Product quotes can be complicated, especially when sales reps combine multiple products and services. Using the right tools will ensure your team has accurate quotes and can meet customer expectations. CPQ software helps reduce the time it takes to deliver a quote to your prospects by automating pricing estimates and streamlining approval processes. It also gives your team professional-looking quotes for your customers to review and sign off on.
CPQ software automates the pricing workflow, eliminating manual errors and expanding productivity potential. Using rules set in the system, prices can be adjusted instantly to accommodate new products or discounts for regular customers. It also enables sales reps to configure multiple product combinations that include different pricing models, like dynamic, value-based, or rate-based pricing. The difficulty in generating quotes often stems from a need for more visibility into all possible options and configurations that can be sold to the customer. CPQ pricing software eliminates this challenge by providing a unified product catalog and a rule-based configuration engine that only shows reps valid combinations of products and services. This allows the team to provide a more complete quote and shortens the time-to-quote process, improving the customer experience and enabling businesses to maximize revenue.
In addition, a no-code rules engine empowers non-technical users to set the CPQ logic and constraints. This reduces time and effort to launch new products and adjust pricing, increasing agility to market trends. With the ability to auto-generate CAD models and BOMs for each product configuration, CPQ provides improved sales-to-engineering collaboration.
Sales teams spend countless hours coordinating emails and spreadsheets to coordinate price, availability, and contact information, preventing them from focusing on selling. With a world-class sales enablement strategy, a quick time-to-quote and accurate, personalized quotes are within reach, leaving lasting impressions on customers and seizing upselling and cross-selling opportunities that boost profits and revenues.
There’s no doubt that configuring products and generating quotes is a time-consuming task. But with CPQ, sales reps can make personalized quotes at the click of a button. This eliminates the need for manual quoting, which not only saves time but also reduces human error. This allows the sales team to focus more on building relationships with customers.
When implementing a configure-price-quote solution, your sales team must have the right training before starting. Otherwise, your team may be reluctant to use the tool. However, after a brief learning curve, the platform should become second nature to your sales team, and they’ll wonder how they ever operated without it.
For instance, if you have multiple pricing models for your products, CPQ can help you optimize your prices by reducing the number of options that need configuring for each customer. It can also guide product recommendations and discounting to boost your sales numbers.
Often, sales reps spend countless hours trying to figure out the right product configuration that aligns with their prospects’ specifications. They also spend much time waiting for price updates and contract approvals. This can leave them little time to prepare and deliver customer quotes, impacting their productivity and overall performance.
CPQ eliminates these problems by automatically generating accurate and professional-looking product quotes for customers. It provides real-time pricing automation with a rules engine to manage product groupings, cross-selling, up-selling, and multi-currency transactions. This allows sales reps to configure products and services based on the requirements of their buyers, all while maintaining compliance with company-wide pricing guidelines.
A CPQ solution can be integrated with the CRM platform that sales teams already use, which makes it easier for them to adopt and start using it. Once they have successfully done so, they will soon realize how much it has streamlined their processes and helped them become more effective at closing deals.
Creating and delivering impactful product quotes for potential customers is essential to improving sales productivity. However, the disorganized and inefficient sales process can cause serious business growth problems. Fortunately, with the right configuration, price, and quote (CPQ) software, you can streamline your sales process and achieve the sales productivity you have always wanted.
The CPQ process allows your sales team to create and send professional, high-quality quotes to customers in record time. This allows your sales professionals to focus on generating revenue instead of spending hours collecting data from databases and multiple systems to prepare and deliver quotes. The streamlined quoting process can also help you increase the number of quotes produced and sales closed. Unlike traditional sales quoting systems that rely on manual calculations and fragmented spreadsheets, a CPQ solution can automatically sync pricing information with your product catalog. As your sales reps select products to build quotes, the system will recalculate prices based on the options chosen and product discounts. It can even factor in raw material costs and discount levels negotiated with specific customers. This reduces pricing errors, misquotations, and margin variations to improve profit and sales performance.