How Much do Businesses Lose in Inaccurate Sales Quotes

How Much do Businesses Lose in Inaccurate Sales Quotes

How Much do Businesses Lose in Inaccurate Sales Quotes

Inaccurate sales quotes could be costing your business big money.

If it ain't broke, don't fix it, right? Too many businesses find themselves following the sales process status quo because they are too scared or complacent to consider change. These businesses won't survive in a rapidly changing sales environment. 

Inaccurate quotes are costing your business big money. You might believe that you aren't losing much money due to sales process inefficiencies, but you are wrong. Recent research from the Aberdeen Group shows that companies who use Configure Price Quote (CPQ) solutions are outperforming  other companies in conversion rates and deal sizes. Companies who utilized CPQ solutions averaged over $200,000 more per deal. If you made 10 deals in one year, this could mean $2 million annual revenue increase.

But it's Not Just Dollars Lost Today ...

Inaccurate quotes can ruin your reputation. Business magnate Warren Buffet said, "[i]t takes 20 years to build a reputation and five minutes to ruin it." By the same token, it only takes one inaccurate quote to ruin your reputation. We live in a world where word-of-mouth is multiplied across social networks. Dissatisfied clients will spread the word just as quickly (if not quicker) than happy clients. According to the Sales Benchmark Index, a whopping 84% of B2B decision makers rely on referrals when making purchasing decisions. Is your sales process helping to generate positive referrals or hurting your reputation? 

Homegrown Solutions Fall Short

Homegrown sales quote solutions leave much to be desired. Companies using spreadsheets or other makeshift solutions in order to save money end up losing money in the overall sales process. A spreadsheet cannot quickly produce an accurate, personalized, and branded quote, update a CRM or  work dynamically on mobile devices. When companies streamline their sales process with automation, they can increase quote accuracy by 90%. Still want to use that spreadsheet?

Don't Leave Your Sales Reps "Immobile"

Especially if you have sales reps that work in the field, it is imperative that they can create an accurate quote without having to contact the office or make clients wait. Without access to the correct tools and information, your sales reps are essentially flying blind. If your current solution isn't mobile or fully integrated with your CRM and ERP, you are seriously hindering your sales team's ability to provide accurate quotes in a timely manner. 

Growing businesses can't afford to use the same old sales quote process. It must be responsive to rapid change in the sales ecosystem. Static sales process cost more money in the long run.

If your sales process is ready for a makeover, then it's time to try EndeavorCPQ. With EndeavorCPQ, you will have the key to faster, more accurate sales quotes. Schedule a demo or contact us to learn more.

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Wednesday, 21 June 2017 17:00