Many B-2-B companies are facing various challenges in their field:
- Inability to generate enough quotes to arouse interest among customers for products
- Presence of complex pricing models that makes the product looks less appealing
But no need to worry as the presence of CPQ software has made the sales team create room for sales quotes in no time. So, workflow automation through Salesforce CPQ has enabled every sales team to boost their productivity through shorter sales cycles.
Assure yourself to offer a personalized experience to your sales team by getting accurate and quick quotes with prices to place an order in a more organized way for the customers. Now the answer comes:
What is CPQ?
It is the acronym for Configure, Price, and Quote that is now in great demand due to offering customized products to the customers at a faster pace. The given sales software focuses on minimizing drawbacks present in the sales procedures and allows companies to configure, put price and buy complicated products in few minutes. Now, just taking the help of Salesforce consultants will create wonders for them.
Now the next part will conclude:
How does CPQ Software Work?
One thing is sure that the CPQ solution will find favor among the majority of the business because of its reputation to enhance the sales productivity and velocity with which products get delivered on time. Still perplexed about the working of the given software, let divide it into three parts and understand it appropriately:
What is configuration? It means configuring the products that have been put to sell by the sellers. The business market has been filled with customized solution-based products that come as a bonus for buyers but make the life of sellers look-like hell.
Fortunately, Salesforce implementation services come with CPQ software that focuses on configuring complex product that fits the requirements of the customers. What’s more, CPQ software assist in encashing upsell and cross-sell opportunities that even sales reps fail to find.
Thus, software (Salesforce CPQ) becomes a configurator by removing human flaws and offer more time to the sales team to create a platform to enhance interaction with their customers.
It means defining the price for a product before it is actually in the process of configuration. It is the sales team that crafts the price of their products and pays the price of losing their business. Why? It is because setting price by them decreases the turnaround times and compel them to offer their products at less optimal prices.
But wait! CPQ software applies AI to access the buying patterns of their customers. Moreover, it also conducts market research to understand the paying option of its customers. Thus, with the help of the given software, companies can maintain their profitability and still offer their products at a reasonable price.
After determining the configuration and pricing figure, the time is ripe to provide a finalize (and error-free also) quote to the customers so to assist them to get access to more detail about it. As prospective customers, they need quotes from multiple vendors that too at a fast speed. Nevertheless, achieving it is no mean task all thanks to the complexity involved in pricing and configuration features.
However, with CPQ software at the helm, the creation of personalized quotes in the service of the customers is not a dream now. Likewise, sellers can review the quote system precisely and then send it to the customers to easily make last-minute changes appropriately.
What are the Benefits of Salesforce CPQ?
The obvious advantage of opting for the given Salesforce sales tool is the automation within the given process. Furthermore, it also brings a sigh of relief among the sales team to avoid constantly looking towards spreadsheets to collect information about pricing, customers, and even the creation of quotes.
With CPQ at the helm, there is an automatic creation of the combination of configuration, price, and discount to offer accurate quotes easily. Here, some benefits come when one decides to implement Salesforce CPQ software.
- Use of Guided Selling for Better Understanding of Customer’s Mind
The sale is successful when reps have the caliber to connect with their customers and it happens only when asked the right questions. But with the help of CPQ, a guided selling technique is used that target customers by asking specific questions as per their needs. Once there is sufficient collection of data, it is automatically used by CPQ to create better recommendations that suit the customers. In this way, there is the creation of quotes with great accuracy that results in an improvement in the order.
- It ensures better Productivity
Why most of the Salesforce consulting partners are vouching for CPQ software? The answer is that it minimized the rate of error among sales reps. Even more, it also personalizes real-time sales quotes with great efficacy. Thus, it reduces the procedure of going back and forth and ensures everything moves on seamlessly. In fact, the closing of the deal is done in a smooth and perfect manner.
- Easy Generation of Complex Quotes
Majority of the SaaS companies comes with price book arranged in a complex manner with numerous pricing tiers that affect their working. Now with the help of guided selling techniques, the same rules are applied to assist customers and sales teams to automatically update quotes as pricing structures with the addition of products and services. As everything is automated, the greatest risk of human error is mitigated with the assurance of consistent and precise pricing.
- Enhancing the Efficiency of the Sales Team
It is difficult to maintain focus among sales reps on their business due to multiple boring business procedures that go with selling without the customer’s involvement. A recent study has found that about 70% of the time of the sales reps gets wasted in performing administrative tasks. But CPQ streamlines the admin tasks (that includes configuration, pricing, and quotes) and frees more time for sales reps to devote more time interacting with clients.
- Firm Control over Generation of Quote Document
Multiple CPQ solutions allow organizations to generate quote documents that comprise company branding and custom components. With the production of an easily understood quote document, there is a creation of a lasting impression among the sales team that will guarantee you with better customer experience.
How to Know a Business Needs CPQ Tool?
Are you in need to purchase CPQ software and are still in perplexed mode? Then focus on some of these few indicators that might become a smart investment and indicates the requirement of the right CPQ:
- Using complicated pricing model for the product
- Difficulty among the sales team to create quotes for vast order
- Using outdated information to explain the pricing of the product
- There is a clear lacking visibility in your sales procedure
- The sales procedure is facing a high degree of manual errors
- Current quoting functionality fail to meet the present needs
So, there are no such reasons that say Salesforce CPQ is not of any great importance. No need to worry as the CPQ solution has an in-built mechanism based on Salesforce that meets the unique needs of the customers by tying easily with other Salesforce products. With its notable features of making sales procedure easy and fast for everyone, there is hardly anyone to ignore it.