In the world of business, your success is dependent upon proper management of your revenue, profits, and expenditures. Your cash flow is how you stay afloat, and it must be optimized in order to keep the business alive. Different strategies can be implemented to improve your cash flow quickly, and many can deal directly with your sales reps. Let’s explore the top five ways you can help your reps quickly recognize a higher cash flow.
Your easiest sales should come from existing customers. Identify your most-satisfied customers and find ways to provide more value for those customers. If they’re already satisfied with the product or service they receive from you, why wouldn’t they consider spending more to receive even more of what you have to offer?
Encourage your sales reps to look for opportunities to cross-sell bundled products and services or upsell more of what they’re already getting from you. This strategy can work as an easy strategy to quickly improve cash flow, as reps won’t have to start fresh with a new prospect.
Shorten the Sales Cycle
Closing deals is dependent upon maintaining the momentum and urgency generated in the sales process. If sales reps are taking days to configure products and generate quotes for prospects, they can easily lose that sense of urgency and, consequently, the sale.
With a quote-to-cash software solution like Salesforce CPQ, sales teams can configure products and services based on business rules and logic. Products and prices are then stored in one central location, where they can easily be updated as needed and pulled to generate quotes for prospects. Quotes are thus generated by the click of a button, so sales reps can enjoy speed as well as accuracy when delivering quotes to prospects.
CPQ systems allow reps to capitalize on the momentum they generate in the sales cycle, and considerably reduce the average time from initial opportunity to closed sale.
CPQ software can also boost the cross-selling and upselling opportunities covered in the first point. Sales reps can identify these opportunities through CRM data, as CPQ systems often easily integrate with existing CRM software.
Increase Time Reps Spend Selling
Most sales teams are already using CRM software like Salesforce to track leads and customer relationships. The Salesforce CPQ system is built to seamlessly integrate with the Salesforce Sales Cloud and Service Cloud and can help improve your cash flow by increasing the time your reps spend selling when they’re able to cut out administrative tasks and manual processes. Since reps will also be able to work an opportunity from start to finish all within the same app, they can count on improved accuracy in the quotes and proposals they’re generating.
Additionally, if your sales team is familiar with Salesforce through the CRM product, they won’t have to learn a new application by implementing the Salesforce CPQ. You can also hire certified Salesforce CPQ implementation experts to ensure your platform is designed quickly and accurately, and to provide your reps with a smooth onboarding experience.
Set Reps Up for Success
If your sales reps want to be successful in the modern age, you must equip your team with the tools they need to keep up with prospects and competitors in your industry.
This means enabling both your sales team and prospects with a way to go through the entire sales cycle from anywhere, on any device. Reps need to be ready to meet the prospect wherever they are to enhance the customer experience.
Cloud-based CPQ systems like Salesforce CPQ provide greater visibility across the entire sales process with accessibility from any device, anytime, anywhere. This universal access will allow your reps to close deals when they otherwise might not have had the means to do so, thus improving your cash flow at the same time. We also recommend doing a comparison of CPQ software to see which is right for your business.
A Salesforce implementation team can assist in this as well, helping you build out your custom CPQ use case to provide your sales team with access to their updated data from any device, at all times.
Use Reports and Dashboards to Identify Trends
Is your sales team utilizing the data they’re collecting in every sale? Do you know which metrics to track, and how to analyze your results? You can use the insights collected in CPQ dashboards and reports to see what’s working for your sales reps, and what needs improvement in order to focus on what will increase your cash flow the quickest.
These custom revenue reports and dashboards can be accessed anywhere you can access Salesforce CPQ, so you can easily identify your top-spending customers, most profitable customers, and the most successful pricing models.