While the B2B tech sector is often hailed as a cutting-edge field, companies are still notoriously inefficient when it comes to closing deals. Too many companies still use fully-manual revenue processes, reducing the efficiency of producing a sales quote and decreasing the chance of acquiring new customers. Across hours poured into research and other tertiary admin activities, it’s estimated that sales reps spend only 33% of their time actually selling to potential clients.
In order to break away from the poor sales habits that many B2B tech companies fall into, businesses are turning to modern sales tools and integrations. Of these, sales quote technology has rapidly become an invaluable tool. Beyond radically decreasing the total amount of time it takes to generate a quote, sales quote tech also allows companies to reduce inconsistencies in their quotes and boost transparency.
By streamlining the sales process and optimising quote products, sales quote technology allows B2B tech companies to close more deals with less upfront work from sales reps. Let’s explore how effective sales quote technology is in B2B sales and outline its core benefits for sales teams.
How Are B2B Tech Companies Using Sales Quote Technologies?
Sales quote generation software allows revenue teams to pull together company data, potential discount strategies, market information, and client context in order to rapidly create personalised sales quotes. Adoption of sales quoting software is therefore growing, as it allows teams to drastically increase the speed with which they can produce error-free and pre-approved quotes and proposals.
Sales quotes typically include a wealth of information, spanning from both client and business resources. When a sales rep wants to manually produce a quote, they need to locate, analyse, and summarise the following information:
- Price breakdowns according to personalised order details
- Contact information
- Itemised product lists and bulk discounts
- Payment terms
Across this pool of information, it may take a sales rep upwards of a few hours to gather all the necessary data. Especially as a B2B tech business scales and offers more products or services, the complexity of creating a quote will increase. For enterprise-level B2B tech companies, where approval processes can involve extra friction, a precise quote might take days to craft and send.
However, the vast majority of the aforementioned features can take the form of structured data. Itemised lists, pricing figures, configurations of product specifications, and available discounts are all essentially types of numerical information that is easy to store, process, and query. Due to the accessibility of this data, reps are able to use sales quoting software to automatically generate their quotes.
There is a strong correlation between increased wait time and decreased conversions, with B2B businesses that are able to rapidly produce and distribute quotes staying ahead of the curve.
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Functionalities to Help Meet Buyer Expectations
The B2B tech industry is a hypercompetitive space that’s growing in active parties every single year. As the need for tech solutions grows and the drive for business optimisation increases, more companies than ever before are turning to the tech sphere to streamline their operations. The competitive nature of this vertical has led clients to expect better service from the sales reps they communicate with.
Adobe recently published a report on this exact phenomenon within the B2B space, demonstrating that today’s buyers demand faster service, more precise communication, and better experiences throughout the buying process. If B2B companies aren’t able to quickly produce an accurate quote with all factors considered, clients will take their business to a brand that can. Yet, automating this first point of contact with sales quote generation tech isn’t its only benefit.
There are a number of advantages for B2B tech sales teams that begin using sales quote technology:
- Complex Pricing Support – By utilising dynamic pricing structures, sales quote tech can create complicated billing scenarios in a fraction of the time. Depending on market values, current stock levels, and other core factors, these tools are able to customise a sales quote.
- Approval Workflows – Automating the sales quote process can also streamline approval workflows. Depending on the rules that your business outlines, you can configure sales quote tech to route approval requests to the allocated member of staff.
- Compliance – Using a system that is easy to regularly update, you’re able to ensure that your sales quote processes stay in line with the most recent legal compliance and regulatory requirements. Sales quote platforms can automatically produce quotes that fall under the most recently published compliance initiatives, keeping your business safe.
- Better Customer Service – Aligning with the aforementioned study by Adobe, automating this first contact point allows for faster early-stage communication. Quicker replies and quoting will convert into a smoother and painless experience for new potential customers.
Sales quote generation technology reduces the effort it takes to produce quotes while also radically decreasing the total time sales reps spend on this step of their jobs. As a byproduct of this automation, sales teams are reducing their customer acquisition costs, as they are able to spend less time producing quotes and more time nurturing leads through to conversion.
Despite vacillating regulatory conditions and the dynamic pricing structures of B2B tech, sales quote platforms are able to create accurate and customised proposals for prospective clients. Automating the early stages of the sales journey saves reps significant time, boosts client engagement, and streamlines pathways to closing deals.