How to Maximize Value of Data-Driven Technology in Sales

Today’s companies rely on data and technology to build their competitive advantage. The constantly evolving market is forcing many companies to change their operating sales model and sell more efficiently. Customers are tired of being bombarded with irrelevant product pitches. In response, many sales professionals have transitioned from selling products to ‘solutions’. Demands continue to rise as seamless buying experiences become the standard, not the exception, in the minds of customers.

Configure price quote (CPQ) tools and emerging SaaS platforms provide a way to keep up with these changing demands by bringing structure, automation, and visibility to key selling processes. These tools are changing critical business processes and providing solutions that lead to transformation and improved efficiency in business practices.

Here are our top tips to maximize the benefits of CPQ applications in your own organization:

  • Automate as many steps in manual processes as possible. Removing time-consuming tasks enables your sales team to focus on the tasks that are more important.
  • Avoid over-communication and ensure that all automated messages and reminders sent to salespeople are effective. For example: if reminders to perform an action are frequently ignored, increasing their frequency is not the answer. Ensure these automated messages are valuable and contain necessary information. Consider when a required task must be completed and send the reminder at a time that allows for completion, but also instills some urgency. Otherwise it will likely be postponed or forgotten.
  • Rationalize the product catalogue by separating the information relevant to salespeople and customers from the information used in back-end processing. 
  • Provide guidance on deal margins and parameters for approval review processes to ensure that all deals are aligned with your business objectives. 

To know your customers well enough to provide them with the customized experiences they require, you must understand your data and empower your sales team with it. Enhance your reports and dashboards with the information derived from CPQ tools.

Use CPQ data to:

  • Identify high-demand SKUs and those that do not contribute to your margins.
  • Compare winning and losing proposals and identify patterns that can help improve your sales performance.
  • Analyze margins to highlight components of the most profitable deal type.
  • Increase your upsell and cross-sell conversions by implementing product bundling and relevant product recommendations based on your customer data. 

Using a CPQ tool in these key areas of your business processes will drive the change that your organization needs to stay competitive in the modern market. Improvements in financial and operational performance will directly impact your business’s growth.

For more tips on how the best businesses are empowering their sales teams, join us at the Salesforce World Tour in London or download our report on CPQ.
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Bluewolf, an IBM Company, is a global consulting agency and proven Salesforce strategic partner that builds digital solutions designed to create results. Now.