Adding a New Product for Sale

Adding a New Product for Sale

This document describes how you, as a Sales Administrator (you have the "Sales Admin" permission set in Salesforce), can add a new product or service for sale.

Adding a Product

Navigate to the Active Product List and then click the "New" button in the top right corner.

You'll need to enter the following information for every product:

Product Name
The name of the product, which we typically format as "GROUP - NAME (QUALIFIERS)".  For, example: "Social - All Inclusive (9 mo.)" is the All Inclusive Social Package that has a 9 month minimum term.

By using a common prefix for similar products, it's easier to find them when they're in a list.

Billing Recurrence
How this product is billed:
  1. One-Time: A one time charge.  For example, a setup fee.

  2. Monthly: A recurring monthly charge, for an ongoing service.  Monthly products are automatically renewed on their next renewal date unless canceled by a client.

    Note that if you need to have a setup fee associated with a monthly product, you need to make a separate "One Time" product.  You'll also want to add a Product Requirement that forces the recurring product to be sold with the "setup fee" product.

  3. Amortized: A financed product.  For example, websites can cost ~$20,000.  Instead of asking for that upfront, DSM can finance the cost over 12 months for $1,667 a month.
Number of Payments
This is only for amortized products and is the number of payments to be made for the product.

Minimum Ad Spend
If this is an ad related product, there might be a required minimum, monthly ad spend that we require for clients.  The value here will be inserted into contracts w/ this product so the ad spend requirement is legally binding.

PandaDoc SOW ID
This is a reference to the statement of work, to be inserted in a contract, for this product.  We store our statements of work in a PandaDoc Content Library directory.  You can add a new one (adhering to the same styling as the other SOWs in this directory) and then link its ID to the product.  The ID is the part of the URL shown in the orange block below.



When a product is added to a contract, the SOW will be automatically inserted for that product in the correct section.

Template Task Group Addressable Id
Ignore.

Active
Check this to true.  Inactive products cannot be added to new opportunities.  When a product is no longer being sold, check this to false.

Minimum Term (Months)
If this product has a minimum contractual term, enter that here.  This will be enforced via validation rules in the opportunity object.

Product Family
Ignore.

Product Description
Optional text to help others understand what this product is.

Setting the Price(s)

The next step to adding a product is to add it to pricebooks.

Standard Price

Salesforce requires that all products be added to a Standard Pricebook.  To add your product to the standard price book, click on you product, view related objects, then click "Add Standard Price" (shown below).

Note that we (DSM) do not currently use the standard pricebook when selling.  Instead, we have market specific pricebooks that business developers use.



There you can enter the following two fields:

List Price
Default price for this product in the standard price book.

Minimum Price
Minimum price this can be sold for when using the standard price book.  Users will be unable to set the price lower than this when adding this product to an opportunity.  This is enforced by validation rules on the Opportunity Line Item.

Adding to other Price Books

You'll want to add your product to other pricebooks so that it can be sold by the correct people.  At the time of this writing, for example, we have 4 non-standard pricebooks: 



These are partitioned by team (basically sales or ops) and location bucket.  Salesforce users are limited by their role, and location, to what price books they can see.  Review this trailhead article for more information.

To add to another pricebook, click "Add to Price Book":



In the pop-up, select the appropriate price book, and set the currency to USD.

You'll see "List Price" and "Minimum Price" again.  You'll also have an option to "use standard price", which will link the price in this book to the standard price.

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