Archive for the ‘Quote Software’ Category

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CPQ Application B2B Banner Advertising – The Right Tool For The Right Job

August 16, 2019

The key to successful marketing is targeting the most relevant target audience in the right place at the right time with the right message.  Sales conversion, from awareness to purchase, is having the right communication and requiring minimal effort from the buyer.  Configure Price Quote (CPQ) application banner advertising can make a significant contribution to a holistic campaign or tactical promotion.

Marketing mix

Once marketing planners have devised their strategy and plan, existing and potential customers are segmented into groups, generally characterised by their needs.  Targeting the chosen group or audience with a communications message is usually achieved by a ‘marketing mix’; a carefully planned mixture of media, such as advertising, public relations, digital marketing and exhibitions.

Decision making process

A mixture of marketing communications media is typically used supporting a buyer through the buying decision making process, commonly known as AIDA, (Awareness, Interest, Desire, Action).

Using social media will raise awareness of a product or brand, as will display advertising.  Newsletters, paid searches and search engine optimization (SEO) will support interest and desire in a product or services.  Email marketing has been used heavily over the last decade to drive decisions, often combined with promotions.

Promote action where action is required

A banner ad in a CPQ application is in a totally focussed environment:  a user or viewer of the banner ad already has awareness, interest and desire for such products.  A CPQ application tool which integrate to an ecommerce platform is the perfect medium to convert desire to action, allowing a user to seamlessly update their shopping cart with a pre-configured discount bundle by simply clicking on a banner ad.

If the banner ad in the application is part of a larger integrated marketing campaign with the same consistent branding, there will be a higher level of recognition and trust for the target audience.  Furthermore, a focused campaign is likely to bring down cost and increase revenue for the advertiser.

To find out more about CPQ application banner advertising email marketing@channelcentral.net

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IT Auditing…for Targeted Marketing

May 23, 2019

Has this call or email conversation happened to you?

IT Partner: “Would you be interested in this amazing new product?”

Customer: “Sure, what is it?”

IT Partner: “Gimmix X120. It’s the best.”

Customer: “Yes, I know they’re fantastic; we’ve got five in the office already. It’s not that I don’t believe you, it’s just that we have no need for any more right now, I thought you’d know that.”

It’s common. Shotgun blast marketing from a CRM tool that has almost the right amount of information to be effective. Presenting solutions to a customer works better if you know what they already have, so what might be relevant to them. You can either identify the opportunity or look at technology that’s in situ to see if there’s something complementary or revolutionary to move a customer’s IT forwards.  Promoting an Add-on for Office 365? Then target customers WITH or migrating TO Office 365.

If you’re an IT Vendor that sells through the Channel, wouldn’t you have more confidence if the IT Partner said: “We have 300 customers, and we have identified 50 of them as best to target for this campaign.” Sending marketing communications to an irrelevant target audience is not recommended.  An additional 250 pointless or even frustrating marketing messages isn’t in anyone’s interest.

The rub is: CRM tools aren’t built as audit tools. That’s why one IT Partner engaged with us to build one, optimized for IT, to plug-in to their CRM tool:

https://channelcentral.net/pdfs/Highlander%20Case%20Study%20links%20reduced%20file.pdf

Another benefit of using a CRM plug-in – if your organization knows what IT is deployed in a customer, when your sales person sails off into the sunset, your pipeline doesn’t sail off too.

If the potential of an IT Audit plug-in is of interest, and you would like to find out more, please email: marketing@channelcentral.net 

 

 

 

 

 

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BI Reports: Delivering Value to Businesses

May 13, 2019

BI Reporting to Measure and Manage your Business
channelcentral launched monthly BI Reporting earlier this year for all its CPQ customers. The reports are in graphical and text format, focussing on key metrics of customer utilization of our CPQ applications. Feedback from customers has been very positive.

The key benefits include:

  • Providing evidence of the Return on Investment (ROI) from the CPQ application;
  • Sharing insights;
  • Enabling customers to make informed decisions quickly.

What’s new?
channelcentral has provided reporting to customers since launching in 2007, however this has now transformed from ‘data’ to ‘information’.  Three key aspects of reporting have changed with the introduction of BI reporting:

  • The addition of graphical presentation.
  • Time – instead of single-month data tables, it’s now shown in a chart covering six rolling months.
  • Geographical groupings – so companies who operate across borders can see consolidated reports. Although this can be done with data reports, it’s more difficult to interpret.

Using value to make decisions
The real value of this reporting, along with any data that feeds into a company’s management information system is:

  • Timeliness – timing is critical if intervention is required, to resolve an issue or to improve engagement.
  • Presentation – information that is simple, easy to digest and enables decisions to be made quickly is truly valuable to a business.
  • Accuracy – the data presented is an accurate reflection of usage and values, so the customer can either see the value the application is adding, or if intervention is required to drive up utilization, regardless of whether the user is a staff member or a customer.

The story behind the data and its potential
Although the reporting is presented concisely, customers can be provided with the data feeding the BI Dashboard, to look into and understand ‘why the numbers are what they are’.  Furthermore, other than pitch rate, there is further potential use of the product data.  Our BI reporting metrics could include most popular systems or breakdown of user functions (sales/technical) if required.

Be aware of missing BI metrics
BI Reporting should be comprehensive.  Reporting should include actual figures for the numbers of quotes and value of quoting, in addition to percentages. Beware of missing metrics or very round number growth – this could be a sign of a low utilization ‘cover up’.  Any low utilization should be highlighted to a customer; to use the data to drive Sales (to use and promote) and Marketing (to drive customer breadth). channelcentral does not add ‘spin’ to customer BI reporting.  With added commentary we consider that marketing. Without commentary we consider it reporting.

The growth of BI Reporting
According to forecasts by analyst Markets and Markets, the global Business Intelligence (BI) market is estimated to grow from USD 17.09 Billion in 2016 to USD 26.88 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 9.5%. The short-to-medium term for BI reporting certainly looks bright, and channelcentral certainly intends for its customers to benefit from the growth.

Everyone’s a winner
Sharing useful business information can lead to higher customer loyalty, more profit and ultimately strengthen a company’s competitive advantage.

Want to find out more about channelcentral’s BI Reporting?  https://www.channelcentral.net/bi-reporting.asp

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SIX Ways to Transform Ease of Business

April 4, 2019

Most companies would identify with this particular statement: “We want to be easier to do business with.”

It’s how to become easier to do business with; that’s the challenge, not deciding it’s a good thing. In the CPQ market we believe the following are solutions to that challenge:

1. Replace disjointed and labour intensive processes with smooth, accurate and where possible, automated processes. Moving from spreadsheets to online systems provides behavioral insights that help you improve your processes. Good sales come from good processes.

2. Open all hours. Make your ‘closed’ sign redundant. Allowing 24 x 7 access to your sales tools not only stretches the sales window, but also means customers can work when they want to, not just when you do.

3. Replace email ping-pong with slick workflows. Identify clunky processes which result in endless email replying. Who likes mail trails with 30 replies? Nobody. Deploy slick workflows to simplify more complex buying processes. If you are working on a document or proposal why not look to collaborate online instead of mailing edited files to other indefinitely?

4. Surface key buying decisions together: stock, price, promotion in your sales tools. Alt-tabbing between apps is the modern day ‘swivel chair’. Consolidate data. If it costs, say $20, to do a quote, why do five different quotes to win one deal?

5. Introduce guided buying. Don’t always expect your customer to start with a blank canvas. Use starter kits, bundles, solutions, templates etc. to save time. Apply machine learning to improve the quality of these shortcuts.

6. Utilize your Business Information (BI). Decisions based on real data is better than guessing what your customers want. Use their data to improve their user experience.

Ease of business doesn’t improve with one giant investment, it’s lots of tiny steps and the odd leap.

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Different Strokes – selecting CPQ solutions to work for your audiences

March 21, 2019

It’s obvious, but when creating any product or service, the target market or audience is a fundamental consideration in the design process. Designing software is no different, and for Configure Price Quote (CPQ) Software there’s an additional complication: there are at least two audiences.

Let’s consider how to develop CPQ applications to satisfy two users. It is different for each user and here’s why (by example):

If your organization has selected, designed and implemented a CPQ Platform, it’s likely to have been a huge investment, touching all parts of your IT. However, if you are relying on a 3rd party application per Manufacturer, the investment is much lower. A third party application usually requires the user experience to be simplified, maybe sacrificing some functionality or number of configurations/workflows supported.

Knowing this is critical when selecting a CPQ Vendor.

Thanks to Frank Sohn of Novus CPQ Consulting, an independent CPQ Consultant, who had shared this observation on the Novus CPQ Circle Community;

http://novuscpq.com/cpq-circle-community/

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Back to basics – getting product descriptions right

January 31, 2019

In trying to fix the complicated problems, it’s sometimes easy to forget to fix the simpler ones. In 1934, Percy Shaw patented the reflective road stud, more commonly known as the ‘cat’s eye’, and made a small fortune by (allegedly) earning a royalty each time one was sold. Simple technology, but hugely effective in keeping the driver ‘on track’ in the dark, and still used today.

Is there anything simpler than the description that is applied to a product?
Simple, but accurate and informative product descriptions result in fewer returns and better customer satisfaction.

If you are called Radical Cycles and you release a model called the Gravel Buster, a man’s Trail bike, available in Black or Blue in various frame sizes – don’t you just concatenate the data?

Radical Gravel Buster (55cm) Blue Men’s Trail Bike

Why might this be difficult for eCommerce or CPQ applications?
Accepting that not all products and their descriptions are this simple, particularly in the IT sector, there are other challenges:

  • Legacy IT is not your friend. When storing long strings was problematic, Product Managers used to have to work within 16 character, or similar, limits. This often resulted in holding multiple descriptions often creating more issues than it solved.
  • When faced with a very low character limit, the use of acronyms, which are understood by Product Managers, but sadly not by anyone else.

Poor descriptions creating havoc
This is a product description from one of the World’s largest Software Vendors, dated January 2019: CCSN,ALL,MLP,ERR01,EUW,001,N/A,1 YR ESD

It’s hard to know where to start, but not having the Vendor’s name is a problem. Nor the product name. Another issue is that a comma is often used as a delimiter (separator) in databases, so even just importing this is an issue.

Eliminate guesswork
If you are operating a Web Store, just getting good, consistent descriptions is a problem. channelcentral recently helped a Retailer locate a better, free data source, than the one they were paying for. The issue was that with poor product descriptions, customers had started to guess the appropriate service for a product, resulting in costly returns. The availability of improved product descriptions has removed the need for guesswork.

Always focussed on turning complexity into simplicity in the IT Channel through its CPQ applications and data services, channelcentral continually innovates to improve the customer experience, keeping the user ‘on track’.

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How CPQ Fuels PC as a Service (PCaaS) Growth

January 15, 2019

The enormous growth of PCaaS that is predicted over the next five years offers both opportunities and complexities for vendors and their Channel. Configure Price Quote (CPQ) applications designed specifically for the IT Channel can provide a competitive advantage to multi-channel sales vendors to meet their customer requirements throughout this cycle of growth.

Market Predictions: the market for selling Personal Computers (PCs) as a Service was worth over a $10bn in 2017. This is widely forecast to be worth an amazing $140bn by 2023. It’s very likely that this will be dominated by large deals for large companies who crave operational expenditure (OPEX) over capital expenditure (CAPEX) but also see value in Manufacturer Services that can lower operational costs, especially on low level tactical IT activities. However, smaller organizations also desire these expenditure preferences, so it is widely expected that growth in smaller deals will form part of that $140bn. CPQ applications for multi-channel sales will be key in facilitating this growth.

Monthly Pricing: imagine going into a store where everything is priced monthly? You don’t need to imagine – just go to a mobile phone store! By contrast, when buying a PC, with a few exceptions, everything is currently priced as an outright purchase. Financing PCs isn’t new, but applying a monthly price to a product isn’t in itself PCaaS. The Service wrapper is a key component of the user experience. However, not everyone thinks the monthly payment is always a user requirement.

Understanding Quoting Complexities: we understand PCaaS and we recognize the market opportunity and the cascade from large organizations to small. The problem is that quoting PCaaS is more complex than a traditional CAPEX sale AND what’s worse is that the user may want two quotes – one for CAPEX, one for PCaaS:

  • CAPEX: cost of PC & Services plus margin = sales price. Some additional effort if “Deal” pricing or bundles are in play.
  • OPEX: cost of PC & Services plus Monitoring/Support Services plus margin plus Finance, plus margin.

There’s a further complication for Sellers: if a sale is on a CAPEX basis, the Buyer renews when the PC is retired, lost, stolen or broken. When a sale is made on the PCaaS basis, the PC is retired when the Finance and/or Service expires. These options offer opportunities but also complexity.

Simplifying with CPQ: can help reduce complexity. channelcentral services allow users to simply select the products, the suite of services required to support PCaaS and has always provided indicative finance costs on three to five year terms. Other CPQ companies specialize in asset management.

Without CPQ solutions, life could become much more complex – just as everyone is driving simplicity.