Recently, a lot of successful companies are witnessing a gradual loss in sales. Despite a flourishing market and a dedicated sales team, sales goals are not being reached.
The reason for this phenomenon is simple – new businesses keep entering the market every day, disrupting the existing status-quo. Due to this increase in supply, today’s customers easily get dissatisfied with a company. All it takes is one bad experience for them to move on to a better one.
CPQ solutions are a good way to turn these new threats into opportunities. CPQ (Configure Price Quote) solutions comprise of a range of tools that help you to quickly and accurately quote prices. These tools are especially useful when you’re dealing with a product whose price is affected by a range of constantly changing variables.
Here are a few reasons why you’re losing sales (and ways to use CPQ to prevent it!).
Not appealing to the customer
Every one of your customers is unique. Each one of them has a different expectation. So to appeal to your customer, your sales team must be equipped with the right personalized strategy. They must present relevant information to the customer, and market the product intelligently.
An easy way to customize your sales strategy is by using CPQ solutions. A good CPQ software helps you present relevant data to your customers in a coherent manner and allows them to personalize their purchase experience. Rather than offering your customer with an endless list of irrelevant choices to make, CPQ algorithms predict their precise needs and deliver.
Tardiness in interaction
In today’s hectic market, the early bird always gets the worm. The best way to acquire customers is by being the first one to respond to their queries. When a customer contacts you, your sales team must respond at the earliest opportunity. If the customer is made to wait too long, they start looking for alternate sources.
This also holds true for further conversations between you and your customer. If the customer asks you for a quote, you must be able to generate one as soon as possible. The more time you take, the more they doubt your capabilities.
CPQ solutions aid your sales team by reducing the time it takes to come up with a customized quotation, thereby increasing the probability of you closing the deal.
Shortening Sales Cycle
As already discussed, your customers value their time. They are not going to wait around forever. So it is essential for you to optimize your sales process and make sure you don’t cost your customer too much time.
Besides reducing the time you take to respond, you can altogether cut off unwanted interactions. CPQ software can predict all the required customer input and collect it in a single communication. This way, the customer doesn’t have to go through a tedious and off-putting purchase experience.
You can employ CPQ solutions to remove redundant processes in your sales strategy, and thereby shortening the sales cycle. Extra time for you equals extra sales!
Inability to retain customers
Retaining customers after a sales is a way to make sure your win rate doesn’t fall. To turn a one-time customer into a regular, you need to earn their trust and attention.
You can make your customer feel special by staying in touch after the sale is over. And no, email lists are not going to be enough. Your customers need to feel included; not spammed.
Besides staying in touch with them you need to keep them informed about relevant products or services that they may be interested in. By keeping them interested in doing further business with you, you earn a customer for life.
CPQ tools use algorithmic principles to predict the products that would interest your customers, and keep them updated with that information. And since CPQ offers personalized updates, your customers don’t feel like they are being spammed.
Now that you know the reasons you’re losing sales, how to find a long-term solution to this problem? Use a good CPQ software
Businesses should incorporate the latest technological solutions and agile practices to survive in today’s fierce market. By familiarising CPQ with your sales team and integrating it with their everyday process, your sales team gets precedence over your competitors.
Although there are numerous software packages available, what you need is a cutting-edge CPQ solution that could give you an advantage in the competitive sales market.
An AI-based CPQ tool operating on algorithmic principles will make you stand out from your competitors. For more information, we are a click away. Do reach out!