Stronger, faster, leaner, more agile, simply looking better: these benefits are what most people want from using gym equipment.
Not coincidentally, they’re also the benefits those involved in selling fitness equipment — to clubs, resorts, spas, etc. — want in their sales processes. Bigger (stronger) deals, done more quickly, with less effort, and with better results.
Which is where IQX comes in, the CPQ (configure, price, quote) tool of choice for more than a few players in this niche industry. Let’s look at why, and let’s look at some numbers.
Getting swole!
Want bigger deals? Get better tools. A key benefit of CPQ tools is product and pricing configuration, which helps ensure you’re always putting your best bundles in front of your sales prospects, and at optimal prices.
A study done by the Aberdeen Group — a leader in business research and strategy — found that companies using CPQ experienced a 17% increase in deal size. Imagine adding 17% to the bottom line every time… your fitness equipment business will be at peak performance in no time!
Faster = better
Don’t take our word for it! Research from the aforementioned Aberdeen Group showed that organizations using CPQ solutions to improve sales reported a 28% increase in how quickly they can create sales proposals (compared to organizations not using CPQ-type solutions).
That kind of increase means you're getting your fitness equipment quotes into the right hands faster — a sign of a sales process in peak condition.
Pinpoint accuracy
Typically, speed and accuracy are a trade off: you want things done more quickly? Be prepared for them to be done more sloppily.
But not with CPQ. The same Aberdeen research group found that sales departments using an automated sales proposal tool like iQuoteXpress enjoyed a 27% increase in the accuracy of the information in their proposals. Faster? And with fewer mistakes? That’s a win-win.
Ramping up productivity
In fitness equipment sales, the main metric is deals closed, naturally. Close behind? Straight-up productivity. Once again, the numbers are in CPQ’s favor with a report by Salesforce — the industry’s leading CRM platform — showing that individual rep productivity spiked by 14% using a CPQ solution.
(NOTE: If you’re using Salesforce, we have some great news for you. IQX is a better CPQ than Steelbrick, has a single sign-on integration with Salesforce, and costs a whole lot less: only $39 a seat!)
Revenue
Let’s get to the bottom line, shall we? Gartner took a long hard look and found that companies using a CPQ solution to create proposals — leveraging all the tools: sales proposal templates, product and pricing configuration, proposal tracking, etc. — can enjoy a revenue bump of 20% or more.
Dropping discounting
Sometimes, it feels like the only way to close a deal is to tempt your buyer with a discount. We get it. Here’s the thing: not only does your CPQ solution allow you to centralize and codify discounting practices (stopping reps from “going rogue”), it can also help eliminate it altogether.
It’s not a huge number like the bumps in revenue and productivity, but, according to Accenture, a CPQ solution can lead to a drop of around 4% in discounts given. Money that would have been left on the table now goes where it belongs.
Ready to take fitness equipment selling to a whole new level? We’re here to help with a demonstration of the fitness equipment industry’s CPQ of choice, iQuoteXpress.
