How can CPQ & AI help your business price it right and keep your customers?

Posted On by Rita Martin

If you are a small, medium or large business owner, you must have already learned the true value of using a quality CRM (customer relationship management) software to automate your sales, service and perhaps even marketing. With so many things on your mind, you are always looking for ways to save time and effort and focus on things that require more creativity.

We are seeing a paradigm shift in sales from being reactive to proactive, and from instinct-driven to insight- and data-driven. Artificial Intelligence (AI) can guide the sales journey from identification to customer retention. Sales applications can pick up each and every signal, in the form of any action, by any customer, community, or partner, while machine learning can continuously improve actions, offers, and processes for your sales organization. So how can AI create value?

Price Smarter and Influence Sales Behaviour

Smart sales companies are looking to get ahead of the curve by mining their own deal data and operationalising individualised pricing recommendations. Knowing what discount, if any, to give a client is always a tricky situation. You want to win the deal, but at the same time you don’t want to leave money on the table.

Today, an AI algorithm could tell you what the ideal discount rate should be for a proposal to ensure that you’re most likely to win the deal by looking at specific features of each past deal that was won or lost. Features could include: size of the deal in terms of product specification compliance, number of competitors, company size, territory/region, client’s industry, client’s annual revenues, public or private company, level of decision-makers (influencers) involved, timing (e.g., Q2 vs Q4), new or existing client, etc. We will show you how augmented intelligence can assist every salesperson appropriately price deals in real time.

How to use Salesforce to reduce your Churn

But all that hard work will be in vain if your customers start cancelling their accounts after a month or so. Salesforce can make retaining your customers or at least reducing your churn rate a bit easier by enabling you to get customer 360° view of your every customer.

In fact, depending on your niche, customer acquisition can be 5-25x more expensive than customer retention. If we add to that a 5%-increase in customer retention can lead to more than a 25% increase in profit, it’s clear that reducing customer churn should be one of your top priorities. We are going to show you how to use Salesforce to retain more of your customers.

To conclude AI can’t replace the value of human interaction when it comes to building relationships with customers, but it can make them smarter and more productive through guided selling and automating the operational job, allowing sales reps to focus on their primary job: Delivering value to customers and building loyalty that leads to organic revenue growth. If you have not yet embraced the trend, you are missing a crucial competitive edge. Still wondering where to start, come to see this in action talk to us .

Join 4C at booth #177, where we will showcase the power of A.I, featuring Einstein Analytics and Salesforce CPQ and discuss why reducing customer churn should be one of your top priorities.