CPQ (configuration, pricing, and quote) software is a must-have for your business. It solves numerous pain points in quoting and selling complex products, including providing transparency to your customer. Salesforce CPQ takes the guesswork out of your pricing, enabling you to sell more efficiently. Here are seven reasons your business needs Salesforce CPQ
What is CPQ
Salesforce CPQ stands for configure, price, and quote. Consider the questions you would ask if you were a customer:
- How do I configure the products I want to buy?
- How much do they cost?
- How can I get details about my purchase?
Salesforce CPQ makes it easy for you to answer these questions and produce a quality quote that’s complete and accurate. The main purpose of implementing a CPQ system is to make your sales cycle more efficient and successful. A CPQ system will accelerate the product configuration and proposal process, enabling sales reps to provide accurate quotes more rapidly and reduce the risk of producing incorrect quotes. This will help them establish a more positive relationship with the customer and offer a positive buying experience.
Why do companies use CPQ?
CPQ is a sales tool companies use to create accurate and highly configured customer quotes. CPQ software allows complex products, pricing, and business rules to be centralized, automatic, and available in real-time.
CPQ software can help companies automate sales processes, minimize errors in quoting and ordering, shorten sales response times, and provide a better customer experience.
Reasons your company needs CPQ
Allow salespeople to focus on selling by giving them the tools and information they need to close more deals.
By automating key quoting processes and reducing time spent on administrative tasks, CPQ software can help your sales team overcome common sales hurdles. If your reps are still using legacy quote configurators or sending inaccurate quotes to prospects, it’s probably time to look
into Salesforce CPQ software.
Make Prices Flexible
When sales reps want to give customers options and create customized quotes, they must dig through spreadsheets to find the right pricing rules. CPQ software avoids this conflict by clearly establishing pre-programmed rules. It makes product configurations easier by allowing every conceivable configuration, price, and discount scenario to be specified. Then, when the rep builds the quote, CPQ walks them through the process to create a complete and accurate quote within minutes. It’s automatically routed for approval, shortening the wait time even more.
Give your customers a prompt response.
CPQ software enables salespeople to deliver quotes more quickly because it automates complex processes that used to be time-consuming, such as building personalized quotes based on a customer’s unique configuration and pricing needs. CPQ also streamlines your quoting process by automating bulk pricing rules and discount rules — allowing sales to focus on closing deals rather than building quotes.
Easily manage repeat orders and subscriptions.
Subscription-based businesses provide customers with an ongoing service in exchange for a steady revenue stream. Customers find this arrangement convenient because they don’t have to re-enter a lengthy sales process every time they buy products or services that they plan to buy regularly. They also aren’t pestered by sales teams trying to lock them into ongoing purchases.
However, Subscription pricing can be tricky to set up and can lead to costly errors. It’s important to make sure your regular payments are set up properly and that you’re not being charged twice for the same thing.
Salesforce CPQ software streamlines the process of managing recurring orders and subscriptions, eliminating redundant work by automatically generating renewal quotes and applying existing contract terms to add-ons.
Get a head start on your competitors by rolling out new products quickly.
When a company launches a new product, a lot of work goes into the process. Salesforce CPQ can help streamline the process by making it easy to adjust prices and deploy to sales immediately. CPQ makes it possible to add new products or remove obsolete products from the catalog and offer promotions, prices, or product bundles while giving sales workflows that assist in the selling process.
You must also consider getting a Salesforce implementation partner for your CPQ implementation. A partner can help you navigate the complex process of implementing Salesforce CPQ and will be able to provide recommendations on how best to utilize the tool for your business.
Encourage collaboration between departments.
CPQ software can help salespeople create accurate quotes quickly, but its effects go beyond efficiency. One advantage of CPQ software is that the entire company can be involved in the process. Sales, renewals, finance, and legal departments each can have a hand in creating different configurations—and won’t sell configurations that aren’t possible financially or legally.
CPQ streamlines orders, making offering your customers the best options easier. With CPQ, you can have subject matter experts (SMEs) determine the best possible configurations and bundles for your customers. These are then entered into the CPQ System as rules so salespeople can offer the best possible options for your customers. When cross-functional teams work together, everyone wins. Your product becomes more solution-oriented and customer-centric than ever before.
You can streamline sales order acceptance and easily pass quote details downstream. Billable charges are automatically consolidated into one unified invoice per customer, and you can make revenue recognition easier by spreading revenue transactions over financial periods. All of this helps break down silos and create a more collaborative company.
Increase in revenue, decrease in cost.
CPQ software automates many processes in calculating, pricing, and quoting products and services. The benefits of CPQ include formalizing rules and pricing, establishing standardization across the company, increasing companywide efficiency, and more. The most important benefit is an increase in revenues and a decreases in costs.
Most companies gain 80% of their revenue from 20% of their customers, so the greatest profit potential lies in penetrating the most profitable accounts. CPQ software makes automated up-sell and cross-sells suggestions, enabling your salespeople to quickly increase the average quote and order size. Companies that use CPQ see an increase of 105% in their average deal size.
Revenue is increased by giving salespeople the tools they need to upsell and cross-sell. Revenue is also increased by reducing admin time, making it easier to focus on selling products and services. Costs are reduced by reducing sales staff turnover, ensuring minimum discount levels are adhered to, and ensuring customers don’t receive too many discounts or refunds.
Salesforce CPQ is changing the way companies sell subscriptions, bulk discounts, and product bundles. CPQ is a game-changer for sales reps, who can now speed up their quote process and close more deals than ever before. It also helps companies save time and money by streamlining their ordering processes.
If you’d like to learn more about how Salesforce CPQ can help your sales process, we invite you to look at our product pages and contact eClouds with any questions or concerns that you may have. The best part is that it’s free to try for 30 days if you’re still figuring out what you want!
In fact, eClouds was rated 4.9 out of 5 in customer satisfaction based on reviews by Salesforce Community members and feedback gathered in project satisfaction surveys.
Salesforce CPQ takes the guesswork out of your pricing, enabling you to sell more efficiently. Here are seven reasons your business needs Salesforce CPQ
- Salesforce CPQ takes the guesswork out of your pricing, enabling you to sell more efficiently.
- CPQ software enables salespeople to deliver quotes more quickly because it automates complex processes.
- CPQ streamlines orders, making offering your customers the best options easier. With CPQ, you can have subject matter experts (SMEs) determine the best possible configurations and bundles for your customers.