CPQ stands for "configure-price-quote." CPQ helps you offer customers pricing information and tools to configure their purchases. CPQ is a tool that allows businesses to generate quotes for orders. It's one of the most powerful tools you can use, but it's also one that many companies overlook because they don't know how to use it. If you're considering this software for your business, here are the 11 key benefits of CPQ you need to know:
1. Provides Guided Selling
The best sales reps can quickly determine the products or services most relevant to their customers. Sales reps who use CPQ solutions have a 26% higher chance of meeting quotas because they can tailor their solutions to each client's needs.
Providing guided selling is an integral part of the success of a CPQ. CPQ eliminates the need to dig through spreadsheets to find the right pricing rules. With a CPQ application, you can create and store multiple configurations, prices, discounts, and scenarios for each product. When the sales rep builds the quote, CPQ walks them through the process to create a complete, accurate quote within minutes. Then, it is automatically routed for approval, shortening wait times even more.
Simplify the Complex
In today's business environment, having a system that helps you streamline your processes and make your work more efficient is more important than ever. CPQ allows you to do just that. With CPQ, you can streamline yoursales process by automating manual tasks and allowing for more consistency in your approach. So whether you're looking for a way to improve your current processes or build an entirely new one from scratch, CPQ is the perfect fit for any business!
Very Flexible and Easy-to-Use
With no complex training required and a simple interface, CPQ is incredibly easy-to-use—even if you've never used the software before. And because it's so flexible, it can adapt to any company's specific needs. Also, CPQ provides many configuration options that can be customized to meet each company's unique requirements!
Consistency of Approach
CPQ is all about consistency of approach. Having a unified approach to the customer makes it easier for your company to serve customers. That makes communication and collaboration easier for everyone involved, reducing new hires' learning needs and better performance from existing employees.
Reduced Learning Needs
Sales teams can use rules to develop more complex solutions. In addition, users won't need to train on how to use the CPQ solution, as its user experience is intuitive. This is particularly helpful if you want to encouragecross-selling and up-selling of items that your sales team may need to become more familiar with.
2. Enhanced Accuracy
CPQ helps sales teams create and deliver quotes quickly. CPQ also makes sure that pricing and discounts are accurate, so approvals are only required when necessary. CPQ includes all the right collateral in a quote document, speeds up buying experiences with eSignature integration, and automatically routes approval requests when needed.
As your business grows, human errors and new problems can arise. Therefore, you should be aware of the areas of your business that may get out of control before or even after you send a quote to customers. When pricing and configuration rules are enforced, sales reps no longer have to dig through files or calculate bundle and quote totals manually. They can spend more time building relationships and closing deals.
3. Reduced Timeframes
Configuring price quote software allows you and your clients to save time and streamline the contract process. Configurator price quote software creates quotes that are ready to be sent to clients instantly, which reduces the downtime associated with creating contracts. This makes it possible for sales representatives to assist more leads in less time.
When you're growing, it's crucial to manage scale. The more deals you have going on, the more quotes you need to produce. The more products you carry, the more SKUs you have to handle. The more customers you have, the more concerns there are to consider—and that means more negotiations and terms and conditions to write up and agree on. You may end up spending a lot of time managing complexity.
CPQ can save you time and effort by automating your pricing, configuration, and approval processes, allowing you to save valuable time and resources and focus on more opportunities.
Shortened Response Time
CPQ tools can shorten the client turnaround time by automating the sales process. You can access client and product data quickly and easily, automate contracts, and effectively manage and report on revenue to keep everything moving at the right pace.
Shorten the Sales Cycle
CPQ accelerates your sales cycle. It drives efficiency in creating proposals, quotes, contracts, and other vital documents. CPQ solutions pull information from all relevant data sources to create accurate and professional documents at the push of a button.
4. Increased Efficiency & Productivity
CPQ streamlines the sales process and reduces errors. Sales quotes are performed in real-time with high accuracy, so there is no need to go back and forth with clients and risk losing momentum. With CPQ solutions, your clients can close a deal when ready.
Increased Quoting Capacity
CPQ is a tool for making quick and smart decisions. It comes with the latest artificial intelligence (AI) technology, which helps you to decide quickly and efficiently. With its outstanding features, you can manage the sales cycle from beginning to end. The customizable templates allow you create professional proposals and customize the documentation according to your need.
Reduce Administrative Burden
CPQ applications help sales organizations focus on selling because the quoting and closing processes become effortless. As a result, sales professionals see an increase in their success rates, which translates into more revenue for the company.
5. Automated Management of Subscription Renewals
Manage your billing and invoicing with ease, configure quotes for varying subscription terms and co-term add-on orders, send recurring invoices to collect cash without complications and automatically generate renewal opportunities to upsell.
6. Increased Profitability
The biggest benefit of CPQ software is that it helps you to increase profits by streamlining the quoting and selling process. By allowing you to create quotes quickly and easily, your sales team will spend less time preparing quotes and more time selling. This means they can close more deals, increasing your profits!
Maximized Sales Opportunities with Intelligent Quotes
Using CPQ, companies can configure products in any way they want, from pricing to options. Sales reps build quotes in minutes, and the quote is automatically routed to the appropriate people for approval—shortening the wait time even more.
Close Bigger Deals Easily
Your CPQ software helps you close more sales by seamlessly transitioning from the sales process to the purchase decision. CPQ allows you to configure products easily and apply pricing and quantity discounts. This automation helps you look like a true sales professional and instills customer confidence.
7. Personalized Service
You don't want to offer every customer the same product or service. CPQ software allows you to create a quote designed for each of your clients as individuals. A salesperson can update the quote in real-time if a client wants to make changes or if discounts apply.
You can customize how your sales team quotes your products and services by creating quote templates that let your sales reps select their preferred template when creating a quote PDF.
Generates Professional Quotes
CPQ Quote templates allow you to choose standard or customized quote templates from their quote records, generate professional quote PDFs and email them to customers.
8. Increased Deal Values
When creating a quote for a client, it is important that the client feels as though they are receiving special treatment. It is up to your company to gather all of the necessary information to create a quote that is as customized as possible to meet the client's needs. CPQ allows you to easily meet expectations and offer professional quotes without the chance of human error.
CPQ software enables companies to increase their sales and profitability by offering powerful features and unmatched performance.
9. Better Customer Satisfaction
Customers are becoming increasingly demanding, and it's hard to keep up with their needs. However, a CPQ solution can help you do that by providing customers with a seamless experience.
Efficiency is key when it comes to product configurators. When pipelines are slow, resources drain, and your customers' time is wasted. You'll see happier customers by speeding up the process and giving your customers exactly what they want. This means they'll be more likely to come back or recommend your product or service to others.
10. Fosters Team Collaboration
CPQ software can help a company avoid problems by involving everyone in the sales and renewal process. By involving sales, finance, legal and other departments in the configuration process, CPQ ensures that everyone works with configurations that are both possible financially and legally.
11. Reduced Cost
CPQ solutions offer significant cost reduction and revenue enhancement. Customers benefit from faster quotes, higher conversion rates, and fewer errors, while you can grow your business by quoting more jobs and reducing costs. Many companies are now recognizing the value of CPQ solutions—and they see significant returns on their investment.
Why Salesforce CPQ
When it comes to configuring price quote software, Salesforce CPQ stands out. It uses the industry's number-one CRM software as a foundation to deliver unparalleled advantages. Salesforce CPQ lets you do more than just generate quotes. Manage subscriptions, collect payments, adjust terms and generate reports all from a single tool. Salesforce CPQ is completely cloud-based, 100% mobile compatible, and can be deployed easily. Once you have a connected device, you're on your way to optimizing your sales process, closing deals faster, and maximizing your sales.
How eClouds.co Experts Can Help?
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