Internet-of-things is not only the catchphrase describing the collaboration of sensors, devices and software programs but a sensation changing the way data is shared & used in many industry verticals. One such area that is greatly impacted by IoT is the “Sales”. With more and more business investing in IoT have seen tremendous sales growth. The companies opting for the Internet of Sales are now much aware, smarter and unified with better returns.
Talking about sales and CPQ solution comes to our mind. The most obvious challenge for sales is to sort, extract, format and make use of all the available or any new data and generate returns of it. CPQ, unlike other solution, drives the sales data to execute required tasks.
CPQ is well known for its automated quotations but the best ability is to gathers input data from across the organization and streamlines this complicated data set comprising of pricing details, product information, inventory management, transaction history etc; to generate output such as proposals, quotations, and other documents that assist in the sales process. In this complicated data sets, the integration of IoT would transform CPQ such that the application could help sell more, sell fast and easy sales.
Some of the salient features of IoT strategies for CPQ that assist in sales are enlisted:
- Creating eye catchy product catalogs with advanced search aptitude.
- Presenting the products to open market.
- Structuring products to deliver the best value.
- Better defined rules that concentrate more on packaging the right products.
- Recommendation rules that hook with consumer search and assist in cross-sell & up-sell.
- Guided selling options by asking questions from customers.
- Optimizing the selection process to provide customized options.
Due to these features, sales teams are more focused on collecting data such as customer budget, previous purchase, customer interests, decision makers etc that could help in winning deals.
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Let us discuss the ways as to how CPQ will transform sales with IoT strategies.
Structured & Simplified Data Sharing-
There is going to be a huge number of connected devices in the coming years, which means there will be an outrageous amount of data exchange. All of this exchanged information can be coupled for better business understanding. From smart homes to connected cars to smartphones to video games, all of the connected data will be converted and used as real-time sales data.
This information assists sales & business representative to utilize that data to enrich associations with clients. For instance, they could offer exclusive discounts, suggest customized product/ service and enjoy greater collaboration.
Methodical & Complete Analytics-
Data Analytics although not too new and as we all know, provides information in abundance to businesses. With IoT making its mark in the field is taking analytics to a higher level by letting devices exchange information and make arrangements to decode the same.
CPQ solution integrated with IoT works as an information powered tool which analyzes the customer data and offers distinctive comprehensions & predictions that helps sales representatives to suggest customized products/ services as per requirements. This process streamlines the cross-sell and up-sell with higher benefits. With the provided information it is easy for the sales team to create and manage marketing campaigns effectively.
Better and Smarter decision-making ability-
Thinking of better sales agility, CPQ can do wonder It acts as-
- a data-powered device.
- input & output data source for product configuration & identification and.
- its capacity to digitize the information.
These are the key to sales conversion and transaction. When the analytics and data sharing is combined, it allows the sales team to make better-informed decisions. IoT enabled analytics to make a stack of information intelligent enough to make sound decisions. This clearly indicates that CPQ enables an intelligent and smart guided selling, with executives generating proposals & quotes within minutes rather than spending hours or even a day to create customized quotations. This does not require wide-ranging training but instead a sound knowledge of using tools.
Pricing: clear and effective-
Be it any complex sales cycle, no tool is as efficient as CPQ for enriched margins, transparent pricing, and efficient customer service. Previously, sales team struggled and were under pressure that the pricing or quotes may vary or not as expected by the customers. But, IoT integrated with CPQ help in avoiding misunderstanding and provides accessibility to input data, related discounts, other relevant costs required to define final pricing.
In this manner, the salesperson can evaluate customer requirements and configure product based on the needs and deliver final quotes that are transparent to consumers.
Delivering better consumer experience-
The heart of any business is understanding customer mindset and interest and this is the key to sales conversion. Although a subset of CRM, CPQ is the driver of better consumer involvement. In CPQ, guided selling capabilities help customers and sales executives to understand the product and requirements better and deliver superior buying experience. CPQ also provides an imitation of client requirements to assure them of what they are purchasing. With IoT powered CPQ, businesses can recognize customer buying behavior, their interest and also have the abilities to fix the situation if any customer is dissatisfied with any product/ service. These days, customers are quick to provide feedback/register complaints about any product or service, tools like CPQ are quick to address the issue..
Iot has emerged as a powerful phenomenon and with everything being well connected, the digital sales transformation with IoT integrated CPQ solutions would leverage all this connected information and will be a game changer with the following benefits:
1. Sales personnel are motivated to pitch new customers as they have the right data.
2. Customers have the advantage of receiving proposals & quotations that are as per their needs and with intelligent products added.
3. With CPQ solutions, firms can improve their sales productivity.
Equipped with the power of IoT coupled with modern CPQ solutions, businesses would benefit from improved revenue, profit margins, highly satisfied customers and lower operational costs.
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