Often, sales and renewals teams could do a better job of working collaboratively to service their customers. Each department tends to have their own tools, systems, and processes in place with limited integration. There is rarely any consistency throughout a customer’s experience of the product life cycle.
This division can cause variations in the customer experience and inefficiencies in the sales and renewal processes. While net new sales and renewals functions do require different tools and processes, there are commonalities that could benefit from a more integrated approach. The CPQ function is a prime example. Typically, a CPQ is used for net new sales and does not function at all for renewal quotes. This limitation creates a gap in data consistency when customers are transitioned from the sales team to the renewals team.
Until now, the gap in CPQ data between net new and renewal quotes was unfortunately necessary. The available CPQ tools simply could not address the different requirements between the two functions.
Net New and Renewal Quotes are Completely Different Animals
Quoting for net new and renewal quotes are entirely different functions with vastly differing needs. A traditional CPQ that is designed to effectively quote for net new will not work for renewals.
The standard CPQ is not designed to manage quoting, re-work, installed base sync, follow-up, validation and recurring revenue campaigns, with high volumes and the deadlines of fixed expiration dates driving quick turnarounds. It is also not designed to resolve an installed base that is dynamic and constantly changing, nor to manage the necessary channel communications that are critical to renewals quoting.
The Solution: A Single Quoting System for Net New and Renewals
Vendors, distributors and resellers all struggle with issuing correct and complete quotes with all the included add-ons and options. To address this problem, the iasset.com platform was recently expanded to incorporate quoting functionality for net new sales. This new functionality is combined with the platform’s existing renewal, cloud, and product life cycle quoting capabilities.
For the first time ever, it is now possible for vendors, distributors, and resellers to effectively and efficiently process quotes for both net new sales and renewals. A single system that can track customers throughout their entire lifecycle.
Since its launch, iasset.com customers have been experiencing many benefits, including:
Complete Product Lifecycle Management
In the past, companies relied on CRM add-ons to quote. But these systems run in complete isolation; once the quote is generated it goes no further. A combined CPQ and renewals platform allows salespeople and renewals team to quote, track, upgrade and renew products and services throughout the entire product lifecycle - from net new quote through to end-of-life.
Simplified Channel Pricing
With pricing rules and product lists integrated into the platform, the quoting process becomes significantly more efficient and accurate. Salespeople and renewals teams can also easily manage and price add-ons within the same tool.
Access to Quoting Records
Customers’ entire sales history is accessible in one location -- including upgrades, add-ons, when they renewed, and when their products or services expire. All departments can be given a single holistic view of quoting including sales, renewals, product, marketing, and finance.
Comprehensive Channel Support
Channel partners can include multiple vendors on a single quote.
Better Customer Service with Automated Notifications
Automated notifications keep salespeople and renewals teams updated of timely opportunities for follow-up. These notifications ensure that no revenue opportunity is missed or goes untended, helping to improve customer service and reducing churn.
Greater Revenue Opportunities and Reduced Costs
Renewal, up-sell and cross-sell opportunities lead to increased revenues, while a single platform reduces costs for multiple systems and licensing fees.
Get in touch to learn more about iasset.com’s new CPQ tool for net new sales and renewals.
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