Advertiser Platforms
Article | January 9, 2024
What is retargeting and why do you need it? Well, because it’s easier than ever to lose a sale online.
Think of it like this: you successfully drive a potential customer to your site with great content or social media engagement.
But then their phone rings. Or they have to take a quick meeting. Their child calls their name. They look up at the TV and forget to return. Or one of a million other potential distractions in our fast-paced world get in the way.
They could be lost forever. Or — you could use retargeting to get them back to your site.
That’s what we’ll cover in the sections that follow. You’ll learn what retargeting entails, why your business should be using it, which platforms to do it on, and best practices to maximize ROI.
Let’s get started.
Quick Takeaways
Only 2% of web users convert on their first visit to a website.
Retargeted web visitors convert at a 70% higher rate.
Google, Facebook, LinkedIn and other social platforms are effective places to use retargeting.
Retargeting ads are most effective when they incentivize, are personalized, and/or leverage high-value content.
What is retargeting?
So what exactly is retargeting? In short, it’s the process of monitoring the behavior of your web visitors so you can drive them back to your site later.
It’s done by adding code to your website that tracks user actions by placing cookies in their browsers. You can then use that information to show them targeted ads when they’re elsewhere on the internet.
Those requests you get to “accept all cookies” when you visit a new website? It’s retargeting in action. Brands are asking your permission to track what you’re doing so they can show you ads that are relevant to you.
Today 87% of marketers use site retargeting to attract potential customers back to their website. Given that only 2% (!) of web visitors convert on their first visit to any site, it’s a smart strategy for brands to capture low-hanging fruit in their web traffic and avoid losing prospects who will likely convert with a little bit of encouragement.
Let’s look at 3 reasons why retargeting should be part of your digital marketing strategy and the benefits your brand will experience from doing it.
Why Retargeting Needs to Be Part of Your Strategy
Consumers actually like retargeted ads
The consensus view of retargeted ads has always been tainted with a little bit of uncertainty about their use of individual consumer data. And there’s no doubt about it — consumers do worry about their online privacy.
At the same time, however, they are also more aware than ever that brands are using their information to advertise to them and target their buying preferences. And they still browse and buy online at a rapidly increasing rate.
Here’s what it comes down to: retargeting doesn’t turn consumers off as long as it’s done ethically (AKA you’re only retargeting people when it actually makes sense and they’ve agreed to your privacy policy).
In fact, recent research has found that 25% of consumers say they actually enjoy seeing retargeted ads. And while a quarter of consumers may not seem encouraging, actual consumer behavior suggests that number is quite a bit higher.
Here’s what the numbers tell us:
Retargeted ads earn a click-through rate 10x higher than regular display ads
Retargeted website visitors are 70% more likely to convert
3 out of 4 consumers notice retargeted ads when they see them
It’s helpful to think about this in the context of your own life, too. We all see ads for products and brands we’ve briefly visited without buying from. But rather than get annoyed, our interest is usually sparked again. We may click on the ad to look at it again and rethink whatever reasoning we had before for not buying. We may follow the brand on social media for updates.
Retargeting is a massive opportunity for brands to cut down on lost sales by reminding consumers why they were interested in the first place and incentivizing them to come back and make a purchase.
Where to Retarget
Google and YouTube
Google and YouTube are the two most visited websites in the world, with a casual combined 85 billion monthly views (nbd). You can target ads on these massive platforms with Google Ads on the Google Display Network.
Most consumers are doing their brand and product research using Google search. What better place, then, to have your ads displayed to convince users to choose you?
Facebook and Instagram
Ads on the two platforms are both run under Facebook Ads Manager. You add the Facebook Pixel to your website’s code. When users take an action on your site (for example, adding to cart or making a purchase) the pixel is triggered and they’ll see retargeted ads on both Facebook and Instagram.
Learn more about the Facebook Pixel here.
TikTok
TikTok has exploded onto the scene over the past two years. It’s easy to assume this platform might be best for targeting younger audiences, but the truth is there are tons of audiences on TikTok that encompass a range of ages and interest areas.
For example #MomTok — moms sharing tips, stories, and advice — is one of the most active corners of the app. #BusinessTok, #FitnessTok, and #BookTok are some of the other most popular hashtag-driven interest groups on the app. These are only a few examples. In other words: retargeting on TikTok is for every type of audience.
You can get started at TikTok for Business.
LinkedIn
For B2B companies or brands targeting a more corporate or professional audience, LinkedIn could be an ideal platform for your retargeting efforts. You can add the LinkedIn Insight Tag to your website to begin tracking your visitors and serving them ads on the LinkedIn platform.
3 Retargeting Best Practices
Incentivize
The thing about web visitors you retarget is that they have shown interest in your brand already, but for some reason they weren’t motivated to make a purchase (or maybe they did but haven’t been back to make another one).
The way to convince them? Offering incentives. Consider this: you see a pair of shoes you love. You almost buy them but you think “Well, they’re just a little too pricey. I’m going to pass.”
A few days later you see those shoes you love, except they’re being offered at a discount. Your main argument for not buying the shoes is gone. You’re much more likely to go back and make the purchase.
Incentivizing your retargeting audiences is worthwhile because you eliminate one of the biggest roadblocks to purchase: concerns about price.
Personalize
Like all other kinds of online experiences, consumers want their retargeted ads to be personalized to their preferences. Nearly 80% of consumers say personally relevant ad content from brands increases their purchase intent.
Adding simple phrases that are unique to a person’s experience with your brand (i.e. “You left this item in your cart!” or “Based on your previous purchase, we think you’d love this!”) can be what makes your ad stand out to your audience.
Leverage Content
Content drives more organic traffic than any other method of digital marketing. That said, targeted ads are the highest-converting of all methods. Why not combine the two for maximum ROI?
Consider the types of content your web visitors interact with and/or what content created by your brand would be most relevant to them. Promote it through your ads, emphasizing how it can help users solve problems, learn something new, or accomplish an important goal.
Content that can be effectively marketed through retargeting ads include:
Blog articles
How-to guides
Checklists
Webinars and video demos
Ebooks and whitepapers
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Advertiser Platforms
Article | March 12, 2024
Explore the expanding digital marketplace and how it's opening new opportunities for modern sales strategies. Find out how digital tools are fostering collaboration between sales and marketing.
Contents
1. Embracing Modern Sales Practices in Current Market
1.1 The Case for Modernizing Sales Approaches
2. Conceptual Framework of Digital Intelligence in Saless
2.1. Reinventing Sales Approaches in Omnichannel Methods
2.2. Implementing Data Analytics into Sales for Boosted ROI
3. How Digital Transformation Elevates Business Sales
4. Top 10 Innovators in Driving Sales through Digital Intelligence
4.1. Salesken
4.2. BoostUp
4.3. Revenue Grid
4.4. Aviso AI
4.5. Scratchpad
4.6. Seamless.AI
4.7. Lusha
4.8. Spotler UK
4.9. Pipeliner CRM
4.10. Dealfront
5. Wrap-up
1. Embracing Modern Sales Practices in Current Market
The business landscape is constantly evolving. Sales teams must embrace modern practices and strategies to stay competitive and drive revenue in this market. However, shifting long-standing sales processes can be daunting for any organization.
Studies show organizations that have adopted modern sales strategies and techniques experience increased win rates, shorter sales cycles, and expanded deal sizes. However, simply adopting new technology is not enough. Sales leaders must focus on aligning people, processes, and platforms to drive success.
The Case for Modernizing Sales Approaches
Buyer behavior has changed:
- The rise of digital sales intelligence has dramatically shifted purchase preferences.
- Sales reps can no longer be the sole source of information.
The emergence of new technologies:
- AI, predictive analytics, and sales engagement platforms open up more efficient workflows.
- Tech-forward teams see major lifts in productivity.
Increased competition:
- With globalization and more competition, sales cycles have lengthened.
- To win deals, sales teams need an edge with modern tools.
More data availability:
- Advanced analytics provide unprecedented insights into customers and every stage of the sales process.
- Data is the key to optimization.
The remote workforce:
- Location is no longer a limitation.
- Distributed teams are now the norm.
- Sales leaders must enable collaboration through digital channels.
These factors make modernization non-negotiable.
According to Gartner, 75% of B2B sales organizations will add artificial intelligence-guided selling solutions to their traditional sales playbooks by 2025. Thus, leadership must take action to embrace change.
2. Conceptual Framework of Digital Intelligence in Sales
2.1. Reinventing Sales Approaches in Omnichannel Methods
Against traditional methods, customers now engage across digital sales intelligence through countless channels, from social media to mobile apps. Omnichannel and modern sales strategies integrate these experiences into a seamless brand journey.
For instance, a customer can:
- Research products on a brand's website
- Chat with an online rep
- Complete the purchase on a mobile app
Companies with extremely strong omnichannel customer engagement retain, on average, 89% of their customers, compared to 33% for companies with weak omnichannel customer engagement.
Artificial intelligence allows brands to take omnichannel personalization to new heights. With mountains of customer data, AI systems can deliver hyper-relevant recommendations, predictive lead scoring, and tailored content. AI tools analyze customer conversations across channels to gauge sentiment. This reveals pain points, trends, and opportunities. AI can grade leads based on their potential purchase intent by analyzing a wide range of signals (demographics, behaviors, and so on). AI systems can also use client preferences and purchase histories to provide personalized product recommendations. This type of tailored content keeps customers engaged.
For example, Amazon uses AI to generate 35% of its revenue through recommended purchases.
2.2. Implementing Data Analytics into Sales for Boosted ROI
Data analytics has become an invaluable tool for sales teams seeking to boost their ROI. Implementing data analytics for sales growth can help identify the most promising leads. Salespeople can qualify and prioritize leads by analyzing lead attributes such as industry, company size, job title, and engagement metrics.
By 2026, 65% of B2B sales organizations will transition from intuition-based to data-driven.
Enhancement in current sales techniques like sales forecasting is possible due to data-driven sales providing visibility into future revenue streams. Analyzing historical performance, pipeline trends, and customer behaviors helps create accurate forecasts. Data analytics enhances businesses using predictive sales analytics capabilities for more precise forecasting.
Designing territories is a strategic exercise that determines how accounts get distributed across the sales team. By leveraging account, opportunity, and sales rep performance data, organizations can map out territories to balance workload and growth potential.
Around 70%-80% of decision-makers prefer remote human interactions or self-digital service instead of in-person interactions, citing safety, ease of scheduling, and a faster buying experience as their top three reasons.
Data assists in identifying problems such as extended sales cycles and indicates where the procedure fails. By analyzing data, organizations can tailor outreach and messaging to each customer’s needs. This process leads to more meaningful interactions and fosters stronger connections. The approach is rooted in fact-based decision-making, where data democratization across the sales organization empowers decisions backed by analytical insights. Relying on data-backed insights paves the way for continuous optimization and improvement.
3. How Digital Transformation Elevates Business Sales
Digital transformation is a top priority for businesses of all sizes to boost efficiency and drive sales growth. As consumer behavior progresses toward digital intelligence, companies must adapt their processes, technologies, and strategies to meet driving sales through digitalization.
Boosting ROI with AI, ML, and other digital advancements in sales strategies and maintaining the efficiency of businesses is achieved by innovation in business sales through digital transformation in the following five ways:
Streamlining Sales Processes
Transitioning sales processes to digital platforms provides greater workflow efficiency. This digital shift allows sales representatives to gain mobile access to customer data like purchase history and preferences. Lead management and opportunity tracking are automated through CRM systems. The digital tools also facilitate collaboration between sales and marketing teams. As a result of these integrations, streamlined workflows enable salespeople to focus on revenue-generating activities rather than manual administrative tasks.
According to McKinsey, 90 percent of companies that successfully scale automation invest more than half of their budgets in change management and capability building.
Enhancing the Customer Experience
Today's buyers expect seamless omnichannel experiences. Some digital channels like mobile apps, social media, and live chat allow businesses to engage prospects anytime, anywhere. Virtual tools also facilitate remote consultations and demos. Brands can create personalized interactions that drive satisfaction and loyalty by meeting customers through their preferred mediums.
Research by the Aberdeen group shows that companies with omnichannel customer engagement retain 89% more customers than those with weak omnichannel experiences.
Leveraging Data and Analytics
Digital technology grants access to an abundance of customer, product, and market data. Sales teams can derive actionable insights from analytics on lead behavior, win/loss rates, customer lifetime value, and more. Data-driven decision-making helps sales organizations optimize everything from targeting and messaging to resource allocation and forecasting. All these factors contribute to an accelerated sales process.
According to PwC, data-driven companies are 3 times more likely to report significant revenue growth year-over-year.
Expanding Addressable Market
Digital channels allow businesses to reach prospects beyond geographic limitations. Mobile, social media and other digital mediums provide access to a global marketplace. By establishing an online sales presence, brands can target relevant buyers across countries and regions.
Supporting multilingual websites and campaigns also enables companies to serve international audiences. Thus, qualifying expanded reach as an important aspect to achieve a larger universe of qualified leads.
According to Gartner, by 2025, 80% of B2B sales interactions between suppliers and buyers will occur through digital channels.
Automating Sales Tasks
Sales automation powered by AI and machine learning helps teams work smarter. Moreover, chatbots qualify leads through conversational interfaces. As account scoring and lead routing are handled automatically, outreach activities like email and social media engagement are also programmed and optimized over time. This leads to salespeople being freed from repetitive tasks to focus on complex deal-closing activities.
Sales Teams using marketing automation to nurture prospects experience a 451% increase in qualified leads.
4. Top 10 Innovators in Driving Sales through Digital Intelligence
Here are the best tools in digital sales intelligence that support efficient and streamlined business processes.
4.1. Salesken
Salesken gives insights into the last mile of customer-salesperson interactions. Its conversation intelligence software records, transcribes,and evaluates consumer conversations. These records provide actionable insights and enhance visibility into those conversations. Its real-time alerts on prospect activities help sales teams connect with leads at the right time.
Key Features
- Real-time prospect activity tracking
- Conversation intelligence like talk tracks and email templates
-Lead enrichment with firmographic and technographic data
A sales team improved their productivity using Salesken by over 200% in the first quarter and around 25% over the period of last 2 years.
4.2. BoostUp
BoostUp is one of the companies using data analytics for sales. It offers an all-in-one sales acceleration platform with sales intelligence, engagement, and coaching tools. It focuses on actionable insights for human sellers. BoostUp's pipeline management easily dissects data and identifies the root causes of issues affecting your pipeline.
Key Features
- Prospecting tools to identify net new accounts
- Conversation intelligence with talking points
- Develop rollups and views showing changes in rep forecasting calls
BoostUp customers have accelerated speed to insights by 4x, showcasing improved forecasting accuracy by over 25%.
4.3. Revenue Grid
Revenue Grid combines big data, AI, and sales experience to fuel its sales intelligence engine. It aims to help companies find their total addressable market (TAM). This business sales through AI helps collect real-time data from all points of consumer interaction to facilitate collaborative efforts aimed at preventing revenue losses and enhancing sales performance.
Key Features
- Identification of net new prospects with pinpoint accuracy
- Insights into prospect tech stacks
- TAM analysis to unlock a company's total revenue potential
The company has achieved a 24%higher engagement response rate.
4.4. Aviso AI
Aviso leverages AI to predict revenue outcomes and guide sales teams toward their quotas. It is one of the leading organizations using AI for sales forecasting. Its intelligent forecasting models provide unparalleled revenue predictability. It delivers AI Guided selling to enterprises and high-growth revenue teams.
Key Features
- AI-driven revenue forecasting and predictions
- Prescriptive guidance for optimal resource allocation
- Just-in-time notifications for sales plays
Aviso AI demonstrates a 40% increase in deal win rates.
4.5. Scratchpad
Scratchpad provides an intelligent assistant for sales teams to capture notes, retrieve information, and automatically log activities. It helps monitorthe evolution of commits compared to the Best Case scenario throughout the quarter and gain immediate insight into why thepipeline increased or decreased overnight.
Key Features
- Voice-powered note-taking during calls
- Contextual information retrieval
- Activity syncing with CRM and calendars
Scratchpad helped a company increase pipeline generation by 25%.
4.6. Seamless.AI
Used by leading companies, Seamless.AI offers an enterprise-grade sales intelligence platform. It is powered by over 100 million verified B2B contacts and 50 million companies. Seamless.AI is a sales assistant that qualifies leads, books meetings, and automates admin tasks. Their conversational AI engages prospects over email and SMS to personalize engagement efficiently.
Key Features
- List builder to quickly create targeted prospect lists
- Email finder to build contact lists and engage the right decision-makers
- Email automation with tracking and reminders
-Chrome extension for finding contact information across the internet
With Seamless.AI, companies frequently see ROI improvements ranging from fivefold to tenfold.
4.7. Lusha
Lusha is a leading sales intelligence and engagement platform that uses data and technology to help sales teams drive more personal and effective interactions. Lusha provides actionable intelligence to sales teams and a Chrome extension that integrates seamlessly into existing workflows. The company enriches prospect data automatically to give sales professionals the insight they need to close deals.
Key Features
- Email verification and deliverability to maximize campaign performance
- Contact insights like seniority, social profiles, and connections
- Lead scoring and activity tracking
- Instant data prompts to minimize research time
Lusha closed 25% more deals for a company through 280M+ contacts.
4.8. Spotler UK
Spotler is an AI-powered sales intelligence platform that delivers actionable insights on prospects and customers. With Spotler's intuitive interface and wealth of insights, sales teams can quickly identify high-potential accounts, uncover customer trigger events, and personalize outreach for greater sales productivity. It provides lead generation and automation to improve the sales pipeline.
Key Features
- Comprehensive intent data and ABM based on web activity
- Seamless integration with popular CRMs and sales tools
- Automated workflow tool for lead nurturing
- Utilise advanced personalization techniques to track and retarget abandoned carts.
Spotler UK helped a company achieve an 11X return on investment through personalization.
4.9. Pipeliner CRM
Pipeliner CRM aims to empower sales teams with actionable intelligence throughout the sales cycle. Pipeliner centralizes contacts, accounts, and deals while providing actionable suggestions based on signals in the data. Sales reps gain an accurate forecast while managers have transparency into team performance.
Key Features
- Interactive sales pipeline with AI-powered insights on win probability
- Sales productivity analytics to identify areas for improvement
- Automated data enrichment and scoring to focus on hot leads
- Interactive sales pipeline with AI-powered insights
4.10. Dealfront
Dealfront helps sales teams move swiftly on the best opportunities by aggregating buyer and account data. Its real-time alerts notify users of any account changes. Dealfront equips salespeople with a complete view of target buyers and accounts. By centralizing data points from the web and aggregator sites, reps can focus on selling with a competitive edge.
Key Features
- Fast prospecting with company and contact search
- Market research reports to understand accounts
- Powerful intent data and lead scoring to identify high-propensity targets
- Contact information and org charts for personalized outreach
Connect with the right decision makers from over 180M+ contacts to turn them into B2B leads.
5. Wrap-up
The transition to digital platforms in sales processes marks a significant evolution in how businesses operate. This digital transformation improves workflow efficiency and provides more access to crucial customer data. It also streamlines collaboration between the sales and marketing teams.
This trend of sales intelligence is bound to continue, with digital tools becoming even more sophisticated. Developments in artificial intelligence and machine learning are likely to offer even deeper insights into customer behavior. This will further personalize the sales experience. Additionally, integrating virtual and augmented reality technologies has the potential to revolutionize how products and services are demonstrated and sold.
The future of sales is also set to become more predictive and proactive. With the vast amount of data collected, modern B2B sales strategies can be increasingly driven by predictive analytics. This enables sales teams to anticipate customer needs and preferences before they are even expressed. Businesses might offer tailored solutions to customers at the right time, leading to a more intuitive sales process.
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Ad Tech and Martech
Article | May 14, 2024
There is no doubt that we are experiencing times of tremendous change and uncertainty. Yet Univision's mission remains the same -- to inform, empower and entertain U.S. Hispanics.With a strong programming lineup, due to exceptional content partners and a proven strategy, we are focused on super-serving our audience, especially now when they need us most.
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Advertiser Platforms
Article | March 12, 2024
Discover the importance of quote management in business success. Learn the creation, handling, and tracking of quotes, facing common challenges, and embracing innovations in quote management.
Contents
1. Understanding Quote Management
2. Probable Challenges in Quote Management
2.1. Inaccurate Data Entry
2.2. Complex Pricing Structures
2.3. Customization Demands
2.4. Long Turnaround Times
2.5. Integration with Other Systems
2.6. Globalization Challenges
2.7. Lack of Visibility
2.8. Maintaining Profit Margins
2.9. Identifying Risks
2.10. Resource Allocation
3. The Next Frontier in Quote Management
1. Understanding Quote Management
Quote management is a nuanced and systematic process that involves the creation, handling, and tracking of quotes or estimates offered to clients. In business, especially within sectors like sales, services, and manufacturing, quote management and estimate management is a critical aspect that bridges customer interest and actual sales.
Quote management, also known as quotation management, is a strategic function that governs the development and issuance of quotes to customers. This process includes compiling service or product costs, terms and conditions, and detailed descriptions informing potential buyers about what they're purchasing and at what price.
Indeed, it encompasses understanding market trends, customer behaviour, cost optimization, and risk management.
Quote management entails a deliberate approach to fostering client relationships. The quotes' promptness, accuracy, and quality reflect a company's professionalism and willingness to meet customer needs. Sales teams, guided by quote management principles, tend to structure quotes that reflect a deep understanding of customer requirements, leading to increased chances of conversion. They also incorporate upselling and cross-selling techniques into the quote whenever appropriate. Below is the guide to quotation management for businesses, both budding and established businesses to solve the cost estimation problems through strategic solutions.
2. Addressing Probable Challenges in Quote Management
2.1. Inaccurate Data Entry
Maintaining data integrity is paramount, but human error can lead to inaccuracies that affect the efficiency and reliability of processes such as generating accurate quotes. Typically, manual data entry practices contribute to these errors because they rely heavily on human attention to detail, which can waver due to fatigue, high workloads, or simply inadvertence.
Quotation management and implementing techniques like using automated data capture tools and deploying robust validation checks can solve this. Here is how the solution unfolds:
Leverage Automated Data Capture Tools
OCR Technology: Utilize optical character recognition (OCR) technology to convert different types of documents, such as scanned paper documents or images, into editable and searchable data.
Barcode Scanners: Implement barcode scanning for quick data entry of product information, reducing manual input.
Electronic Forms: Use e-forms with predefined formats to ensure that all necessary data fields are captured accurately.
Voice-to-Text Solutions: Employ voice recognition software for hands-free data entry, particularly useful in logistically challenging environments.
Offer validation checks like cross-database validation data entries against other databases to validate accuracy and highlight inconsistencies.
Support business objectives with data management rather than undermining them with inaccuracies.
2.2. Complex Pricing Structures
Tired of grappling with the intricacies of product's complex pricing? Calculating accurate quotes should not be a puzzle, nor should it drain the valuable time and resources.
Differentiation in customer segments, purchase volumes, geographical areas, and promotional offers can create a tangled web of pricing combinations.
Features That Make a Difference
Rule-Based Calculations: Set complex rules based on any combination of factors—product combinations, market conditions, and customer categories. The software does the arithmetic instantaneously.
Real-Time Updates: Market changes? No problem, update rules or promotions globally in real-time, reflecting immediately in every quote.
Detailed Analytics: Gain insights into how different pricing strategies perform, identify patterns, and make data-driven decisions to optimize profits.
Error Reduction: Eliminate undercharging or overcharging, and safeguard businesses from costly pricing errors.
Faster Quote Turnaround: Rapid, accurate calculations significantly reduce the time from quote to cash.
Adapt, compete, and win with pricing software that's as dynamic as the market itself.
2.3. Customization Demands
Today, personalization is the name of the game. Customers yearn for products or services catering to their needs and preferences. This growing demand for customization does present a challenge for businesses aiming to maintain standardization while still satisfying their clients' unique requirements. An effective strategy to address these obstacles in quotation management is the development of a flexible quote management system.
Customization can often lead to complex pricing models, longer sales cycles, and a greater potential for errors in quoting. A dynamic quote management system, or an estimation management system can streamline this process and ensure accurate pricing, irrespective of product or service personalization level. It must include:
Dynamic Pricing Engine
Allows for real-time pricing calculations based on the custom specifications requested by the client.
Can accommodate discounts, promotions, and other variables that might affect pricing.
Product Configuration Tools
Provides a user-friendly interface for customizing the product or service features.
Automatically update the quote with any changes made to the configuration.
Approval Workflows
Establishes a clear approval process for custom quotes that may fall outside standard pricing guidelines.
Ensures quotes are reviewed by the necessary personnel for pricing integrity.
Integrations with CRM and ERP Systems
Ensures all customer data is up-to-date and relevant discounts or terms are applied.
Facilitates a seamless flow of information across different business systems.
Audit Trails
Keeps a record of all changes made to a quote for transparency and accountability.
Facilitates compliance and enables businesses to review past quotes for improvements.
The software segment held the largest share of the global risk management market by component in 2022, and this trend is anticipated to continue in the coming years. Given that the demand for a greater level of customization is a significant factor driving companies to increase their investment in the gamble executives market.
Customization is not only desired but expected by clients!
2.4. Long Turnaround Times
Businesses cannot afford to have prolonged turnaround times when generating quotes for their clients. The time it takes from customer inquiry to quote delivery is critical, and efficiency here could be the deciding factor in winning or losing a deal.
Configure Price and Quote (CPQ) Software Market Size is projected to reach multimillion USD by 2031, In comparison to 2024, at unexpected CAGR during the forecast period 2024-2031.
To address this issue, companies should opt for implementing CPQ (Configure, Price, Quote) software to streamline and expedite the quote generation process. The benefits it provides are:
Accelerated Quote Generation: CPQ software dramatically reduces the time it takes to generate quotes, often from days to hours or even minutes, ensuring prompt customer responses.
Error Reduction: By automating configurations and pricing, CPQ software minimizes errors with manual quote processes, ensuring quotes are accurate and professional.
Dynamic Pricing Structures: CPQ allows for easy customization of quotes, considering various customer needs including volume discounts, customizations, and promotions, automatically applying the best pricing rules and discounts based on customer engagement.
Scalability: Whether dealing with a handful of complex quotes or thousands of simpler ones, CPQ software scales to the business volume without compromising speed or quality.
Integration: CPQ solutions can integrate with other enterprise systems, such as CRM and ERP, providing a seamless flow of information across the business.
Workflow Optimization: Approval processes can often slow down quote generation, but with CPQ software, workflows can be customized and automated for each unique product or customer.
Invest in CPQ software to keep pace with the demands of modern commerce.
2.5. Integration with Other Systems
To address the challenge integration, it's crucial to choose quote management software that is designed for compatibility and seamless integration with businesses' current systems. Features to look for in quote management software integration include:
API Accessibility to ensure the quote management software provides robust application programming interfaces (APIs) that facilitate easy data exchange between systems.
Pre-built Connectors to drastically reduce the time and effort required for integration.
Customizable Workflow to adapt to businesses' existing workflows and help maintain consistency across different systems.
Real-time Data Sync to ensure that any change in the quote management system is automatically updated across all integrated platforms.
Data Mapping and Migration Tools for a smooth transition of data from existing systems to the new quotation management software.
Security Protocols, since they involve data transfer, require high-level security features that are non-negotiable to protect sensitive information.
Support and Training for comprehensive support to troubleshoot quote management issues like integration issues.
Flexible Customization to meet specific business needs without compromising the integration with other systems.
Be well on the way to harnessing the full potential of the business technology stack.
2.6. Globalization Challenges
Businesses often face the intricate task of dealing with multiple currencies and languages. This complicates various aspects of operations, particularly in managing quotes and financial transactions. Issues may arise from currency conversion rates, which fluctuate and can impact profitability, to language barriers that impede clear communication and documentation consistency.
To effectively overcome these globalization hurdles, companies should implement software solutions equipped with multi-currency and multi-language capabilities, providing:
Real-Time Currency Conversion
Currency Display Customization
Multi-Currency Reporting
Localized Interfaces
Translation Tools
Language-Specific Documentation
2.7. Lack of Visibility
Sales teams often face the challenge of having insufficient visibility into the status of quotes and approvals, causing delays and inefficiencies in presenting propositions to clients. Without a clear view of where each quote stands in the process, sales reps might struggle to provide timely updates to clients, potentially harming the customer experience and impacting the closing of deals.
To combat this, the implementation of comprehensive dashboards and tracking features is essential. These tools provide sales teams with:
Real-time visibility into every stage of the quoting process, allowing for more effective management and communication.
They also offer instant overview and data-driven decisions.
By equipping sales teams with these enhanced visibility tools, companies can expect to see improved coordination, faster response times, and, ultimately, a more streamlined path from quote to sale.
The increased transparency will empower sales teams and contribute to a more positive and trustworthy relationship with their clients.
In an interview with Machintel Media (previously Media7), Olivia (Ross) Taylor, Director of CRO rightfully said that, “One thing to consider is backing up your clients with data. If you are offering some sort of platform that will save me time on the implementation of a process, then tell me how much time I’m going to save. If you say, ‘Cut down your execution time by 90% with our platform’, that’s a unique value proposition.”
2.8. Maintaining Profit Margins
Maintaining profitable margins while offering competitive pricing is one of the common B2B quoting challenges faced by businesses across various industries. Achieving this balance requires strategic planning, thorough market understanding, and diligent cost control. By understanding the impact of different pricing strategies on margins, businesses can make informed decisions to optimize their financial outcomes, through the following steps:
Collect Data
Gather detailed historical sales data, production costs, marketing expenses, and any other relevant financial information. This data provides the foundation for margin analysis.
Analyze Cost Structure
Break down costs into fixed and variable categories. Understand how each cost contributes to the overall price of the product or service, and identify opportunities for reduction or efficiencies.
Monitor Competitor Pricing
Maintain a current understanding of competitor pricing strategies through market research. This information is vital in setting prices that are attractive to customers yet sustainable for the business.
Pricing Strategy Development
Use analytics to simulate how different pricing models affect margins of businesses. Consider implementing pricing strategies such as value-based pricing, tiered pricing, or dynamic pricing where appropriate.
Implement Reporting Tools
Deploy reporting tools that provide real-time visibility into sales performance and margin health. Dashboards should be user-friendly and present key metrics succinctly.
90% of pricing and demand forecasting still depends on spreadsheets, excel and gut-feeling decisions. This comes with challenges as these methods are not flawless and could potentially hurt pricing strategy, resulting in leaving money on the table.
2.9. Identifying Risks
Identifying probable risks in any project or operation is crucial for preventive planning and managing unforeseen sales quoting challenges. To counter this, regular and thorough risk assessments are essential, coupled with horizon scanning to stay ahead of the common quoting process issues.
Risk assessment is a critical process in project management that involves the identification, analysis, and mitigation of risks that could potentially affect a project's objectives. Conducting regular risk assessments allows project managers and their teams to:
Prepare for and reduce the impact of risks
Allocate resources more efficiently
Increase likelihood of successful project completion
Build confidence among stakeholders
Strategies for identifying hidden risks
Conduct regular risk assessment sessions
Engage in horizon scanning
Utilize risk assessment tools and frameworks
Involve a diverse team in the risk assessment process
Encourage open communication and reporting
Consider historical data and lessons learned
Carry out 'what-if' scenarios
The global risk management market size is projected to reach Multimillion USD by 2028, in comparison to 2021, at an unexpected CAGR during 2022-28.
2.10. Resource Allocation
Effective risk mitigation is a critical component of managing any project or operation. However, organizations often need more resources, which can impede their ability to implement strategies to address potential risks. This underscores the importance of allocating a portion of the budget toward purchasing or subscribing to a comprehensive quote management system. It is necessary for automating repetitive tasks, reducing human error, and speeding up the quoting process.
Factors to be considered include:
Financial Resources
Ensure QMS integrates seamlessly with customer relationship management (CRM) system for streamlined operations.
Consider cloud-based platforms for real-time quote updates and accessibility from anywhere, enhancing collaboration among sales teams.
Human Resources
Conduct workshops that highlight best practices for creating and managing quotes.
Develop certification programs for teams to become experts in using the quoting tools at their disposal.
Optimal selection for resources and their management is required to provide:
Improve Data Analytics
Regularly track and analyse conversion rates, average sales cycles, and quote-to-close ratios.
Use predictive analytics to forecast future quoting trends and prepare the inventory and resources accordingly.
Optimize Human Capital
Create specialized roles for quote analysis, negotiation, revision to quotation process streamlining and improving response times.
Establish cross-functional teams that work together to address complex quoting scenarios for large deals or strategic accounts.
Marketing-Sales Alignment
Marketing campaigns should be aligned with sales goals to generate qualified leads that require quotes.
Marketing should develop customizable templates and content that sales teams can easily incorporate into their quotes.
3. The Next Frontier in Quote Management
The efficiency of quote management processes can distinguish between winning and losing valuable opportunities. Quote management is crucial for businesses that rely on accurate and timely quotes to close deals. However, many challenges can complicate the B2B sales quoting process, impacting a company's profitability and customer satisfaction. Innovations in quote management include intelligent solutions and data analytics that can predict and shape complex pricing strategies while minimizing errors. Advanced software facilitates global scalability while maintaining compliance with varying tax laws. To improve visibility and control, quote management systems now offer real-time dashboards and reporting tools that provide insights into performance, margins, and quote status.
Optimizing resource allocation is made simpler through predictive analytics and workflow automation, ensuring that the right people and tools are dedicated to each step of the process. As businesses continue to evolve, so must quote management systems. By adopting advanced solutions for quotation management and quoting processes’ best practices, companies can pave the way for more profitable, efficient, and customer-centric operations. The future of quote management is about agility, precision, and integration, attributes that must be embraced to stay competitive in the modern marketplace.
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