Clients and sales are two intertwined and crucial assets for any business. While sales bring in revenues and profit, clients play an integral role in driving up sales. Thus, client experience and satisfaction are crucial for a company’s health.
Increased revenue for businesses calls for a comprehensive and integrated sales process and tools which can project the sales graph in an upward direction. An ineffective sales process can divert clients to contemporaries who offer a better customer experience.
The QTC Approach for Enhancing Customer Satisfaction
Quote-to-Cash presents a streamlined solution that is speedy, accurate and keeps the entire sales team connected to vital information.
However, before we explore how to enhance your customer experience with a Quote to Cash solution, let us take a glimpse of what is Quote to Cash along with the reasons for its popularity amongst businesses.
What is Quote to Cash?
Quote to Cash, often abbreviated as QTC or Q2C, forms a necessary part of the sales life cycle. Sales are the most significant asset that helps drive up profits for companies to scale up their revenue. As QTC comprises quote generation, building contract copies, and placing orders for sales, applying the Q2C system streamlines the entire sales process.
A Q2C cycle enables efficient customer service, besides providing the organization a better clarity of the sales cycle. A custom-designed QTC tool lets the sales team be equipped with the latest stock and sales updates, develop and deliver appropriate deals, finalize customer orders, and quicken the renewals with proficiency.
Steps Involved in QTC
Q2C follows an organized process that includes lead management, Configure – Price – Quote, order fulfillment, generating invoicing, making payments, and improving renewals. It also enables the sales team to upgrade their performance, optimize sales, and enhance overall client satisfaction.
The various stages in which a QTC helps businesses given in brief here:
Selection of Production and Configuration – Offering an ideal combination of products and services to win deals.
Building Pricing Structure – Identifying the perfect pricing to provide appropriate quotes to crack best deals
Quotation – A well-developed builds best quotes for clients
Generating Contract: Includes appropriate clauses in alternate language at the request of clients.
Order Fulfilment – Offers complete transparency of orders to the clients, thereby making it easy for clients to know about contracts and pricing.
Billing – Capturing every aspect of the agreement and generate bills within the timelines.
Improve contract and Renewal – Identify clauses in the agreement and update the contract for renewal
How QTC ensures customer satisfaction?
Converting a prospective lead into a customer requires effort. Every customer counts, making it to grade up sales efficiency to enhance customer satisfaction. A QTC can refine your sales process in many ways:
1. Building a configuration for all offerings
The present-day business market is competitive than ever, making it imperative for companies to choose the right mix of offerings. Q2C presents an ideal platform for the sales team by recommending varied solutions by analyzing clients’ needs and requirements, thereby driving sales to a higher level.
2. Applying appropriate pricing methodology
A perfect pricing strategy for the products is imperative for driving up sales. The deciding factors for pricing include promotions, discounts, and incentives, along with other aspects.
Q2C process allows the sales team to gain insight into previous prices applied and know about the successful promotional strategies in the past. This gives clarity on revamping the old strategies or picking from among the successful ones.
3. Utilize the Big Data for quotes generation
QTC enables users to utilize big data and machine learning to drive more intelligent sales. It benefits the customers to know about the incentives included in the quotation process. Besides, businesses can also highlight the selling recommendations for production. Furthermore, a CPQ system also allows the team to build speedy, personalized, and error-free quotes, thereby reducing the risk of error by limiting mistakes in quotes, orders, or material billing.
4. Building Contract with appropriate clauses
Contract building is crucial for all businesses. There should be no room for any mistakes that may affect the revenue flow. It is necessary to have all the clauses included in the agreement.
Q2C provides proper provisions, terms, and condition (renewals, termination) that offers complete security. It assists sales reps in presenting alternative clauses as requested by clients, thereby preventing the need to reach legal for approval. Thus, it allows companies to develop detailed, mistake-free contracts that provide complete security to the company and clients regarding the clauses in the agreement.
5. Easing Negotiations and Execution
Negotiating the policies mentioned in the agreement is an essential part of sales. Q2C eliminates the possibility of delay by reducing the need for multiple iterations in the contract. The system highlights the clauses and amends the terms mentioned by keeping all the clients in a loop, thus enhancing the efficiency by speeding up and improvising the negotiation process.
Besides, Q2C allows enterprises to enable an eSignature that cuts down the overall time taken in finalizing the deal. They can finalize the deal using eSignature. It also builds customer experience by noting the roadblocks in the contract and alerting pending tasks in sealing the agreement.
6. In time Order Fulfilment
Action speaks volumes when it comes to customer satisfaction. Customers need on-time delivery every single time. However, when negotiating with multiple customers simultaneously, it will be challenging to offer 100% fulfillment.
Q2C allows customers to gain complete information about their orders and their completion. Furthermore, it enables customers to gain insight into pricing, terms of the agreement, quotations, etc., for parties. Clients herein can know if the amendments and changes are communicated to clients and connect them with the ERP process accordingly.
7. Creation of Invoice
Q2C allows companies to develop accurate billing systems. It helps determine if there is a proper inflow of Cash, total revenue, and forecast. Q2C system ensures zero mistakes that are otherwise prone in a manual process, besides providing adequate visibility to all parties.
QTC system with its invoicing technique keeps a tab of timelines, commission, discounts offered, etc., accurately covering every aspect mentioned in the quotation.
8. Reception of Revenue and Renewal of contract
Quote to Cash enables companies to forward the necessary data mentioned in the agreement, such as price, delivery date, etc. With this, the company gains an understanding of their overall revenue or Cash received with accuracy.
Well, the advantages of QTC do not end here. The most significant benefit of QTC is when the client wants to repeat their business. Staying updated with the contract terms and norms becomes mandatory for companies at this point. Q2C comes across as an efficient technique for managing client retention rate. It helps in the identification of redundant agreements and lets sales go through a single unified system. Besides, Q2C suggests quotes related to pricing, allowing companies to improve the renewals and better the client’s experience.
Summarizing the Benefits of QTC
QTC empowers companies to update their sales process. Besides, it accelerates the framework with a predictable revenue flow, thereby building the overall client experience. Applying the Q2C system helps in building productivity, pricing and quotation building, on-time order completion, timely delivery, etc. Also, it allows organizations to:
- Manage leads
- Identify varied options with existing clients
- Reduce errors in contracts
- Build quotes using studying previous trends that benefit the present sales system
- Automate the entire sales cycle
- Present quick quotes with appropriate proposals
- Allows representatives to personalize deals for each client separately.
- Reduce billing errors
- Automated system for renewal
- Strengthens the internal team through its intuitive tools that automated tasks
- Offers an integrated Platform for a Perfect Sales Process with automated techniques
Thus, Q2C is the most efficient system to upscale client experience with its potential of handling even the most complex configuration of assemblies for your clients.
Cloudely – Experts in QTC, CPQ and CLM
We have over a decade-plus experience in designing QTC solutions for global companies. Let us help you with a QTC tool that boosts your revenue and customer engagement. For more details, reach us at firstname.lastname@example.org. You can also ping us on our social media: Facebook, LinkedIn, and Twitter.