Tag Archive | Personalized Products
Profitability… Margins… these words surely resonate in the mind of every business manager throughout the year. According to market sector, company size, business model, and many other parameters, you have different ways to generate profit margins. However, there are two areas of improvement you should strongly consider to increase profit margins: the automation of your sales force and the optimization of your products offering and pricing policy. That being said, here are a few tips to leverage better profitability.
Providing marketing and sales teams with transparency into product/service actualities is critical to improving win ratios. It is equally important for these sales to have the ability to fill-in with special offers when certain deliverables are not feasible for any reason, or when alternative solutions may be more cost effective.
Most of sales reps usually dread the negotiation stage, and they consequently make several mistakes since any small change is stressful. Worse, some of them will barter their discomfort against discounts that are not needed nor solicited. In order to avoid this situation, wouldn’t it be better if your sales reps can face last minute requests from customers wishing to edit a quote?
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.
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.