Salesforce CPQ
Substantially increase your sales, monetize products and services with effective Sales cloud solutions
Sales representatives spend on average less than 40% of their time on value-adding sales activities, with a large part of their Once the entire price for your purchase(s) has been configured, and delivery, extended warranty and financing (as relevant) have been added in, a final price proposal is generated.When the proposal is accepted, a sales order is created in the company’s enterprise resource planning (ERP) system and downstream processing begins.
Our Clients implementing a CPQ solution with our support reported a number of benefits which can be grouped into four different domains.
Increased product profitability and overall quote size is the number one benefit reaped by new adopters. Many of our client companies were able to invest in developing smart strategies to better differentiate prices along customers’ willingness to pay. This focus on pricing comes as no surprise, as it’s hard to overestimate the potential an even modest price increase has on the company's bottom line. A one percent increase in average selling price, results in a whopping 13% growth in net profit. Most of our clients earlier were struggling to capitalise on these strategic efforts by not translating their pricing strategy into clear actionable guidance and rules. Too often, their pricing was based on gut-feeling with significant freedom for sales reps, resulting in significant price scatter and undesirable price leakage.
Kasetti Technologies CPQ solutions offer a powerful lever to put a company's pricing strategy into practice and sell a product at the right price to the right customer by better guiding sales reps on the right price to target. On average, we see a two to three percent increase in the realised average product price level after implementation. With a CPQ solution, sales reps have clear pricing guidance, tailored to each specific client, in the form of a price bandwidth within which they can deliver a price. If the price level falls below the bandwidth, an automatic authorisation workflow is initialised allowing management to safeguard the pricing strategy.
Kasetti Technologies CPQ solutions has also help increase deal size by providing sales representatives with cross- and upselling recommendations. While basic rules-driven recommendations have already been a common feature of the CPQ solutions for several years, Kasetti Technologies have been providing their client in leveraging intelligent recommendations. Through advanced data analytics and machine learning on historical transactional data, our solutions are able to recommend products and services that have been sold successfully to similar clients and which may not have been suggested due to business rules.
As in the B2C market, product complexity and customisability continues to increase in the B2B market. This not only poses challenges to operations, but sales representatives also need to be knowledgeable of an extensive product portfolio and its multitude of different configuration possibilities.With Kasetti Technologies Experiences and time spent in training a salesforce on a product portfolio and its different configuration possibilities has greatly increased, at significant organisational cost.
Despite these training efforts, sales representatives not supported by software solutions for product configuration describe the process as tedious with a lot of ad-hoc questions, leading not just to additional costs, but making the quote turnaround time significantly longer, potentially resulting in lost opportunities. By incorporating Kasetti Technologies experience product configuration rules and technical knowledge, CPQ solutions can be set up to facilitate the configuration process; where sales reps are guided through the configuration process to help them always reach a feasible configuration in a fraction of the time required to do so manually..
Over the past years, sales strategies have evolved from a focus on direct sales to omni-channel sales models where sales can happen through distributors, inside sales desks, self-service or even fully automated ordering. For any enterprise, selling its products through a number of different channels, it can be difficult to provide a consistent and excellent customer experience.
Kasetti Technologies Modern CPQ solutions offer support for a large variety of channels, while also integrating with ecommerce solutions and distributors’ ERP systems. Through their centralised setup, Kasetti Technologies CPQ solutions offer a “single source of truth” for all channels. This way, companies can make sure that their product and service catalogue, as well as price levels are consistent across all channels. When a change occurs, such as a new product introduction or phase out, prices can be pushed through all channels at the click of a button.
This central product and pricing repository can also serve as a powerful source of business intelligence to validate and adapt a company’s pricing strategy..
As products and services become more and more complex, many organisations have introduced team selling - the single sales rep on the road closing a deal by themselves is no longer the reality. Today, a full account team is involved in answering customers’ requests and closing deals. An integrated CRM solution with CPQ capabilities enables the team to keep all customer details in one place and respond to a request for proposal efficiently.
Sales reps spend on average 10 to 15% of their time processing orders. This includes repetitive tasks such as pricing and proposal generation. By automating a large number of manual steps in the quoting and proposal workflow, Kasetti Technologies CPQ solutions can significantly bolster salesforce effectiveness and efficiency. With the entire flow automated, sales reps no longer lose time creating proposals and sending them to clients, leaving them more time to sell. With one click, the system can generate a quote proposal document, containing all quote details in line with the company's visual identity and legal requirements.
Digital signature solutions allow clients to accept proposal quotes and sales orders to be created in the company's ERP system, with no need for manual intervention by the customer service office. As the entire process is also handled by one system, sales report generation and updates to CRM databases can also be fully automated..
