To free up its sales team for more valuable work, increase revenue through cross-selling and upselling, and provide a consistent client experience, Morningstar needed a faster, better process for producing prices and quotes. The company turned to West Monroe for help:
Morningstar’s sales team handled pricing by hand or in Excel, creating inconsistencies, and providing little companywide visibility into how prices were calculated.
The sales team spent too much time building pricing proposals for clients and lost revenue opportunities because they could not easily access upsell information and discounts were unmonitored. And by the time a quote had been audited, it had already gone to the client, creating a confusing and frustrating customer experience.
Morningstar decided to fix these problems using Salesforce’s CPQ (configure, price, quote) platform as its quoting solution, and tasked West Monroe with helping extract more value out of the tool and driving lasting internal adoption.
To gain internal credibility that would lead to stronger adoption, West Monroe used a phased implementation approach to create quick wins that swiftly, repeatedly demonstrated the value of the platform. To begin, West Monroe focused on the requirements, design, and implementation for a pilot rollout. This pilot helped Morningstar realize value quickly by first loading the simplest, but most transaction-heavy products into Salesforce CPQ. Once the pilot was deployed, the focus shifted to the global scope, rollout, and training. This phase was iterative, prioritized ongoing training, and incorporated client feedback to ensure adoption.
To clarify Morningstar’s complex pricing structure, the team revamped rate cards on the platform to accommodate different pricing methods, volume discounting, and discounting thresholds.
The team customized additional Salesforce CPQ functionalities that sent notifications to the correct parties for discounting approval, flagged the need for fair market value assessments, and suggested add-on products that might be natural upsells for their customers.
Quicker approval routing and contract audits almost immediately improved the customer and employee experience, boosting revenue opportunities and productivity.
Even better, Morningstar can automatically apply an automatic pricing increases when a subscription renews – meaning the sales team is actively positioned to drive growth with subscribing clients.
New CPQ functionality allowed Morningstar to proactively load its 2020 pricing into the system before the end of 2019. A process that used to be extremely manual, time consuming, and retroactive now positions the entire organization to focus on net-new opportunities immediately in the new year– and on driving an exceptional customer experience.