While self-service is a great feature to offer, it shouldn’t be the deciding factor in whether or not to invest in CPQ. The idea of CPQ isn’t to move from full service to self-service. It’s about providing people interchangeable options.
Innovative B2B self-service capabilities are all the rage these days, primarily because customers want them. 70% of B2B buyers find buying from a website more convenient than buying from a sales representative, and manufacturers and distributors who offer self-service options earn 30% more on average. It’s a win-win for everyone.
Yet while self-service is a great feature to offer, it shouldn’t be the deciding factor in whether or not to invest in CPQ, or Configure, Price, Quote solutions. In fact, the idea of CPQ isn’t to move from full service to self-service. No smart business model would encourage zero interaction with your customers. And many B2B businesses are far too complex to be able to move everything online. It’s simply about providing people options, and making those options seamlessly interchangeable.
For B2B enterprises, it’s a balance of self-service and full service, and the ability to jump back and forth between them.
For example, a customer may want to simply reorder a part, one with which they’re deeply familiar. They don’t want to speak to someone, they just want to go online, find the part, and place their order.
But for customers with more complex questions, they may want to call up their sales rep and ask for specific configurations, or different possible solutions to their needs.
CPQ allows for both of the scenarios, and most importantly, for customers to select which ones work best for them.
Empowering the User
Beyond empowering customers, CPQ also empowers sales reps and resellers.
CPQ solutions allow sales reps to provide personalized, fast, and accurate quotes, which have a direct impact on revenue, as 1 in 5 buyers are willing to pay a 20% premium for personalized products.
Resellers can more quickly and easily place straightforward orders, while still tapping into the manufacturer’s expertise as needed.
CPQ allows for the best of both worlds, making everybody happy. Businesses that utilize CPQ see 7.5x higher year-over-year increases in customer renewal rates.
To learn more about the impact of CPQ and affordable CPQ solutions, contact Object Edge for a free consultation.
About the Author
VP, Marketing Global
Sarah is a nimble and creative marketing leader with 15 years of experience in a mix of agencies, B2B, and B2C enterprises. She brings a background in building and driving impactful marketing practices and processes for growing businesses. Sarah has expertise in brand, content marketing, lead generation, and marketing operations. She’s a co-author of the 2019 book on B2B eCommerce Digital Branch Secrets: eCommerce Playbook for Distributors.