If your business struggles to stay competitive, consider implementing a CPQ solution. This technology Benefits streamlines buying + selling for your sales team, helping you win more deals and satisfy customers.
Configure, price, and quote (CPQ) software automates time-consuming configuration and pricing processes and frees up your sales team to spend more time talking to customers. And it shows them to upsell and cross-sell opportunities to maximize deal sizes.
Your sales team is vital to your business, but they can only be productive with access to tools that improve efficiency. According to others, 66% of a sales rep’s time is spent on administrative tasks that have nothing to do with selling.
CPQ can help streamline these processes, freeing up time for your reps to focus on more important activities such as prospecting and meeting new customers—the result: is more efficient and productive sales teams that close more deals.
The CPQ process also helps your sales teams produce accurate and up-to-date quotes for every customer. This reduces the time your sales team spends on manual quoting and improves their ability to deliver customer-friendly quotes that increase customer satisfaction.
With a Salesforce CPQ, your team can generate and edit quote forms from any device. This allows them to use their mobile phones to create quotes quickly and explain how different features affect pricing in just a few minutes.
Additionally, the benefits of CPQ can help your team avoid producing quotes for features that don’t fit the customer’s needs or budget. This ensures you meet the customer’s expectations and do not over-discount products.
CPQ can also be integrated with your company’s ERP system to provide greater transparency between your sales and operations teams. With this, everyone can have a say in sales and monitor product trends to plan future deliveries.
CPQ automates much of the heavy lifting, so your sales team can focus on closing deals. But that doesn’t mean you don’t need to provide excellent customer service either.
With a streamlined sales process, your customers will see that you care about their needs and are committed to helping them find the best solutions. This helps build a lasting relationship with them and increases customer retention.
For example, when it comes time to renew a contract or upgrade products, your CPQ system can send alerts to your sales representatives so that they can take advantage of these opportunities before their competitors do. This allows them to maximize their revenue and help you achieve your business objectives.
Additionally, a sound CPQ system will allow your customers to access their orders from any device and get real-time information on their status. This is especially helpful when a customer needs help with using their product.
Another significant benefit of CPQ is that it automates the entire quoting process, so you can send customers a quote that is accurate and backed by a reliable set of pricing rules. This ensures your customers get the correct prices, and you’re not losing to competitors.
CPQ also helps you create personalized quotes that reflect all the configurations customers can choose from. This means you don’t have to spend time guiding your customers through the configuration process, and you can deliver them a professional quote in minutes.
CPQ software makes it easy for sales representatives to generate accurate and compliant quotes with company policies. This saves time and eliminates errors when calculating discounts or applying product configurations.
It also makes it easier for a sales representative to customize customer products and services, increasing customer loyalty and higher revenue. Moreover, CPQ software can be integrated with other systems, such as CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning), to create an efficient and seamless sales process.
Another benefit of having a CPQ system is that it can help companies build customer trust and confidence. It can ensure that prices are accurate and transparent, improving the overall customer experience and increasing sales.
A CPQ solution can be used in various industries and for different types of products and services. It can reduce the number of errors in the sales process and help organizations improve customer satisfaction rates.
CPQ software can also increase the speed of quote-to-order cycles by enabling sales representatives to configure products quickly and easily. This reduces errors and increases efficiency, leading to faster delivery times and higher customer satisfaction. It can also help companies reduce supply chain costs by carefully managing inventory and supply levels.
CPQ software takes the headache out of pricing, a detailed process for sales reps. Because CPQ automatically configures products, it calculates prices appropriate for the customer’s needs and requirements.
This eliminates a lot of time that sales reps spend determining prices for custom configurations, which can be far from optimal for buyers. It also reduces the risk of losing clients by reducing pricing errors.
Top sales teams know that price is a critical factor in determining the success of their sale, but it can be challenging to get it right. This is especially true for complicated product configurations that involve millions of permutations.
A CPQ system can help sellers keep their price lists up to date by incorporating current pricing data and discounts. This can ensure that sales reps are not tempted to offer discounts based on old data or a competitor’s prices.
It can also help sellers determine discounts that are eligible for their customers. This eliminates confusion around pricing and helps companies stay on top of their profitability.
When sellers send customer quotes, they want them to be accurate and comprehensive. With a CPQ, they often can deliver these quotes on time. This is a significant issue because the longer a sales team waits for a quote to be sent to a customer, the more likely they will walk away from the sale.