesses rely on manual, reactionary processes and tools like Excel spreadsheets, legacy systems or homegrown tools.
These manual and outdated quote-to-order processes are inefficient, do nothing to help improve the user experience, and result in pricing errors that eat into profits.
What’s more, without access to an updated system, sellers are forced to defer to the customer rather than rely on data to determine a profitable price.
Sending Quotes Quickly
If your business is too slow at getting proposals and quotes in the hands of your customers, you’re driving them into the arms of competitors.
According to Temkin Group, the number one pain point for B2B decision makers throughout their relationship with a vendor is lack of speed in interactions. In fact, this was mentioned twice as often as price.
If the speed at which vendors respond to their customers is of the utmost importance throughout the business relationship, the speed at which you deliver a price quote will be a good indicator of what they can expect from you in the future.
How to Up Your Price Quote Game
So how can you say goodbye to price quote errors and slow delivery times for good?
Solutions like CPQ software can help. That’s because a CPQ solution provides rules-based editing to ensure selected products are compatible—meaning less configuration and therefore proposal errors. It also provides visibility into margins during the quoting process to ensure your most profitable products and/or services are quoted.
And this functionality isn’t limited to your sales team, channel partners and vendors can also access features like contract renewal, workflow, and discounting processes, guided buying and selling, and advanced configuration capabilities.
Get on Board
If almost six in 10 buyers want to discuss pricing on the first call, it’s a safe assumption that you’ll need to provide a price quote sooner rather than later.
With CPQ, you can. That’s because it establishes a real-time, single data-management source that allows users to deliver 100% accurate product configurations and quotes quickly.
Removing complex pricing spreadsheets and exception approvals with a CPQ solution saves time, streamlines the process, and offers opportunities to cross-sell and upsell to customers.
When it comes down to it, businesses that adopt strategic price strategies like CPQ experience increased sales across all channels, meaning an overall increase in revenue.