It’s no secret that selling is hard. And selling to B2B customers can sometimes feel impossible, especially if you apply traditional selling methods that no longer work.
In today’s world, where everyone has access to a smart device, and an average customer’s attention span is shorter than that of a goldfish, it’s no surprise that the purchase path of each customer is unique (and complex).
And as merchants are looking for novel ways to serve their clients while improving their sales, there is one functionality that can significantly help improve your B2B sales funnel – the request a quote.
How the request a quote functionality can improve your B2B sales?
For B2B customers, the quotation is of great importance. First, the request a quote option gives you a chance to “hide” your price and customize it by your clients’ needs. Most B2B businesses don’t show the price on their website for many reasons; here are the major ones:
1) By not showing your pricing directly, you avoid tipping off the competitors.
2) It allows you to implement a flexible pricing strategy based on the client’s needs (the greater quantity needed, the more flexible you can be with your price and discounts).
3) It helps you break down what’s needed to complete the order.
4) It helps you plan your cash flow.
How to avoid the friction caused by B2B Pricing complexity?
The whole idea of B2B eCommerce is to provide buyers with a smooth, hassle-free self-service and place orders experience. Due to the nature of B2B, many complexities can cause friction, and the sale might get stalled.
An example of such complexity is pricing. As B2B pricing is dependant on many factors like the quantities of the order and the customer you are selling to (repeat customers often get a discount), a quotation tool can streamline and improve your sales funnel. Here is how:
How does the request a quote functionality improve your sales cycle?
Instead of sending an email or calling your business (where a sales rep might or might not answer the phone for many reasons) to learn your pricing, a customer stays on your webpage and click on the “request a quote” button.
The request a quote button appears on the product page of your website, and the prospective buyer can click it and send a quote request for the products they are particularly interested in.
Once the customer clicks on the request a quote button and fills all of the predetermined by you information, the button triggers an email that notifies you or your sales representatives that you have a request for a quote.
After considering all of the customer’s information, you can send a price quote to the prospect. The prospect sees the quotation and decides if he wants to accept, rejects, or negotiate it. If the quote is accepted, the request for a quote automatically transfers into an order, and the customer can go to the checkout and complete the payment.
And that’s all – no emails lost in someone’s junk/spam folder, no missed calls from potential customers, with a matter of few clicks, a customer receives a personalized offer, and the payment is made. See how many hurdles during the sales funnel the quotation tool has saved you?
How do you add a request a quote functionality to your B2B website?
Ok, now that you see the power of the request a quote functionality, let’s explore how you can implement it on your website.
Generally, there are two ways – the first is by adding a plugin in the backend of your B2B store, and the second is by using CPQ software. There are a variety of plugins and CPQ software available on the market, but what’s best will depend on your unique business needs and the products you are offering. Still, let’s quickly explore what CPQ software in general is and how it can benefit your B2B store.
What’s CPQ software?
CPQ is an acronym that stands for Configure, Price, Quote. It’s software designed for B2B businesses with complex products. It helps with providing accurate pricing in any given scenario.
How can CPQ software help your B2B business?
By implementing CPQ software, B2B businesses see many benefits like an enhanced sales cycle (which naturally flows when the workflow and pricing are streamlined). The importance of a smooth sales process, especially at the closing, is vital, and CPQ assists in smoothing any bumps that might occur.
Another benefit that CPQ software offers comes with quicker quotes, the customized customer experience, and the accurate pricing that the prospect receives. CPQ is a powerful software that assists B2B owners in increasing their bottom line.
“By providing your company with modern pricing tools, the quoting process can move quickly with fewer errors, which translates into a bigger bottom line.” – Salesforce
Is CPQ right for my business?
Although CPQ is a powerful software that has the power to increase your bottom line, it all depends on your unique business circumstances. If you want to find out which would be the best solution for your business needs at the moment, you can contact us here.
The bottom line
The quotation is an integral part of any B2B business. Still, by adding a request a quote functionality to your website, you can automate that part of your business while improving the efficiencies of your business. If you have any questions or wonder how to implement the request a quote functionality to your website, you can contact us here.
References: Discover CPQ and its business impact. (n.d.). Salesforce.Com. Retrieved October 8, 2021, from https://www.salesforce.com/ap/hub/sales/what-is-cpq-software/