For these reasons, getting quoting right in the coming year will be one of the most important and impactful actions sales leaders can do to maximize the SKO 2022 revenue opportunity.
Buyers reward sellers that distinguish themselves by delivering fast and accurate quotes that their unique business needs. Indeed, buyers have been shown to respond to personalized quotes 25% faster than to generic quotes.
Delivering personalized and customized quotes require sales teams to replace their manual processes with next-generation sales technology that empowers sales reps to generate smarter quotes, and unlock more revenue, in the coming year.
DealHub CPQ is a next-generation technology that transforms your sales processes and unlocks revenue opportunities for every prospect in your pipeline
How Manual Quoting Harms Your Revenue Outlook for Sko 2022
Sales teams that use outdated manual methods to generate sales quotes will have a harder time living up to the revenue expectations of SKO 2022. Too many inefficiencies exists for companies to scale up their manual quoting efforts, and maintain an edge over the competition.
For starters, creating quotes manually from a spreadsheet and product catalog is a laborious and error-prone process. Sales reps can easily use incorrect coupling information, fail to make changes to reflect current sales or pricing strategy, and even make basic data-entry errors. These mistakes can lead to quotes that fail to protect margins or are flat-out incorrect, and require reps to make changes once negotiations have already begun.
Manual quoting also fails to maximize the revenue potential from product bundling. It can be difficult, if not impossible, for sales reps to remember every potential cross-sell and upsell opportunity. And even if they do, when your sales team relies on a manual process they must “go with their gut” when setting specific quote terms or dealing with renewals and expansions. This makes for ineffective use of corporate data about the optimal use of product and pricing combinations.
Moreover, an error-filled manual sales process often involves multiple administrative approvals along the way. For example, requiring quote approval from Sales, Procurement and Legal can set off dozens of separate email chains. These cumbersome communication processes increase the amount of time it takes to get a quote into the hands of a buyer and force stakeholders to waste time on manual administrative tasks.
For all these reasons, today’s advanced sales teams use DealHub’s next-generation CPQ to generate smarter quotes, unlock revenue opportunities, and enable smarter sales leadership strategies.
Amplify the SKO Revenue Opportunity with Smarter Quotes by DealHub CPQ
DealHub CPQ replaces manual sales processes with advanced technology that empowers sales teams to automatically create dynamic, personalized, and on-brand sales quotes. This is how today’s highest-performing sales teams maximize net-new and recurring revenue for every deal in their pipeline.
Here’s how it generates quotes more intelligently and eliminates the problems caused by manual quoting processes:
100% quote accuracy
DealHub CPQ eliminates the need for your sales organization to manually use Excel sheets to create product and pricing combinations. Your sales team can input the information into DealHub a single time, and then set rules for product and pricing that conform to predefined strategies.
Then, your sales organization can use DealHub CPQ’s guided-selling sales playbooks to use that information intelligently. Reps are asked a series of questions about their deal, and DealHub CPQ matches their responses to the product and pricing information that has already been added. The result is a smart quote that is 100% accurate, generated instantaneously, and represents the pricing and product combination that will help the company achieve the most revenue.
Optimized subscription management
In addition to ensuring accuracy and sales best practices, DealHub CPQ automatically generates upsell and cross-sell bundling options. This way, sales reps don’t have to constantly guess what products or features a buyer would be interested in, or possibly forget altogether. DealHub CPQ crunches corporate data to understand buyer personas and make recommendations based on upsells and cross-sells have already been proven to work in the past.
So this data enables sales reps not only to create quotes for new opportunities, but also to take the entire product catalog into account when dealing with existing customers – so they can drive maximum revenue impact and increase each customer’s lifetime value.
Eliminate administrative tasks
DealHub CPQ also streamlines interdepartmental communication during the sales-proposal process and the creation and delivery of these smart quotes.
For starters, sales leadership can set maximum discount thresholds – below that threshold, approval will automatically be granted. This eliminates the need for managers to process routine discounts, saving them valuable time.
Secondly, when approval is necessary, DealHub CPQ automatically sends real-time notifications to relevant stakeholders – streamlining communication between teams and minimizing the manual effort to get deals signed.
And thirdly, DealHub CPQ offers version control; a single source of truth is maintained as changes are made, and teams never have to waste time reconciling and keeping track of multiple versions, both at the time of sale and in the future.
In other words, DealHub CPQ not only creates more agile and intelligent price quotes but also does so in a way that’s far smarter and more efficient than manual processes could ever hope to be.
Are you ready to boost sales productivity and put next-generation CPQ technology to work for you before your annual sales kickoff? DealHub CPQ has been recognized as a Leader by G2 in its Grid® Report for CPQ. We’ve innovated the next generation of CPQ software to empower teams to connect their tech stack and enable teams to take their revenue to new heights.
Want to see DealHub CPQ in action? Schedule a demo