Tag Archive | Quote-to-Close Ratios
Considering Apple sold more than 15 million iPads in the first year of availability, it’s clear the tablet device is a game changer and buyers now expect to incorporate mobile solutions in all areas. Therefore, the next frontier in sales is harnessing the power of mobile applications to access accurate data/information away from the office and generate profitable price quotes on the fly.
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.
In order to reach their quota, sales reps are often inclined to pursue low margin/high volume deals. In the short-term this approach may improve close rates, but this approach can have a detrimental impact on the brand image and the company’s profitability. The delicate balance for many organizations today is aggressively driving top-line growth while still managing bottom-line margin contribution.
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.
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.
As product and service options have grown increasingly complex – sometimes with literally billions of variations available for a given offering – many companies are finding traditional price quote and bundling capabilities ill equipped in the face of today’s breakneck market speeds.
However, top-performing organizations are increasing win rates by adopting new processes and tools that enable creation of optimal quotes and proposals to match unique customer needs, shrink the sales cycle and outpace competitors.