A Fintech Company Boost Sales Team Productivity with Salesforce CPQ

The Challenges

Our client, a technology company that provides a digital sales and service platform for banks and credit unions, struggled for several years to successfully implement Salesforce CPQ solutions that fit their complex pricing structure.

The company provides a platform for businesses that are seeking a hosted banking website. Businesses can select the third-party products they wish to include on their platform, with our client acting as an intermediary to facilitate the setup of these partner products for their customers.

Our client struggled to implement Salesforce CPQ and provide a functional solution for their sales teams because of the complex and varied vendor pricing structures and rules. They also struggled to define their pricing strategy and were using an Excel workbook that was not only complicated, but also required constant manual updates. Some of the challenges they faced were:

Outdated Processes: To create a new pricing proposal or order form, sales reps had to reference a prior version, which could be out-of-date or incorrect on product and pricing. 

Complex Renewal & Amendment Process: Sales reps had difficulty determining which product SKUs a customer currently possessed and was being billed for. Reps had to go through multiple legal contracts and amendments to determine which products they had to correctly replicate in a renewal or which products were currently upsell opportunities.

Disparate Systems: Over the course of a customer's journey, there could easily be 10 amendments with multiple products added or others removed along the way. Sales reps conducting quarterly reviews with clients had to manually review an Accounting Google Sheet to verify their customer's products from quarter to quarter.

Limited Opportunity Visibility: Sales reps were sending endless emails, Slacks, and in meetings to discuss the status of their orders. This made it difficult to manage and keep up with their orders across multiple clients, leading to inefficiency and wasted time for both sales reps and their clients. 

Limited New Opportunity Selling: Current Whitespace was a manual process that was updated on a quarterly cadence. This process didn’t take into consideration services that were rejected by a Financial Institution in past sales opportunities.

The Solution

Our team collaborated closely with key stakeholders at the company to understand their unique business needs. We provided expert guidance on how to optimize their pricing strategy effectively with Salesforce CPQ, ensuring it was tailored to meet their specific requirements and improve efficiency.

By working in tandem with their team, we developed a solution with advanced pricing configuration, which included pricing rules based on variable inputs, a custom JavaScript Quote Calculator Plugin (QCP), and support for multiple tiered and yearly pricing. 

We also provided comprehensive Salesforce CPQ training for the sales team as well as admin training. This ensured that employees could effectively manage and maintain the system while also maximizing the platform's benefits.

Customer Impact

Before working with Kelley Austin, our client relied on outdated and manual quoting processes for building quotes, securing approvals, and getting contracts out to customers.

With Salesforce CPQ, sales teams can now effectively manage the configuration of complex products and services, determine accurate pricing, and generate quotes that meet their customers’ and vendors' requirements. Implementing the right Salesforce CPQ solutions had significant positive impacts for our client’s sales teams including:

Streamlined Processes: Having products and pricing on a single platform that automatically generates orders allows sales reps to save time and ensures they can confidently provide accurate proposals to customers.

Enhanced Renewal & Amendment Process: Renewals automatically include the financial institution's contracted products, significantly reducing the time sales reps need to spend creating a comparable renewal offer.

Single ‘Source of Truth’: Salesforce CPQ consolidates customer contracts directly within Salesforce, detailing every product a customer has contracted for, any products that have been removed, and open opportunities. This comprehensive view enables sales reps to be better prepared for Quarterly Business Reviews by providing all necessary information in one unified platform.

Improved Reporting & Analytics Capabilities: Salesforce CPQ's real-time data on orders and quotes enables our client to benefit from timely and accurate reports and dashboards. These tools help sales reps and the executive team make more informed decisions.

Enhanced New Opportunity Selling: Product information on Financial Institution accounts and opportunities is now updated in real-time in Salesforce CPQ, equipping sales reps with the knowledge they need for accurate selling motions and credibility with their accounts.

By streamlining operations, enhancing the renewal and amendment processes, consolidating critical customer information, and improving reporting and analytics, Salesforce CPQ has empowered our client's sales teams to operate more efficiently and effectively. Improved reporting and analytics capabilities provide crucial insights that guide strategic decision-making, while the real-time updates on products and opportunities empower sales reps to engage with customers more effectively.

As a result, our client is now better positioned to respond to market demands, drive growth, and achieve sustained success in the future.