Digital Transformation is a critical strategic initiative for visionary revenue leaders. Spending on digital transformation technologies topped $1.3 trillion in 2020 alone. Strategies that win the transition will focus on combining new technologies with new processes. Onboarding sales reps is one of the processes that can be improved through new technologies.
Unfortunately, the revenue and sales leaders’ renewed focus on advancing their technology capabilities does not always translate onto the process side.
The reason is technology offers obvious upside, and the strategic threat of falling too far behind is clearly defined and well understood. In contrast, processes are more difficult to change, and what is possible or even desirable less clear cut.
DealHub’s advanced guided selling for CPQ is the bridge between the technology and the processes that revenue leaders have been waiting for.
Optimize Your Sales Process with Advanced CPQ
In the past, quoting was accepted to be a lengthy, time-consuming, and error prone necessity. Despite being the core of a sales proposal it existed on a sort of island, detached from the broader processes that made up the quote-to-close sales cycle.
The introduction of CPQ technology disrupted this decades-long equilibrium. Price and product books that were once stored across spreadsheets and computer files became centralized into a single platform. Ensuring items with dependencies were included in quotes became automatic. Discounting calculations occurred instantaneously.
Today, CPQ adoption is considered a must-have for sales teams of even mild complexity.
But on the process side, many companies continue to lag behind. They still view the benefits of CPQ purely from a quote generation perspective. This misses the full potential for the technology to generate massive revenue impact across the end-to-end sales cycle.
Visionary leaders recognize this, and are using DealHub’s advanced CPQ technology to evolve how they manage their technology, processes, and people across the entire pipeline. One of the most exciting ways this is being done right now is through the sales team onboarding process.
Sales Rep Onboarding Challenges
Onboarding sales reps is notoriously difficult. Hires come into the organization with lots of enthusiasm but no knowledge of the company. Even if they know the space, they have no understanding of the specific sales strategies developed by management and/or the c-suite.
Why onboarding sales reps is so difficult
This presents three major problems for sales and revenue leaders.
First, is the amount of time spent onboarding and training. Although sales reps can perform some value generating activities while onboarding, their impact is usually minimal. Every day that a rep must spend learning about products and pricing is a day they aren’t selling to the target market. This problem is magnified as companies scale and hire increasing numbers of sales reps — exponentially increasing the amount of salary paid out to non-productive employees.
Second, is understanding how to get the maximum value out of every account — especially subscription contracts. Even if reps understand the correct product/pricing strategies, their ability to know how to negotiate complex subscription contracts and increase renewals often takes even longer to materialize. Knowing where to find upsell and cross sell opportunities, as well as how to structure recurring revenue contracts to deliver a predictable revenue pipeline, requires a nuanced understanding of the target market.
Third, empowering reps to integrate themselves into the decision-making structure of the company. A rep’s ability to navigate the decision-making process is a prerequisite to doing their job effectively. If the onboarding process requires them to learn how to interact with multiple levels of an organization before they can begin to create quotes, it limits their ability to deliver immediate revenue impact.
Better onboarding is part of your digital transformation strategy
These problems present huge challenges for sales and revenue leaders looking to close the revenue gap. Onboarding new employees is one of the best ways to increase sales and revenue acquisition. But if every new hire requires a huge onboarding investment the cure can quickly become worse than the disease.
Visionary leaders must take what happens once those new hires become employees seriously. It’s not an isolated sales team issue — it’s the tip of the spear in a larger digital transformation strategy.
Given the centrality of CPQ and the onboarding process to revenue generation, the companies that will win the future are those that can use next-generation technology to connect the two.
DealHub CPQ is that next-generation technology. It reduces onboarding time for new sales hires by 85% — empowering leaders to close their revenue gap by not just scaling teams but empowering new hires to deliver revenue quickly.
DealHub CPQ + Sales Rep Onboarding Helps Close the Revenue Gap
This is possible because DealHub CPQ simultaneously addresses onboarding challenges and encourages adoption by sales reps.
Reduce onboarding times with advanced guided selling playbooks
DealHub CPQ significantly reduces onboarding and training time for new hires.
Understanding how pricing and product combinations interact with customer profiles is a huge onboarding pain point. Old CPQ technology didn’t help with this — even though it could quickly do the math, the rep still needed to decide what to put into the quote for that customer.
In contrast, DealHub CPQ offers advanced guided selling playbooks that automate not just the mathematics, but the actual selection of products and pricing that go into a quote. We do this by asking reps a series of questions about the core properties of their deal and then running their answers through a rules engine defined by management. The engine then creates a quote that aligns perfectly with the strategies created by sales and revenue leaders.
This offboards the difficult work of figuring out the best pricing and product combination for any individual deal — eliminating the need to understand how everything fits together. Instead, they can begin selling as soon as they have a strong knowledge of the products’ value propositions — something that is significantly easier to achieve.
Maximize value and scale effectively with advanced subscription management
DealHub CPQ uses advanced subscription management to automatically maximize the value from all buyers, regardless of how experienced the rep working the deal is.
New hires struggle with contract value maximization because old CPQ technologies left product bundling and staggered yearly renewal pricing models to the sales rep. Getting these right is even more difficult than understanding the basic pricing strategies, and some reps may never fully understand them.
In contrast, new DealHub CPQ technology implements these strategies directly by automatically incorporating them into quotes. Leadership can input the most profitable bundles into the rule engine, triggering them whenever relevant and ensuring they never miss an upsell or cross-sell opportunity. In addition, DealHub CPQ automatically structures quotes for recurring revenue contracts by setting optimal, buyer-type specific, pricing and interval increases.
Instead of settling for months or even years of suboptimal quotes by new reps, leadership can exert control over strategy execution at the point of quote creation. With all quotes accurately reflecting the current strategy regardless of who generates them, scaling teams doesn’t have to come at the expense of building predictable revenue pipelines.
Integrate employees into the organization faster with streamlined workflows
DealHub’s CPQ solution also eliminates the manual workflow required by old CPQ tools.
Onboarding new reps requires teaching them how the sales team works together to close deals. In companies without advanced CPQ, this is through a toxic combination of hierarchical decision-making and manual notifications. In other words, if a rep wants to make changes to a quote that needs approval, they must know who to send it to and then manage multiple threads of conversation.
For new reps, this process is extremely complex and error-prone. They might need to get multiple approvals from siloed departments, forcing them to negotiate across competing departmental personalities and priorities. Things inevitably get missed or overlooked until the new hire becomes familiar with the structure of the organization. Even veterans make mistakes.
In contrast, DealHub CPQ offers automated stakeholder notifications that leadership configure to go out to all relevant departments, simultaneously. Instead of new hires having to spend months learning how to navigate through the approvals process, they can slot themselves into the organization’s larger decision-making process from day one.
All of this adds up to one simple idea – a seamless fully digital high value CPQ workflow that protects the integrity of your data allowing you to scale both your sales organization and your analytics.
Corporate Pricing Infrastructure & Analytics
Accelerate Your Digital Transformation and Close the Revenue Gap with DealHub
The current wave of digital transformation promises to create winners and losers in every industry. Visionary leaders must evolve to streamline their processes and empower their people.
The bar has been raised, and standing still in competitive marketplaces is no different than going in reverse. Closing the revenue gap requires a rethink of your revenue pipeline from end-to-end.
How you onboard sales reps is a key part of this conversation. Reps are the lifeblood of every successful sales team. Leaders that invest in DealHub CPQ’s advanced technology can significantly reduce onboarding time, increase the effectiveness of operations, and achieve more revenue than ever before.
To learn how DealHub CPQ can empower you to realize the full potential of digital transformation and close the revenue gap, schedule a demo.