Tag Archive | Multichannel Selling
Why Configuration is Essential for the Future of the Insurance Industry
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.
Getting the Most out of Multichannel Selling
Multichannel selling holds the key to unlocking a long list of business benefits, but it is not without its challenges. For businesses to leverage multichannel selling successfully, they need to offer products and services through a wide variety of channels, such as field sales, brick-and mortar locations, by telephone and internet. Receiving increased sales revenue, reduced sales-association costs, and increased customer retention and loyalty are just a few of the benefits business can expect to see.
A Swifter Sales Process
Comparing large enterprise corporations, which have complex product lines and service offerings, to smaller more agile companies is like comparing a large professional football player to a young gymnast. Though the football player may be seen as stronger, the agile gymnast can jump through hoops much more quickly. Before now, consumers found comfort in doing business with large and reputable companies, but in today’s world, if you’re too big to jump through hoops, don’t expect your audience to stand around watching you try.
Benefits of Moving Your Product Catalog Online
As many salespeople can attest, creating a new product catalog is a frustrating process to say the least. Including all available products, in all available configurations, can be a long – if not impossible – process. And using these catalogs in the sales process can be almost as difficult, especially when complex products are involved. You may have to flip from front to back repeatedly to look up compatibility, add-ons and pricing, and for some complicated orders just producing a basic quote can take hours.
Accurate Configurations and Price Quotes Make a Difference to the Bottom Line
People are always asking me why they need a product configurator. They know their product line, they know how to configure an order so the product specified meets the customer’s individual needs, they know the pricing options available, etc. But what is the effect of a single improper quote or configuration?
Telco: Accelerate Go-To-Market
In a business where competition can launch anytime an agressive promotion, you need to optimize your new product / promotion launch processes.
