Over the years, the sales industry has been affected immensely due to fast-paced digital transformation. The modern buyer has myriad options and requires more clarity from retailers to complete a purchase. As the lines between online and offline blur, retailers are now adopting innovative sales tactics to not only improve the sales process but their overall workflow, as well. Ultimately, everyone wants to turn ROI up a notch.
On that note, check out these three ways by which the sales industry is modernizing.
The Use of CPQ
Imagine your sales rep unintentionally dishing out discounts too huge for a product’s margin. That salesperson might have made the sale, which is great. However, the overly reduced price quote will cost the company more than necessary. Pricing is very important to the sales process. Even more so is the configuration of the sales cycle. Your sales team needs to be generating accurate quotes all the time or make do with sluggish deals and losing customers.
Manually running your CPQ (Configure, Price, Quote) might leave you open to several mistakes. Today, salespeople are increasingly leveraging CPQ software. A computerized CPQ solution is ultimately aimed at enhancing the purchasing experience of consumers. It ensures that your customers get timely and accurate sales quotes at any time without having to put up with long hours of sales reviews afterward.
The business requirements for CPQ may appear too technical. And for many retailers sticking to the manual option, that’s the excuse. Switching to a digital CPQ tool means two times the technicalities, and who wants that? However, keep in mind that getting the best CPQ implementation depends on the smoothness of its rollout. Having a well-thought rollout plan for your digital CPQ project might be enough to save you all the lags in the weeks after launch.
Automated Payment Management
As a modern business, writing, printing, and mailing checks might be time away from valuable work. This forms part of why many companies are opting for cloud-based check writing service providers like Smart Payables. Today software has eaten everything, including how money moves.
There has been a significant increase in companies outsourcing IT services like check writing and bookkeeping. Not only does this free time, but favoring automation in your check printing and records means a company can access their books from anywhere in real-time.
Automatic payments afford companies the room to manage refunds easily. In the online retail industry, about 30 percent of goods bought online are returned. Surveys also show that 92 percent of consumers are likely to be repeat buyers when they experience hassle-free returns. Automated payments have endless benefits for the sales industry. Beyond all the cash management benefits, having a hassle-free payment is a testament to how tech is boosting CRM globally. Doing this helps the transition to loyal customers who grow with your business.
Many years ago, salespeople prided themselves on offering exclusive products. Maxims like ‘product is king’ reigned supreme. Today, not only is the customer king, but your customers are the very basis on which business thrives. Shifting from a product knowledge era to the customer-centric era of today means making incremental efforts to know and understand customers and their evolving needs.
Competitors are all in one race for the modern customer. The prize is for those who empathize more with customers. Companies that understand modern customer behavior are constantly pushing in strategies to modernize their sales processes. Thankfully, information technology is widening in scope. A sales process enabled by big data technologies can help companies generate large volumes of consumer insights and analytics to personalize sales strategies.
All in all, if your business can’t implement these changes alone, working with a credible partner can help.