Tag Archive | Personalized Products
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.
Optimizing the Lead-to-Order Process: Step 3, Product Configuration
Thus far in our discussion of how to optimize the lead-to-order (LTO) process we have covered lead management and performing a customer needs assessment. Once you have successfully established the lead and determined what the individual needs and requirements of that customer are, the next step is to create and validate a product configuration capable of meeting said needs.
Why a Product Designer Solution is Essential to Successful Product Configuration
Often marketing teams have a hard time defining new offers and updating and deploying them across all sales channels. They need to ensure consistency across online, phone and in-person channels, and ensure everyone is up to date with the latest offerings. These issues are even more apparent when talking about custom-made products or personalized offerings sold via a product configurator software system.
Optimizing the Lead-to-Order Process: Step 1
Selling customizable products and services can be a difficult activity. Customers want what they want, when they want it and at the price they want to pay. While it is not possible 100% of the time to meet all of these requests, there are ways that salespeople can make use of the lead-to-order (LTO) process in order to meet as many of those needs as possible. This is the first in a series of steps vendors can take in order to optimize this process.
