Infor UK Speed your sales cycle with configure-price-quote technology The results A faster quoting process not only increases sales by processing more transactions, it also often leads to a higher sales closing rate, or “batting average,” for a variety of reasons you might not expect. ¦ Faster, more accurate RFP responses—Nobody enjoys the drudgery of preparing RFP responses, but a quick, complete response to an RFP improves your odds of getting the business. With CPQ, you can make RFP responses systematic by drawing on the elements of previous RFP responses that you’ve already saved in your CPQ system. ¦ Structured price negotiations—Product configuration and customization can often be a useful tool for price negotiation, in situations where you can omit some features to reduce a price or add features to justify a higher price. CPQ software not only speeds and simplifies the sales and ordering process, it effectively structures the negotiation so that you maintain suitable profit margins on the sale. You also help sales reps see when it’s time to walk away from a lowball offer. ¦ Better use of “tribal knowledge” for competitive advantage—As time goes on, people in your organization may start to notice that certain options and choices drive more sales or higher prices. When you’ve structured all quotes through your CPQ solution, that information becomes part of the collective knowledge of the organization and becomes easy to repeat and exploit. ¦ Fewer “no decision” sales losses—Some sales objections can be answered by modifying the terms of the offer. Others can’t be answered because the objection isn’t serious. When it’s easy to modify a quote to answer an objection, your sales reps have a way to evaluate whether a prospect is likely to make a purchase, or whether they’re stringing you along. ¦ Track buyer behavior—Marketers have long known the value of automated tracking of the customer journey, but sales reps haven’t had an equally effective way of tracking and evaluating the route a prospect takes on the path to becoming a customer. Advanced CPQ solutions give your sales team a way to follow every inquiry, message, request, change, and objection from every customer, and compare the status of a current prospect with information about those who have purchased before. That gives your sales reps and sales managers critical information about which sales are ready to close soon, and which ones need an extra push across the finish line. While many view CPQ technology as a tool for improving the quality and accuracy in the manufacturing of complex products, it’s also an exceptionally powerful sales tool. By making CPQ capabilities central to your sales process, you give your sales reps an enormous competitive advantage and a quicker path from engagement to conversion in your customer’s journey. Perspectives: Customer experience 3 Start today Examine your sales process to see how configure-price-quote technology can improve your success rate and boost customer loyalty. Learn more › 1. Peter Ostrow, “Configure, Price, Quote: Better, Faster Sales Deals Enabled,” Aberdeen Group, September 2014. 2. Megan Burns, “You Can"t Afford to Overlook Your Customers" Emotional Experience,” Forrester Research blog, July 22, 2015. 3. Rachel Clapp Miller, “The High Price of Unwanted Turnover,” GrowthPlay, Jun 24, 2015. Infor builds business software for specific industries in the cloud. With 16,500 employees and over 90,000 customers in more than 170 countries, Infor software is designed for progress. To learn more, please visit www.infor.com. Follow us: t f l Copyright ©2018 Infor. All rights reserved. The word and design marks set forth herein are trademarks and/or registered trademarks of Infor and/or related affiliates and subsidiaries. All other trademarks listed herein are the property of their respective owners. www.infor.com. 641 Avenue of the Americas, New York, NY 10011 INF-1844892-en-US-0118-1 Please complete the form to gain access to this content Email * First name * Last Name * Access Now
The results A faster quoting process not only increases sales by processing more transactions, it also often leads to a higher sales closing rate, or “batting average,” for a variety of reasons you might not expect. ¦ Faster, more accurate RFP responses—Nobody enjoys the drudgery of preparing RFP responses, but a quick, complete response to an RFP improves your odds of getting the business. With CPQ, you can make RFP responses systematic by drawing on the elements of previous RFP responses that you’ve already saved in your CPQ system. ¦ Structured price negotiations—Product configuration and customization can often be a useful tool for price negotiation, in situations where you can omit some features to reduce a price or add features to justify a higher price. CPQ software not only speeds and simplifies the sales and ordering process, it effectively structures the negotiation so that you maintain suitable profit margins on the sale. You also help sales reps see when it’s time to walk away from a lowball offer. ¦ Better use of “tribal knowledge” for competitive advantage—As time goes on, people in your organization may start to notice that certain options and choices drive more sales or higher prices. When you’ve structured all quotes through your CPQ solution, that information becomes part of the collective knowledge of the organization and becomes easy to repeat and exploit. ¦ Fewer “no decision” sales losses—Some sales objections can be answered by modifying the terms of the offer. Others can’t be answered because the objection isn’t serious. When it’s easy to modify a quote to answer an objection, your sales reps have a way to evaluate whether a prospect is likely to make a purchase, or whether they’re stringing you along. ¦ Track buyer behavior—Marketers have long known the value of automated tracking of the customer journey, but sales reps haven’t had an equally effective way of tracking and evaluating the route a prospect takes on the path to becoming a customer. Advanced CPQ solutions give your sales team a way to follow every inquiry, message, request, change, and objection from every customer, and compare the status of a current prospect with information about those who have purchased before. That gives your sales reps and sales managers critical information about which sales are ready to close soon, and which ones need an extra push across the finish line. While many view CPQ technology as a tool for improving the quality and accuracy in the manufacturing of complex products, it’s also an exceptionally powerful sales tool. By making CPQ capabilities central to your sales process, you give your sales reps an enormous competitive advantage and a quicker path from engagement to conversion in your customer’s journey. Perspectives: Customer experience 3 Start today Examine your sales process to see how configure-price-quote technology can improve your success rate and boost customer loyalty. Learn more › 1. Peter Ostrow, “Configure, Price, Quote: Better, Faster Sales Deals Enabled,” Aberdeen Group, September 2014. 2. Megan Burns, “You Can"t Afford to Overlook Your Customers" Emotional Experience,” Forrester Research blog, July 22, 2015. 3. Rachel Clapp Miller, “The High Price of Unwanted Turnover,” GrowthPlay, Jun 24, 2015. Infor builds business software for specific industries in the cloud. With 16,500 employees and over 90,000 customers in more than 170 countries, Infor software is designed for progress. To learn more, please visit www.infor.com. Follow us: t f l Copyright ©2018 Infor. All rights reserved. The word and design marks set forth herein are trademarks and/or registered trademarks of Infor and/or related affiliates and subsidiaries. All other trademarks listed herein are the property of their respective owners. www.infor.com. 641 Avenue of the Americas, New York, NY 10011 INF-1844892-en-US-0118-1
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