How the Quote-to-Cash Process Can Help Your CBD Business

CBD has gone from a niche product to the foundation of a growing industry that is already bringing in billions in profits on an annual basis. It’s no surprise that many business owners have scrambled to start their own cannabis companies. As the industry grows more competitive, it’s essential for you to find ways to optimize your business and increase efficiency if you want to maximize your profits and remain successful. One way to do that is by improving your quote-to-cash process. Read on if you want to learn more about how the quote-to-cash process can help your CBD business.

How can the quote-to-cash process help your business?

First, it’s important that you understand what quote to cash means. It refers to the end-to-end sales process and includes product configuration, pricing, quoting, customer acceptance, ordering, and managing revenue. Integrating and streamlining this process will make your company run more efficiently. This can help you negotiate with stores that stock your products, analyze the orders that have been placed, and manage renewals or repeat orders. Configure One’s CPQ software will help you speed up the entire process and will enable you to get the most out of the systems you use to run your business, including CRM and ERP systems.

Discounts are an important factor to incorporate into your CPQ strategy and analysis, especially within the CBD industry. Offering customers the ability to experiment with your brand, especially in such a competitive industry, can be a significant advantage. One great example is CBDistillery, which is one of the most successful cannabis brands on the market. Offering a CBDistillery coupon can encourage new customers to give your products a shot. Improving your odds of having that chance to earn consumer loyalty is essential for any CBD business; you just need to make sure you put a lot of consideration into the pricing aspect of the end-to-end sales process.

What else should you know about CBD and the CBD industry?

Cannabidiol, otherwise known as CBD, was legalized for manufacture and sale in the United States through the passage of the 2018 Farm Bill. Since then, the industry has grown significantly in both visibility and profitability. Experts project that revenues could reach $20 billion by 2024, making now the perfect time for savvy entrepreneurs to get involved in the CBD industry. Keep in mind that the Farm Bill only permits the sale of CBD derived from hemp.

CBD is different from THC in several meaningful ways, the most obvious being that it doesn’t get you high. Consumers still rave about its relaxing effects and have made CBD products some of the most popular items available in the wellness space. Clinical research is still ongoing to determine what medical applications CBD may have, but the FDA approved its first drug containing CBD in 2018. This drug, Epidiolex, treats seizures associated with several rare forms of epilepsy.

Make sure you let your customers know that if they haven’t used cannabis products before, it’s a good idea to talk to their doctors first. A doctor can explain how CBD may impact any health conditions they have or interact with the prescription medications they’re taking.

Overseeing the operations of any business is difficult, but there is a lot you can do to make your company more effective and profitable. The best place to start is by evaluating your end-to-end sales process and looking for areas that could use improvement. Quality CPQ software can help you achieve this much more easily, in addition to improving your CRM and ERP systems. Though it’s a competitive industry, developing quality products and learning how to get them to your customers is necessary if you want your business to grow and thrive.