A recent survey of more than 130 B2B companies shows that 90% are quoting faster now than during the previous year, with 44% of the companies citing a substantial increase after automating their quoting process with Configure, Price, Quote (CPQ) software. These companies have recognized the importance of a fast turnaround to keep their customers happy and sales reps productive. But what exactly are the business benefits you may see by quoting faster? Here are some specific benefits:
1) Happier Customers
Nobody likes to wait, and that includes your customers. When a customer is interested in buying from you, you want to provide what they need quickly and accurately. Studies show that making customers wait can negatively impact your business and lead to unhappy customers. By delivering quotes faster, you are taking the "wait" out of the process, and avoiding frustrations for your customers.
2) Fewer Deals Lost to Competitors
In his book Behind The Cloud, Salesforce CEO Marc Benioff describes an 11-rule playbook. One of the rules is: Always take the deal off the table. Make sure that every deal is closed if it's ready to close. Wasting time or responding slowly to customer requests for quotes, proposals and contracts leaves more chances for the deal to stall and potentially go away. By moving quickly to produce and deliver accurate sales quotes, you are leaving fewer opportunities for your competitors.
3) More Selling Time
Creating quotes faster means less manual work for sales reps, and gives them the opportunity to work with more prospects in a shorter amount of time. Our customer Nimble Storage reports reducing quote creation time from twenty minutes down to two minutes. Amplified through the entire sales organization, this savings leads to a huge increase in time that can be used for prospecting, selling and engaging with more prospects and customers.
Want to learn more about the benefits of CPQ our customers are seeing? Download our customer stories.