When will the client select your products or services? Only when you present the product and engage with them appropriately.
The sales process is applicable in almost every industry. From landscaping businesses to software as a Service (SaaS) companies, organizations invest a lot of their time and energy in redefining their sales process. This way, they tend to close more deals and earn more revenue.
Moreover, a sales process brings value to your eCommerce business and offers significant advantages by improving the efficiency and functionality of the business, and by managing and tracking the overall sales performance, thereby enabling you to achieve sustainable results.
However, all these benefits are acquired only when you follow the appropriate steps of the sales process. In this blog, we will discuss some of those important steps that you must follow in your sales process. We will also discuss how advanced online sales quotation software can help you in this process.
What Is B2B Sales Process?
The B2B sales process refers to a set of repeatable steps that B2B businesses take to sell their products or services to other businesses. It is applicable in almost every field. However, based on the intricacies, the sales process varies from company to company.
Every organization selling products or services can reap benefits by defining the sales process and encompassing every step of the potential customer’s sales journey. When you define your company’s sales process, you have to consider numerous factors like current context, audience profile, etc.
Steps Included In B2B Sales Process (From RFI to Invoice)
The steps included in the B2B sales process are:
Request For Information (RFI)
The first step of the sales process is Request For Information or RFI. It is a preliminary document a company sends you to gather information about your product or services. For example, a company having no knowledge and experience of procurement software wants to learn about it by sending you a Request for Information (RFI).
In short, it is a fact-finding process in which the client will ask specific questions concerning the complete range of products and services offered by you. It will include the industry you specialize in, the fees structure you offer, licensing of terms and conditions, and much more.
With RFI, the sender evaluates the most viable and potential suppliers. This way, they save a lot of time and money incurred in the later stages of evaluating detailed proposals. It is sent in a standard form, thereby streamlining the process of comparing the responses. Moreover, RFI can also increase competition among vendors, especially when it is shared publicly.
Request For Proposal (RFP)
After RFI, the next step of the eCommerce business sales process includes Request For Proposal (RFP). In this document, the vendors are asked to provide solutions for the companies’ problems and requirements. It constitutes specifications concerning the needs of the companies like the ultimate purpose of the project and unique requirements necessary for the job. It connects the companies with the resources available outside their organization so that they can fulfill their business needs.
RFP provides them with considerable information necessary to find a logical solution. With the help of RFP, companies tend to acquire comprehensive information about your business’ background and the requested products and services. Sometimes, it even includes questions concerning the methods your organization uses in delivering the products and services and the cost associated with it.
Request For Quotation (RFQ)
Request For Quotation (RFQ) is the third step in the B2B sales process. This document aims at evaluating the specifications required by the companies. Let’s just say that it is a document that is used for a software-related B2B project. It helps the company to evaluate its current system and the techniques it can use to change and improve it soon.
RFQs or Request For Quotation are mostly preferred by procurement departments since they have similar features and functionalities. It enables the companies to compare and analyze the suppliers before finalizing the most competitive quote for contract negotiations.
The clients select the suppliers by considering several factors like suppliers’ capabilities, delivery time, competitive price, payment terms, etc. Since this document is sent to selected suppliers, there is a significant degree of security and even reduces the time required for procuring goods and services.
However, the response of the supplier is not a binding contract. Along with it, you need to send quotes that are compared and reviewed by the client. The purchase order is then sent to those organizations that can specify its terms and conditions appropriately.
Lastly, the supplier sends an invoice to the company to collect due payments for the cost of products and services rendered. Invoices billed to customers on time not only aim to receive payments promptly but also reduce the likelihood of delayed or unsuccessful payments. Further, it increases operational efficiencies and provides convenience to both suppliers and customers.
How An Advanced Online Sales Quotation Software Can Help In Sales Process?
With the help of sales quoting software, you can streamline your sales process and increase the frequency of closing the deals faster. It combines an intuitive user experience with an extensible platform to serve the needs of businesses of all sizes.
Moreover, if you implement an advanced online sales quotation software, it helps in streamlining the sales process in the following ways:
Streamlines The Quotation Process
Drafting proposals and acquiring approvals consumes a lot of time for the sales professionals. The entire process of generating quotes in stand-alone programs like Microsoft Word or Excel hurts revenue and customer satisfaction over a while. However, when you use sales quoting software, you expedite the process of creating quotations and sending them to the interested parties significantly.
Increases Efficiency In Sales Operations
Online sales quotation software brings consistency to the sales operations. Ensuring consistent pricing and discounts and reflecting the consistent brand image in the quotes with the help of this software makes your organization unified and reliable. It also notifies the buyer about the new product updates and also adjusts the configurations and prices instantly once the changes are made.
Helps you to sell more
The online sales quotation software enables the sales team to focus more on selling rather than working on sales and quote documents. It saves time, money, overhead, and increases the productivity of the entire team by providing documentation in a single database.
Provides Accurate Reports
An appropriate sales quoting software provides the sales team access to accurate reports in real-time and even helps in gaining insights for streamlining the sales process. This information allows you to understand your business appropriately and make necessary changes.
Create Impressive Sales Quote
The sales quote helps businesses to monitor and analyze the costs involved in purchasing particular products and services. It constitutes an itemized list of products and services, with the prices and terms of sales and payments. Using sales quoting software, you can create an accurate, consistent, and error-free sales quote using appropriate templates. An impressive sales quote will assist you in closing the deal faster.
Following an efficient sales process provides a great framework for your sales strategy. B2B eCommerce businesses face a lot of challenges. But they can overcome them effectively, by using advanced online sales quotation software. Also, with the market, consumer behavior, and demand evolving continuously, it is important to keep updating your sales process consistently, and staying ahead of the competition.