To configure products, calculate the price, and create quotes, Salesforce comes with a faster than ever solution. It helps the sales team with the entire process and is known as CPQ (Configure Price Quote). CPQ is a software that works on your lead-to-cash cycle and enhances fast & durable business growth.
It touches every prospect of business, such as customer engagements, sales enhancement, and finance & services. Today, it's not only about sales, marketing, operations and services. But the whole process matters.
In this era, where over 80% of B2B buyers like to business with them who can understand their needs. Treating them just like another translation can lose loyalty soon. Yes, you can gain a short-term, but not for long. The dream to make a brand value and build a community of customers remains neutral.
In this article, you will learn how CPQ powers the whole process as a core. So let’s move forward and know- why use CPQ?
Why Use CPQ?
In the rapidly changing market, speed is crucial. And CPQ is responsible for that seep at each step of the sales process. Let’s figure out the benefits of CPQ through why?
- To manage product pricing, especially when an organization offers a wide range of products or services.
- To keep track of external factors such as competitors' offers and activities. So you can handle your pricing at last.
- To get a fast and error-free pricing process, CPQ is one of the dominating solutions.
- To help sales reps in quick quote preparation for customers, CPQ software role automatically.
- To pull all the crucial information together and allows the rep to produce quotes and get back to the customers rapidly.
- To automate time-consumption and repetitive tasks for the sales team.
- To quote complex pricing, or product bundles CRM often doesn’t contain more robust functionality at this time CPQ can fill the gap.
Situations that need a CPQ Solution-
It's not always necessary to have CPQ. Here we are explaining the situations when you need a CPQ solution for your business.
Complex products- Complex products can create difficulty to quote the right product. A complex product configuration and difficult governing rules complicate the sales process. If you are facing such a situation, it's time to look for a CPQ solution.
CPQ can demonstrate the situation. It builds rules and validation while configuring products. And also guild users through product selection with an easy interface.
The long period of quotes- If your sales team takes quote time more than sell time, due to the huge range of sales products. It increases the processing time. However, some organisations create a separate deal desk, but it remains half-way due to communication errors.
However, CPQ is known for processing fast, easy, and result-driven.
Inaccurate quotes- Selling losses and poor customer satisfaction increase inaccurate quotes, which impacts the satisfaction of customers during sales.
CPQ does not work specific surface areas as a band-aid, but works on the complete process and ensures you’re always quoting right.
Inaccurate pricing- Erosion of margins rises due to inaccurate pricing, as it leads to sales lost, poor customer experience & satisfaction.
With a CPQ solution, you can find accurate pricing and can control the loss form discounting.
Sales opportunity loss- If you are continuously losing opportunities to up-sell and cross-sell. It can be because of inappropriate suggestions.
CPQ included intelligent tools so it can hit each opportunity with the stick of success. After all, a revenue opportunity is optimized in sales.
Lost deals- If your quote cycle time is larger than needed to win the sales cycle, it’s high to apply the CPQ solution.
CPQ will help you to reduce cycle time and get the right quote.
Still not sure?
If you’re not sure whether your business needs a CPQ solution or you need help to decide an appreciated CPQ solution, we are here to help you. We can also help you in Salesforce CPQ implementation, benefit, and ROI. Please reach out with any CPQ questions.