While companies are always chasing after new business, those who truly want to grow need to make a major effort to ensure existing customers stay. In fact, a recent study by Bain & Company showed that even a 5% increase in customer retention can increase profits between 25% and 95%. CPQ software can help your efforts by giving your sales team the tools they need reduce customer pain points and keep customers happy.
Here are five ways CPQ software can help you with your client retention efforts:
1. CPQ software helps you pull off a good first (or second) impression.
CPQ software houses all your product data in one place making it easy for you to present professional, uniform proposals and quotes. In addition, human error is limited and you’re able to generate quotes more quickly.
2. You can give accurate pricing right out of the gate.
Have you ever had to tell a customer a quote was wrong? How did they react? If you overbid the quote they’re probably incredibly happy about saving some money. However, what happens if you underbid the original quote? CPQ software enables you to update your product pricing easily and seamlessly, which ensures your sales reps have the most up to date pricing information at all times.
3. Customers have the ability to do their own customization, pricing and ordering.
When CPQ software is used in conjunction with other add-ons such as customer portals and 3D configurators, you give your customers the opportunity to create exactly what they’re looking for themselves.
4. Allows sales reps to engage with customers.
Communicating regularly and engaging with your customers is incredibly important to customer retention. CPQ software streamlines the quoting and ordering process, which frees up your sales reps to respond more quickly to customer inquiries or seek out new business prospects. In addition, it can be integrated with your CRM to make all this even easier.
5. Allows sales reps to give personalized service.
According to HelpScout, when customers feel they’ve gotten personalized service, they’re much more likely to remain a loyal customer. CPQ software allows sales reps to personalize the customer experience through guided selling, automatic pricing calculations and on-the-spot quote generation.
Growing companies can’t continue to grow without keeping their current customer base—and they certainly can’t grow without the proper tools to get them there. CPQ software is an easy-to-implement tool that can help companies reach their goals and keep their customers for the long haul.
For more information on how CPQ software can help with your client retention efforts, contact Axonom today.