05 Nov Reduce your sales cycle and be more efficient with CPQ
The pandemic dramatically changed the world in early 2020, causing serious economic implications across all industries. Two major trends that we have seen post-pandemic are (1) a rapid migration to digital technologies and (2) a shift from growth to efficiency or “getting more done with less.”
Digital transformations have accelerated at a breathtaking pace in recent months. The firm McKinsey Digital reports that the pandemic accelerated consumer and business digital adoption forward five years in a matter of just eight weeks. Companies are looking to technology to match customer behavior and stay ahead of their competition in order to succeed in this new environment.
A major focus over the last few years had been scaling business for sustained growth. That changed with the pandemic. Some industries completely stopped, others paused, resuming when conditions allowed. Many workers lost their jobs, and companies have been forced to concentrate on finding a way to maintain low or flat growth with fewer people. We call this inverse scaling—preserving the same levels of revenue with fewer resources. Another way to describe inverse scaling is “getting more done with less.”
We wrote an ebook to provide you with the basic best practices to streamline selling and realize more revenue quickly. We suggest starting with a goal to reduce your sales cycle and—with the help of CPQ tools—explain how you can simplify overly complicated offerings, price deals and get approvals quickly, and create quotes that will win the deal.
In this ebook, we explore four key concepts around the sales cycle.
Time Adds Up During Each Sales Cycle Stage
The sales cycle is made of various activities, each with its own duration. The sum of these durations is your complete, comprehensive sales cycle. We’ll look at how a reduced sales cycle works in real life with one of Simplus’ client success stories. Then, we’ll break down the numbers behind the sales cycle and give you an idea of how a few small changes can make a world of difference for your bottom line and deals won.
Navigating Overly Complicated Product Books and SKU Lists
While complicated quoting is a fact of life for many industries, simplifying the product book will provide a better user experience for your sales reps and a better customer experience for your buyers. We’ll dive into what SKU proliferation is, its side effects, and the CPQ cure for getting those overly complex product catalogs under control.
Pricing Deals and Getting Approvals Quickly
Pricing and approving deals is a top priority for any organization, so we will take some time to determine why good opportunities falter in the internal organization’s back-n-forth and how alignment and governance around a quote-to-cash solution can transform results.
Creating a Quote That is Attractive and Accurate with CPQ
We’ll take a look at the contrast of quote generation before and after CPQ implementation, the importance of quoting in the overall sales cycle, and different ways your organization can get started with CPQ automation.
Efficiency leads to growth
One of the major benefits of inverse scaling is a new focus on efficiency. You need to be efficient in order to do as much or more with fewer resources than you had. Becoming more efficient in your business will provide success in your current situation and prepare you to scale for growth again.