In a B2B (Business to Business) company using Salesforce CRM (Customer Relationship Management), the average Selling Price (ASP) can be increased through several process improvements focused on a deeper understanding of stakeholder needs, ensuring all relevant stakeholders are involved, and creating a cost-benefit analysis and ROI to justify the investment. Here’s a detailed exploration of these points:
- Greater Understanding of the Needs of the Stakeholders:
Understanding stakeholder needs and aligning them with your product or service is crucial. Salesforce CRM can aid in this process by providing detailed insights into customer behavior, preferences, and needs through customer data analysis. These insights can be used to tailor products, services, and communication to match the needs of the stakeholders.
Personalized offerings: Segment the customer data in Salesforce CRM to identify patterns and trends. Use these insights to create personalized offerings that meet the specific needs of your stakeholders. Tailoring your offerings to individual customer requirements can justify a higher ASP.
Value-based selling: Instead of focusing on the features of your product or service, emphasize the value it will bring to the stakeholder. Show them how it will solve their problems, fulfill their needs, and bring about a positive change in their business. This approach can make stakeholders see the worth in paying a higher price. - Ensuring All Needed Stakeholders are Identified & Involved in the Evaluation:
Often in B2B sales, multiple stakeholders are involved in the decision-making process. Identifying and involving all these stakeholders is crucial to achieve a higher ASP.
Stakeholder mapping: Use Salesforce CRM to identify all the stakeholders involved in the purchasing process. These might include not just the end-users, but also decision-makers, influencers, and financial approvers. Create a stakeholder map to visualize this network.
Engaging stakeholders: Once the stakeholders are identified, ensure that they are all engaged throughout the sales process. Use Salesforce CRM to track and manage communications and interactions with each stakeholder. Provide them with the information they need, involve them in discussions, and address their concerns. By ensuring their buy-in, you can create a consensus about the value of your offering and its price. - Creating a Cost-Benefit Analysis and an ROI to Justify the Investment:
Creating a cost-benefit analysis and ROI (Return on Investment) can help stakeholders understand the financial benefits of your product or service, and thus justify a higher ASP.
Cost-Benefit Analysis: Use Salesforce CRM data to create a detailed cost-benefit analysis for your offering. Show how the costs associated with your product or service are outweighed by the benefits it brings. This could include productivity gains, cost savings, increased revenue, and other benefits. Providing a clear and concrete financial analysis can help stakeholders see the value of your offering, justifying a higher ASP.
ROI calculation: Similarly, calculate and present the ROI that the stakeholder can expect from your product or service. Use data from Salesforce CRM, as well as data provided by the stakeholder, to create an accurate and convincing ROI projection. This can make the stakeholder understand that despite a higher initial price, your product or service will provide significant returns in the long run.
By implementing these strategies and effectively leveraging Salesforce CRM, a B2B company can aim to increase its ASP while also building stronger, more fruitful relationships with its stakeholders.
