Business-to-business (B2B) manufacturing companies are immersed in the world of complex products and sales. With an intricate product portfolio, streamlining sales processes is essential - which is why more businesses are turning to Configure, Price, Quote (CPQ) solutions. CPQ can simplify selling, helping manufacturers secure a competitive position, drive customer satisfaction, and thus increase sales and profitability.
Manufacturers constantly grapple with product complexities and growing customer demands. Quick and reliable quoting and ordering processes are crucial in managing these challenges. CPQ solutions bring a comprehensive approach to configuring products, determining pricing, and creating quotes that meet every buyer’s unique needs. When implemented right, CPQ optimizes sales operations while simultaneously catering to varying customer requirements.
Omnichannel CPQ in particular is revolutionizing how manufacturers engage with buyers. Seamlessly integrated across various channels, from eCommerce platforms to in-person sales and support, omnichannel CPQ provides consistent and accurate product information, pricing, and configuration options to customers via any engagement channel with the manufacturer.
Understanding the Complex Product Landscape
B2B manufacturing businesses sell complex products. Their product portfolios have a wide range of features and configurations that can be altered to meet varying customer requirements. In many cases, products will call for engineering, assembly, and a deep understanding of components and their specifications. These intricacies complicate product configuration, pricing, and quoting for manufacturing sales, especially when aligning products with different customer needs.
On top of these complexities, today’s discerning customer equally cares about high-quality products and an exceptional, personalized digital experience. Manufacturers are no longer solely competing on price and quality - they need to offer unique, customized solutions as well.
This creates pressure for manufacturers to streamline their sales operations and processes. Traditional, manual processes are no longer an acceptable status quo. Omnichannel CPQ is the new strategic foundation manufacturers must embrace.
Benefits of Omnichannel CPQ
For B2B manufacturers, omnichannel CPQ offers many benefits.
- Improved customer experience and engagement
Integrating CPQ across all sales channels creates a cohesive customer experience and allows customers to access product information, configure solutions, and get quotes rapidly and in a personalized manner. This fosters engagement and builds trust, making it easy to understand complex products, and leading buyers one step closer to conversion.
- Increased sales and revenue
Omnichannel CPQ simplifies the sales process and accelerates the sales cycle. By easily adjusting pricing and product configurations based on any variable, manufacturers can competitively price products and strategically align their portfolio with demand to unlock new revenue streams and boost sales and profitability.
- Enhanced operational efficiency
With automation, manufacturers immediately reduce errors and manual interventions, bringing pricing and product configuration consistency to all sales channels. This operational efficiency reduces costs while freeing up resources to respond to customers faster.
- Competitive advantages
Omnichannel CPQ can be a powerful differentiator for manufacturers. While competitors continue to rely on traditional or manual processes, manufacturers that implement omnichannel CPQ can reach, influence, and convert new customers faster.
Considerations for Implementing Omnichannel CPQ
There are four key considerations for manufacturers in implementing a successful omnichannel CPQ strategy:
- Target customers
- Data accuracy and consistency
- Compliance and security
Foundationally, manufacturers must have target customer segments and personas to effectively align an omnichannel CPQ strategy with prospective buyers. Customer data points like industry, company size, job role, interests, and challenges are important in delivering a relevant and personalized CPQ experience.
When it comes to integrations, manufacturers need an efficient integration process that allows for real-time data sharing, centralized information management, and a consistent user experience. Technology partners are key in familiarizing manufacturers with industry-standard and innovative integration practices.
Data governance practices, data validations, and regular updates are vital to data integrity. Manufacturers should centralize data and create standards to ensure customers have reliable information, ensuring precise quotes and configurations.
Lastly, omnichannel CPQ entails handling sensitive customer data. Manufacturers should adhere to industry-specific regulations and data laws, and offer encryption, access controls, and authentication methods to protect sensitive information.
Elevate Manufacturing with Omnichannel CPQ
Omnichannel CPQ has the power to disrupt and revolutionize B2B manufacturing businesses. With CPQ, manufacturers can streamline complex sales processes, provide a seamless customer experience, and gain a competitive advantage in the complex world of B2B product sales.
Discover how to manage pricing nuances and variations through cutting-edge automated technology with a CPQ tool that integrates perfectly with your B2B commerce tech stack. Talk to Zaelab today.