What is CPQ or Configure, Price, Quote software?
The configure, price, quote software has been around for over a decade now. But the newest innovations in the CPQ software has seen a wave in sales optimization tools. Most noteworthy, it is important to know what is CPQ?
Salesforce CPQ is an easy to use software, available on any device due to its cloud-based platform. It is hosted within the Sales Cloud platform, giving the user a direct link with their CRM to make the most impactful sales decisions.
Configure, Price, Quote (CPQ) software is a sales tool, specifically designed for companies to provide accurate pricing with any given product configuration scenario. This tool helps companies produce accurate and highly configured quotes making all of the complex product, pricing, and business rules centralized, automatic, and available in real-time, admitting the sales team has everything they need at their fingertips.
Salesforce CPQ is an extension of the customer relationship management platform (CRM). It makes the sales process easier, faster, and more organized. Most noteworthy, the quotes produced with CPQ software are automated according to a preprogrammed set of rules, ensuring error-free pricing that takes into account quantities, discounts, customizations, optional features of products, multiple revenue types, and incompatibilities.
This results in expanded revenue by helping all channels sell more, sell bigger, and sell anywhere. It helps to improve customer relationship management by making all sales components easily available.
With CPQ software, companies can reap the benefits of a standardized process:
- Increase Speed: Studies show that almost 50% of sales wins go to vendors that respond in the first place. You may miss to hit your quota considering the Long sales and quoting processes. Hence, Salesforce CPQ is the ultimate sales tool for the process, as it speeds up and increases the efficiency. This tool also eliminates manual quoting and simplifies business complexity, therefore your reps have more time to sell. This sales cloud platform shortens the sales cycles by having one centralized location for all product and pricing information, providing guided selling recommendations and user-friendly interfaces, and configurations that manage product complexity.
- Eliminate Errors: Salesforce CPQ eliminates all the common quoting errors and the downstream the sales problems they cause. They optimize the information delivery and timing, and you can see an extraordinary impact on your business. CPQ solutions allow companies to ensure automatic compliance with the product, pricing, and business rules.
- Maximize Deal Size: The CPQ tool does not just prevent deep discounts but also helps you expand the value of your deals. It provides guided selling highlights cross-sell and up-sell opportunities as reps build quotes and configure products.
Some other benefits include:
- Improved cross-channel visibility and management
- Quick roll-outs of new products and pricing configurations
- Reduced errors as all the information is accessed from a sales cloud platform
- Ability to view and manage commissions in real-time
- Reduced risk and ensured compliance
- Standardized proposal management
- Multicurrency support
- Contract pricing, subscription pricing and channel and partner pricing
- Advanced discounting and approval workflows
Implementing Salesforce CPQ software can prove as a step towards sucess for some organizations. The demand and usage of Salesforce CPQ is growing, and many companies are starting to adopt this sales cloud platform, CPQ, to achieve a faster ROI. Companies now realize the importance of implementing CPQ to stay competitive.
Accept that the Competition is fierce, and having a system that can shorten the sales cycle, increase productivity, improve customer relations, and does the tasks so accurately while providing flexibility to drive sales and profits will help businesses to profit dramatically.
Growth is any companies’s bottom line and using CPQ applications allows sales organizations to focus on selling and replicating best sales practices rather than constantly retraining sales staff.
Most Noteworthy, CPQ is the tool that every sales team deserves. It is all about making the complex simple, by formalizing the rules and pricing, establishing standardization across the company, increasing companywide efficiency, and more. The most important benefits of CPQ software, however, are the proven increase in revenues and a decrease in costs.
A successful CPQ deployment depends on providing careful training and support to your sales staff and implementing CPQ in tandem with other departments. When done right, investing in CPQ software helps your company lead the way to a more effective and profitable sales process.