CPQ software automates the entire configuration, price, and quote process. That means your sales team can spend more time interacting with customers and less time preparing quotes.
Besides saving your team work hours, a CPQ solution provides visibility into other areas of your business that may need improvement. Here are some of the ways a CPQ platform can boost your sales productivity:
When salespeople create customer quotes, the process can be confusing and error-prone. Sometimes, a rep may offer too much discount to close the deal, costing the company more than it is worth in the long run. CPQ software helps resolve these problems by implementing pre-programmed rules that apply prices and discounts consistently and fairly.
Once the quoting process is complete, a salesperson can use the results to fashion a proposal for the customer. This step is typically the most time-consuming part of the quoting process, as it requires the salesperson to work with the product team to break down the pricing and delivery timelines for the desired solution.
CPQ software can speed up this process by automating document generation. In addition, it can also streamline the process by providing a set of templated proposals that are easy to customize. It can even integrate with contracts and eSignature tools to speed up the entire revenue lifecycle. This saves salespeople time and allows them to focus on connecting with their customers.
CPQ software provides a platform for sales teams to create error-free, accurate quotes without the risk of human errors. Using a centralized application, reps can choose client types, configurations, and options to produce an individual selection quickly for each customer. This helps in the closing stage and eliminates costly errors that can impact revenue in the long run.
Moreover, the best CPQ software allows companies to integrate with their CRM and other systems for a streamlined workflow. Sales reps can work from any device with all the relevant information. It also reduces the new hire training time and accelerates the speed of new deals for sales teams.
A CPQ platform also enables companies to offer different discounts and pricing structures depending on customer type, market segment, etc. In addition, it can provide automated approval processes and rules that prevent margin erosion or rogue discounting. It also facilitates contract generation and eSignature.
Often, sales quotes need to go through many steps before they can be sent out to prospects. This involves collaboration with other departments such as finance and legal. This process can get siloed without a system, leading to team miscommunication. CPQ software eliminates this issue by automating the contract process. This helps to make sure that all quotes are compliant and accurate.
With the help of a CPQ solution, you can reduce your quote turnaround time and increase revenue. It can also help you to avoid costly mistakes and provide a better customer experience. In addition, it can help you to optimize your pricing models and discounting policies.
If you are thinking about adding a CPQ solution to your sales enablement tools, it is essential to consider all the benefits of it. It will save your reps time, and they can focus more on their customers. Moreover, it will improve your revenue streams and make you more competitive. Moreover, CPQ software can be integrated with your CRM to ensure that all critical customer information is updated and available to your team.
CPQ software allows you to streamline your sales process and create accurate quotes for complex products and services. This software helps you achieve unparalleled value for your business with guided selling, rules-based configuration, optimized pricing, templated proposals, and automated contract generation.
If your company sells anything more complicated than shoes or a desktop computer, the number of possible permutations is mind-boggling. That’s why CPQ systems are necessary. This system lets your team constrain the options that can be profitably sold to customers and automatically calculate all possible combinations of products, bundles, and add-ons.
Another essential thing to note is that a sound CPQ system can easily integrate with other tools used by departments outside of sales or business intelligence software. This helps avoid the risk of siloing information between departments and prevents errors that can damage your profitability. It also provides a consistent and streamlined customer experience, helping you win more deals. This quote automation also reduces the back-and-forth between sales reps and their clients, speeding up the process so customers receive their quotes sooner.
Aside from boosting sales productivity, CPQ Software can also increase the customer experience by making a more consistent and guided selling process possible. With a CPQ platform, sales reps can make accurate quotes in minutes, and the system can easily track product prices and terms to avoid errors like those caused by manual spreadsheet entries. The ability to offer upsells and cross-sells can also increase the total deal value, while automated pricing mechanisms protect profit margins by limiting rogue discounting.
A modern CPQ solution will feature document generation capabilities that automate the creation of professional-looking proposals, which can be presented to customers in the most attractive way possible. This will help shorten the sales cycle, improving operational efficiency in both sales and technical teams. CPQ solutions also allow multiple departments to share duplicate product catalogs, which can then be configured and sourced by different sales reps to create a complete quote for a single customer. This is a feature many consumers have come to expect in retail, as illustrated by the Starbucks app that allows users to configure a drink and calculates the price using an algorithm based on added add-ons.