To digitalize the sales process is a hot topic in the marketing and sales industry. With more companies going digital, it is crucial for marketers to understand the importance of digitalization. This does not mean replacing people with technology. Rather, it is the implementation of digital tools that will allow the organization to utilize its people more efficiently, making them better salespeople.
When it comes to going digital in the marketing and sales activities, manufacturing companies have fallen behind retailers and other B2C companies, but this is about to change. Due to the pandemic, which has forced employees to stay at home and limited in-person interactions, digital solutions are now critical for customer engagement and assistance. For example, nearly 47% (double-digit growth during Covid) of B2B buyers report purchasing primarily through digital self-serve channels without the aid of a sales rep (Pros). Or after 5 months of working from home, 76% of B2B sales teams reported that the effectiveness of digital engagement in serving new customers was equally or more effective than before Covid, a big leap from 54% earlier in the year (McKinsey).
A virtual sales process eliminates the necessity for face-to-face selling by utilizing technology and methods to reach and retain consumers. Businesses can anticipate rather than react to their consumers’ requirements through automated procedures, a customer-centric approach to sales, data insights, and improved personalization.
Here are some major benefits of making the sales process digital:
A customer relationship management system is even more crucial nowadays, with sales teams working remotely. A CRM system will handle all of your company’s relationships and interactions with customers and prospects. It assists businesses in remaining connected to their customers, streamlining procedures, and increasing profitability. All have the same purpose in mind: to strengthen business partnerships.
2. Save time using a marketing automation system
Customers today are spread across the digital landscape. Therefore, a marketing and sales plan must work across multiple digital platforms. Businesses can use a marketing automation system to seamlessly promote campaigns across many channels and increase their chances of capturing their prospects’ attention. This technology allows the sales team to provide automatic and customized material to prospects in the middle of the funnel while the marketing team starts the conversation at the top.
3. Increase customer engagement through Automated and AI processes
Customer engagement and satisfaction can be improved through automated and AI operations. Customers can be contacted via automated emails at various points of the purchasing process. Simple client questions can be answered by chatbots. They can also escalate a client’s inquiry when the customer is ready to speak with a sales representative. These solutions cut down on time spent pursuing cold leads and allow prospects to contact you when they are ready.
4. Data Analytics
One of the most significant benefits of a digital sales process is that sales representatives now have data to guide their decision-making. Data gathering and analysis are essential for gaining a better understanding of each client and evaluating the effectiveness of content and marketing campaigns aimed at them. Sales professionals can also have a greater knowledge of their success through data gathering, analytics, and client behaviors, allowing them to detect any gaps in their sales approach.
Can Going Digital = Reduce Business Costs?
If keeping your budget under control is your goal, technology is without a doubt your most valuable asset! As a concept, digital business transformation solutions encompass three primary areas: strategy, operations, and management. In the operations sector, data can be stored in the cloud, business processes and files can be amplified, and procedures can be optimized.
Sales automation has the ability to lower sales costs by freeing up time spent on administration and reporting, as well as generate additional income by automating outreach to clients further down the sales funnel. Cross-functional research by the McKinsey Global Institute (MGI) shows that about a third of sales and sales operations tasks can be easily automated with the help of today’s technology (McKinsey).
Choosing The Right Technology
Choosing the right technology for your business needs can be a difficult task. To excel in today’s tech-savvy world, businesses need to have the best technology at their fingertips. In this section, we will highlight some of these technologies in detail.
CPQ – Configuration, Pricing, and Quoting
The entire quotation process is digitalized and automated with a CPQ to deliver:
1) Complete and detailed quotes in minutes
2) Costs, pricing, and margins that are absolutely ideal
3) Solutions tailored to specific customer requirements
A CPQ solution is an excellent fit for manufacturing. It is widely used to deal with a large number of product variations, production parameters, and configurations that can perplex even the most seasoned sales executives.
A successful CPQ solution is strongly tied to the ERP (Enterprise Resource Planning) system. It gives the sales team access to every bit of the company’s manufacturing expertise and knowledge. Your sales team can create precise, deal-winning quotations faster than the competition with the proper CPQ solution—and win more customers.
Digitalization of sales is a simple strategy. Manufacturers should keep in mind that it should all revolve around a solid CPQ system. However, recent advancements have modernized CPQ software, making it a “must-have” for any company that prepares complex bids. From insurance to retail, it’s employed in almost every business. CPQ technology may help any company with a wide range of products. CPQ is used differently in each sector or vertical.
Because of the wide range of parameters involved, your sales team is frequently stuck gathering updated costs and prices and fixing quote errors—a.k.a. drowning in data and Excel sheets. With a manufacturing CPQ, however, product, supply chain, engineering information, and content can be pulled in real-time from your ERP and delivered to where it’s needed. It simplifies the mundane administrative tasks that sales agents must perform into a simple point-and-click activity.
CRM – Customer Relationship Management
A CRM assists manufacturers in managing and prioritizing consumers in order to provide:
1) Better outcomes when data is 100 percent accurate
2) Lower sales costs by automating the lead-to-order process.
3) Insights on the most profitable opportunities that can be implemented
A CRM is mostly used to manage contacts and customers. However, as manufacturers engage in more complicated consumer interactions, the demand for manufacturing-specific CRM grows. Each customer’s account contains a large amount of data, which implies more data to manage and more insights to monitor.
A CRM linked to an ERP, CPQ, and a Commerce system provides substantial value to manufacturers. All systems must exchange critical consumer interaction data, such as price, install base, and discounts.
Manufacturers must make business judgments based on solid information. These considerations are always centered on the customer. At each touchpoint of the buyer’s journey, a 360-degree customer view will help manage all essential information and optimize offers and services.
Conclusion: Implementing To Win
In conclusion, implementing a digitalized sales process is vital to the success of any company. With a digital application in place, companies can increase their revenue, reduce costs, and win in their market. It is time to take your digital sales transformation to the next level.
We are only a click away if you require consultation regarding digitizing the sales process for your company. Hubtec Digital can help you start the digital transformation of your company.
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