CPQ Software for Media and Entertainment
The media and entertainment industry encompasses related industries, such as gaming, communications, television networks, print and publishing, digital content, streaming services, and more – often within the same enterprise. With such intertwined divisions come many business operations challenges.
Some primary business issues in media and entertainment companies arise from their complex products and pricing and the sales processes that support them. However, there is a powerful solution that will reduce problems with sales productivity and efficiency: CPQ software.
How CPQ Helps Media Companies Grow Revenue
CPQ software is a robust solution that empowers revenue leaders in media and entertainment companies to manage the complicated process of streamlining subscription and quote management. CPQ software helps sales teams configure product offerings, set pricing rules and discounts, and minimize errors while generating quotes.
CPQ ensures efficient order management for media companies by synchronizing data between CRM to CPQ to Order platforms, facilitating a unified quote-to-order process. Sales reps can be confident that their quotes and proposals include the correct products and services and that pricing is accurate. Error-free quotes reduce approval time and help deals move from quote to cash faster. A smooth workflow between systems enables ad sales teams, media organizations, and publishers to scale their ad operations and grow revenue.
Challenges CPQ Solves for Media and Entertainment Companies
There are many challenges facing the media and entertainment industry. Here are some of the many business issues that CPQ helps solve:
- errors in quotes and slow quote generation
- long turnaround times for approvals
- revenue leaks due to incorrect quotes and billing
- evolving consumer behaviors
- multi-product and service packaging
- complex tiered and usage-based pricing models
- privacy and data security
CPQ Software: Benefits of Digital Sales Transformation in Media and Entertainment Companies
Media and entertainment have experienced a great wave of innovation and digitization over the past 30 years. Along with the expanded use of AI and machine learning in media technology has been the increased use of automation for sales and business intelligence. As a result, media companies have enjoyed higher sales productivity and efficiency, added scalability, improved customer experience, and increased revenue.
A few of the benefits of CPQ Software for media and entertainment companies include the following:
Increases Productivity: Improved productivity is one of the primary advantages of using CPQ software to configure products and services and generate price quotes. Sales teams can automate the quote-to-cash process and simplify tasks that were once manual such as quote and contract generation, discount approvals, sales proposal creation, and subscription management.
Maximizes Efficiency: CPQ helps revenue teams increase sales and revenue efficiency. Sales teams spend more time on strengthening client relationships and adding value and less time configuring complex products, determining pricing, and delivering quotes.
Minimizes Errors: Another crucial benefit of CPQ is the reduction in quote errors that can derail deals. CPQ software integrates with CRM and ERP software and uses real-time product and pricing data to create accurate sales quotes quickly. As a result, customers appreciate the fast response to their quote requests and the professional, branded proposals they receive.
Better Data: Media and entertainment companies are highly competitive and rely on data to make crucial business decisions. CPQ software helps revenue leaders track and analyze sales data to identify best practices and optimize sales strategies. In addition, tracking customer preferences and buying trends can help media companies better understand their target markets and develop new products or services.
Improves Customer Experience: Media and entertainment companies are highly customer-centric. A positive customer experience leads to raving fans and a growing subscriber base. CPQ software helps media companies deliver a better customer experience by automating the sales process and making it easier for customers to purchase the products and services they need at the best price. In addition, CPQ software can help media companies track customer interactions and preferences, allowing them to provide more personalized service that meets each customer’s unique needs. By improving the customer experience, CPQ helps media companies build stronger relationships with customers and boost sales.
Accelerates Revenue: CPQ software is an essential tool for growing recurring revenue. Fast order processing and short lead times help increase sales and profits. Improved subscription management helps grow the revenue of existing customers and improves customer loyalty and retention. Additionally, CPQ software can help companies make better decisions about product packages and pricing. All of these benefits can help entertainment companies increase their revenue and profitability.
CPQ Solutions for Media and Entertainment
How Will CPQ Software Accelerate Your Media Sales?
Market conditions, consumer preferences, and technology in the media and entertainment industry are constantly changing. However, CPQ software is a powerful way to solve sales-related issues facing the industry. It helps media companies set their customer experience apart while scaling sales operations and accelerating revenue.
Many features of today’s CPQ software are purpose-built to help companies thrive in the digital economy. It enables media companies that sell configurable products with complex pricing models to automate quote generation, manage subscriptions and renewals, and streamline contract management.
Subscription Management: Tiered, usage-based, and subscription pricing models are standard in media companies. CPQ software is essential for subscription management. It helps create and maintain customer accounts, order history, and subscription status, so customers and sales reps always have updated information. Additionally, CPQ software can help with billing and invoicing, which makes it easier to track payments and renewals.
Product Configuration: CPQ software features guided selling specifically designed to help configure customizable products. Sales reps can guide customers through selecting the correct products for their needs, or in some companies, customers use a self-service CPQ platform to choose products on their own. The simple user interface makes it easy to configure even the most complex products or product and service bundles.
Pricing: Another essential solution that CPQ software presents to the media and entertainment industry is accurate pricing. CPQ provides built-in pricing logic incorporating localized tax calculations and tiered or consumption-based subscription pricing to generate accurate quotes.
Quote Management: One of the key functions of CPQ software is streamlined quote management. CPQ can incorporate manual discounting, request approvals, track changes to quotes, and create contracts based on approved quotes. CPQ software helps sales operations teams track customer interactions with quotes which helps improve the quoting process and increases buyer satisfaction.
Integration: CPQ seamlessly integrates with many CRM systems, ERP platforms, and various third-party applications to become an essential part of an end-to-end sales solution.
Reports and Analytics: CPQ software provides business intelligence (BI) by gathering data from sales orders and customer information. This data can then be used to create reports to help media companies understand how they are performing and how they can improve. BI can also help identify opportunities and trends, leading to more successful marketing campaigns, improved sales processes, and increased profits.
Rhonda Bavaro excels in boosting SaaS companies’ growth through innovative content marketing, thriving in the dynamic sales tech industry amidst evolving technologies that drive revenue acceleration.