How manufacturing companies can increase sales with CPQ
As a manufacturing company, your team offers a wide variety of products, packaging, pricing, and discounts. When working these components into quotes, complexities in each of these elements can create bottlenecks, increase the risk of errors and/or missed up-sell or cross-sell opportunities.
Below are three key takeaways when it comes to improving your sales processes to drive increased growth. These tips will help create efficiencies and mitigate risks specifically with your configure, pricing and quoting (CPQ) process. This will help ensure your customers are receiving the best service and accurate fulfillment, from lead to cash.
Internal and external transparency
According to Hubspot, 28% of salespeople believe closing deals is the most challenging part of the sales process for reps. Using a Configure Price Quote (CPQ) software solution, sales teams have the ability to improve their accuracy and quote times. These systems can also assign approvals to the executive team if required within the guidelines, allowing for human oversight if necessary, streamlining your sales reps’ process and eliminating management bottlenecks.
How does a CPQ provide transparency to your internal team? A CPQ application will provide an overarching view of your sales team activities, giving your company in-depth intelligence into every quote produced. Use this intelligence to make continuous improvements to your pricing and other business processes, to better serve customers and land more deals.
With Salesforce CPQ, your team has access to real-time sales reports and dashboards. It can help you identify your top-spending customers, your most profitable customers, and the most successful pricing packages.
Faster quoting process
Nothing is worse than losing a potential customer due to time restraints. This is why having a CPQ becomes essential to drive sales. Make your company stand out with a state-of-the-art quoting process.
Average quoting processes last anywhere from 5-10 days, but with a CPQ, you can often have quotes prepared in less than 1 business day depending on product complexity and potential engineering involvement.
Did we mention, modern cloud CPQ systems can help you produce quotes from anywhere and on any device? Whether your sales rep is in the field or at the office, they can provide fast and accurate quotes. However, the perks of a CPQ don’t end there, take a look:
- Track which products are part of your deal, including quantity, standard price, quoted price, and product codes.
- Sales partners can easily register new leads and self-service price quotes.
- Automatically populate a quote with relevant customer data from the CRM, generate a PDF from an approved template, and email it to customers directly.
Automate and streamline
Improve your sales process and drive revenue with the help of automation using Salesforce CPQ. When you automate your billing, it makes it easier to track customers’ payments, gives time back to your sales and support teams, and enables you to collect revenue in a more timely manner.
Having a streamlined process can also minimize customer churn, with the capability to proactively monitor and reach out to customers before their contracts near expiration.
Benefits of automating with Salesforce CPQ & Billing?
- Salesforce billing can trigger orders with delivery actions and collate costs to produce and send out invoices
- Eliminate manual input and minimize errors
- Improve cashflow: customers can electronically pay invoices
- Establish consistent pricing and discounts
- Generate data-driven reports for management
Concentrix Catalyst transforms business practices using Salesforce solutions, such as Salesforce CPQ and CRM. We have extensive experience helping manufacturing companies identify processes that would benefit from automation, building customized applications to fit businesses’ unique needs, implementing Salesforce software solutions, and training employees on how to use the software properly. Get ahead of your competition and contact us today!
About the author
Spencer Pereira has a degree in integrated marketing communications and writing. He has worked in various marketing roles at Google and Valmont Industries.Tags: Manufacturing, Process Improvement, Salesforce