By Steve Jones
Vice President, Demand Marketing, CallidusCloud
Is CPQ the answer?
Deregulation, increased competition, savvy customers, and new technology are all forcing the Telecom industry to change the way they do business. We see that our clients require agile processes to enable quick reaction to these market changes. For example, a critical key to survival is maintaining current customers and winning new clients, specifically those that belong to your competitors. In a market saturated by competition gaining new clients is more challenging than ever. It becomes imperative to move quickly and maximize all new deals.
To do this well requires a strategic focus on the total involvement and interaction of your organization with the customer. Companies must ensure customers get what they need at a margin the company can afford. Achieving the highest margins is only possible when front line sales teams can react knowledgeably to any proposal and quotation given to a customer, be able to promote additional relevant products and services and keep the right balance between quoted price and margin.
As a Telecom provider, the use of a CPQ (Configure Price Propose/Quote) solution can resolve the agility issues around the capture and retention of customers by:
- Speeding up Time to Market of New offerings: A CPQ solution can foster internal collaboration to speed time-to-market and allow business users to create and manage service rules, pricing and promotions. Save time spent manually updating multiple products in disparate systems and enable rapid deployment of new offerings and updates across all sales channels.
- Preserving Sales Margin: A guided selling process through the use of a CPQ solution can direct the sales team to sell the best solution for the customer needs at the right price for the seller, preserving margins and increasing customer retention.
- Identifying Up-Sell & Cross-Sell Opportunities through Guided Selling: Speaking of guided selling, Telecom providers need to have an accurate understanding of what products their current customers are utilizing so they can cross-sell or upgrade them pro-actively. Integrating CPQ with a CRM system provides this information and gives a clear path to the most appropriate product/s for the customer.
- Simplifying the Selling of Highly Configurable and Customizable Products: More complex products mean more variables that can affect your quotes, putting sales and revenue at risk. Complexities are heightened when time-sensitive product bundles and volume discounts are available. CPQ tools ensure you have access to accurate, up-to-date product and pricing information in one place.
- Minimizing the effort needed to create quotes, proposals, and contracts: Your sales team has one job, to SELL! If they are spending all of their valuable time manually creating quotes, proposals and contracts, they are losing time selling into new accounts.
Learn more about CPQ solutions – join us for the webcast Best Practices for Guided Selling with CPQ featuring Chris Lesar, Vice President, CPQ, CallidusCloud and Douglass Erb, Co-Founder, Canidium.