5 Things Your Modern Customers Actually Want

new-years-resolutions-text-on-notepad-picture-id10539532662019 is here and we’re once again talking about resolutions and how we can improve ourselves in the new year. But let’s set aside our personal goals for a moment and think about our businesses — like people, businesses have resolutions and things they’d like to change as well.

Instead of shedding 10 pounds or committing to reading for 30 minutes a day, businesses want to become easier to do business with in 2019, to sell more with the help of data-driven insights into the customers, or to deliver a better overall buying and selling experience for customers and internal users thus encouraging loyalty and engagement.

Much like our personal resolutions, businesses tend to give up or set aside these aspirations due to a variety of obstacles. You likely know the excuses: I don’t have the time, I don’t have the tools or resources, there are too many other things I need to do first, and so on.

The problem keeping us from achieving our resolutions — whether it’s personal goals or aspirations for the business — is the lack of focus on a manageable, repeatable action that facilitates gradual and measurable results.

For businesses — particularly manufacturers — this means it’s time to stop trying to do too much and start addressing a specific problem and committing to the processes and tools that help solve it.

So what does that look like for your business in 2019?

For manufacturers we work with, it often comes down to improving the customer/user experience to become easier to do business with — and the tool to solve that problem is often a Configure Price Quote (CPQ) application.

Let’s look at two of the BIG challenges manufacturers are facing in 2019 and how CPQ plays a significant role in getting them to a successful outcome.

  1. Improving the customer/user experience: In a recently commissioned study, we found that 95% of businesses believe that funds allocated to digital transformation initiatives are best spent on improving the buyer experience. The fact is that buyers want the look and feel of a B2C engagement when researching and buying products in a B2B context. The challenge is delivering that type of experience while stuck with outdated sales processes and tools, siloed sales channels, and the inability to provide a clear, consistent experience to customers. CPQ helps solve these problems by breaking down the silos, making data actionable, and powering all channels to easily sell configurable products and services.
Screen Shot 2019-01-03 at 1.01.49 PM

Source: 2018 Commissioned Study, Digital Transformation and the Customer Experience

  1. Become easier to do business with: Manufacturers want to make it easier for their customers to buy from them. This means offering more buying channels, offering some kind of self-service option, and empowering direct and indirect sales channels to be faster and more responsive. With CPQ, manufacturers have a single tool that complements existing resources like CRM, ERP and eCommerce platforms, all while providing the rules and data-driven capabilities that ensure every product is configured, priced, and quoted with 100% accuracy.
Screen Shot 2019-01-03 at 1.01.15 PM

Source: 2018 Commissioned Study, Digital Transformation and the Customer Experience

Manufacturers can achieve their goals with CPQ

These may seem like overarching challenges that can’t possibly be solved by a single solution. But the truth is, for years, CPQ has been helping manufacturers and others deliver a better overall customer experience and be easier to do business with.

In a recent series, we highlighted the results three manufacturers have experienced with CPQ, including:

  • More than 300% return on investment (ROI) in fewer than three years
  • 4% increase in revenue by year three
  • 70% reduction in overall sales cycles
  • $8.8 million reduction in legacy system and support costs

Whether you're a high tech manufacturer, develop and sell automative parts, a medical device manufacturer or fall under any other number of manufacturing sub-verticals, CPQ can be the first, best place to begin your transformation into a business that delivers on the promise of an optimal user experience. All you have to do is commit.

Before you know it, it will be 2020

The time to take action on your business’s new year’s resolutions is right now. To get started, contact us and our experts can show you additional examples of how manufacturers are delivering a better experience to their customers while achieving measurable ROI with CPQ.

 

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Matt Noyes
ABOUT:

Matt Noyes

Matt is the Director of Product Marketing at FPX. He focuses on the evolution of CPQ from a traditional sales tool to one that delivers value across the enterprise.


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