In Mind Cloud Blog

Is your Time to Quote killing your revenue?

Posted by Celine Heng on Aug 1, 2017 4:33:19 PM
Celine Heng
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The manufacturing landscape has progressively changed and evolved through the years, with companies splintering off in different directions. The introduction of new and advancing competitors, the rising cost of sales coupled with evolving sales channels, leaves little room in the industry’s already dwindling margins.

Increase Need for a Modern Sales Strategy

Manufacturers are coming to the realisation that traditional ways to increase revenue such as quality improvements, production effectivenesswill only push their business so far. Customers’ buying expectation is at an all-time high and projected to increase exponentially over decades to come. With the rise of technology, manufacturers need to transform their businesses to accommodate customer’s needs. Shortening their time-to-quote coupled with providing a continuous and accurate sales experience will ensure that those soaring expectations are met.

To constantly drive and increase sales, the need for a modern sales strategy rises, in which

  1. time to quote is drastically reduced,
  2. pricing is fair for both consumers and sellers and
  3. the time wasting task of internal price negotiations is eliminated.

To constantly drive and increase sales, the need for a modern sales strategy in which time to quote is drastically reduced, pricing is fair for both consumers and sellers and the time wasting task of internal price negotitations eliminated

Sales Automation to cut Time To Quote

A company can go through at least two or three quote iterations before they are correct, resulting in incompetent sales processes that lose deals and cause irreversible damage to the buying experience. Since only seasoned customers are able to identify the competitive differentiation amongst companies, manufacturers today need to employ a sales strategy to help them get ahead of the competition. To survive, manufacturers need to think beyond the traditional, low-tech sales processes and earnestly embrace digital innovation and move towards sales automation. Doing so can reduce internal complexities and improve the sales process to be faster and more competent, but more importantly, it ensures that the price quoted is accurate.

To survive, manufacturers need to think beyond the traditional, low-tech sales processes and earnestly embrac digital innovation and move towards sales automation

Manufacturing Trends: Innovating Pricing

Technology is having an impact on the relationship between manufacturers and their customers. One of the latest trends in manufacturing is the need for innovating pricing. The traditional pricing model needs to be re-evaluated and adjusted accordingly. Combining both configure, price, quote (CPQ) tools with an expansive set of data-driven pricing complexities can enable a sales team to quote confidently and close deals more rapidly, precisely and cost-effectively. Leveraging price optimisation tools helps to identify what pricing is best suited for both the customer’s bottom line and to fulfil seller’s thin margins. This cuts deal cycles, increases margins and improves overall customer satisfaction. The ability to generate quotes faster and accurately gives businesses a differentiator that puts them ahead of the competition and push them towards a sustainable continuous growth.

Combining both CPQ solutions with an expansive set of data-driven pricing complexitites can enable a sales team to quote confidently and close deals more rapidly, precisely and cost-effectively

Summary: The Status Quo is no longer enough

At the end of the day, the digital economy calls for manufacturers to take a long hard look at their pricing and quotation cycles and how this is affecting the customer sales experience. The need to invest in an autonomous solution to stay relevant in a progressively competitive market calls on businesses to pinpoint where technology needs to be adapted. Once upon a time, pricing used to be the king, the primary pusher for revenue. But now companies must recognise that a combination of factors are needed to improve revenue. CPQ powered by dynamic pricing may just be one of the factors that allow for a continuous and omnichannel experience; after all the cost of the status quo is much larger than the cost of incorporating changes. 

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Celine Heng

Written by Celine Heng

Celine is responsible for In Mind Cloud's Business Development in Asia. She's an expert on what manufacturers need and why adopting a reasonable CRM with integrated CPQ is the way forward in the rapidly changing economy.

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