Tag Archive | Guided Selling
Just as Amazon and other leading online retailers have trained consumers to expect reviews and recommendations when they are making purchases in their personal lives, buyers are now expecting the same intuitive intelligence and relevance in their business transactions.
This is where the Guided Selling features of CPQ solutions have become critical in complex selling environments.
The new reality for most companies today is that power has switched from the seller to the buyer, and the buyer expectations have increased exponentially. This new market reality dictates that vendors have the ability to quickly and accurately assess and understand customer requirements in order for sales executives to offer the product or solution that best matches customer budgets and timing.
One approach to this shift – guided selling – has moved to the forefront as it allows sales to access centrally maintained information repositories containing actual inventories and solution combinations, then build solutions and generate proposals with a question and answer exchange.
Insurance is one of those products that is customized by definition. There is no ‘one size fits all’ approach to buying and selling insurance coverage, whether for health, life, auto or home. Every person, car and house is different, and combined with desired coverage levels, pricing can vary widely. Insurers use a variety of tools and practices to determine what the appropriate cost is for a particular level and type of coverage based on different constraints. However, many insurance salespeople today are still not utilizing a tool that can make an immediate, direct and measurable difference to their bottom line – a configure, price, quote (CPQ) solution.
Mass Customization and the ConsumerThere is no denying that today’s consumer has demands that are growing at an exponential rate, with no signs of slowing down anytime soon. Not only do consumers want products and services that are tailored to fit their needs, they want them at a good price. With this said, there is only one way businesses can keep up with these demands and that is through mass customization- a trend that can be applied to many industries. Simply put, mass customization is the combination of flexible, custom-made products with the pricing of mass produced goods. It is a way for companies to give every consumer exactly what they want, as long as a superior business process is in place.
In my last post, I discussed lead management activities as the first step in the LTO process. Today I’m going to cover the next step, performing a customer needs assessment.
With the continuous growth of ecommerce sales, even through the recent recession, companies selling to both businesses and consumers are increasingly making better use of this channel. One particular benefit of ecommerce that is beginning to take off more is the ability for shoppers to design their own products, a process known as co-creation or mass customization.