Does your sales team need help to send accurate quotes to customers promptly? Are you losing revenue due to pricing miscalculations, unapproved discounts, or other errors in the sales process?
While configure, price, and quote software may not be the sexiest solution on the market; it offers unparalleled efficiency, accuracy, and speed.
CPQ solutions provide the data and automated processes that can increase the efficiency of your sales team. This allows your sales reps to spend more time building relationships and bringing in new business. This can help you land more deals and grow your revenue faster.
Using a CPQ solution can also make it easier to offer customers and prospects the correct configurations for them. This will allow you to offer a more personalized customer experience that builds trust and loyalty. This can be especially important as up to 76% of consumers say they will stop doing business with a company after one bad experience.
A CPQ system can also ensure consistency across all sales channels. This can be particularly helpful for larger organizations with varying competencies within their sales teams. Using a CPQ solution can give everyone access to the same tools and resources, which means that even your least tech-savvy agents can create accurate, consistent quotes without any manual errors or delays.
The ability to offer your customers accurate, timely sales quotes can help you stand out from the competition and gain a reputation for being dependable and trustworthy.
Streamlined Sales Quotes
With CPQ, sales reps can create contracts faster and more accurately. This allows them to provide a more tailored experience to customers and make them feel valued, which is vital for driving sales. CPQ also offers advanced features for creating product recommendations and cross-selling opportunities that can help improve the customer experience.
CPQ can automatically create, edit, and approve quotation documents and collaterals that align with the brand. It can also reduce the time spent by sales teams on creating quotes. As a result, businesses can save ten times more time on the quote creation process and generate up to 28% faster.
The system can also automate approving company discounts, including block prices, individual pricing levels, and pre-agreed prices with specific clients. This allows businesses to improve the quality of their quotes and avoid over-discounting products, which can impact profit margins.
Companies that manage complex products have a greater need for streamlining. With a CPQ solution, there is a high risk that the quoting process will become smooth and quick. CPQ software can provide a structured approach to managing complexity and eliminate manual quoting processes. This frees up the sales team’s time to focus on closing deals. Moreover, the CPQ system can capture best practices and ensure every team member follows them. This helps to ensure consistency and means that even the newest or least technically-minded team members will perform like their most experienced colleagues from day one.
Today’s customers expect instant gratification, and your business can only meet this expectation by providing accurate quotes tailored to their needs. CPQ software can help your business quickly create and send these quotes to customers.
CPQ can also help your sales team ensure the products and configurations selected for a quote are valid and priced correctly. This helps avoid errors in the quoting process that could otherwise cost your organization money and revenue.
This is especially important for organizations with multiple teams involved in the sales process, including engineering, finance, manufacturing, and legal. With a centralized tool, these teams can communicate with each other effectively, which could result in incorrect pricing or unapproved discounts. CPQ software streamlines communication among these teams, which can help speed up the sales process and allow your company to realize revenues sooner.
A CPQ application can also help your sales team save time by allowing them to create professional-looking and error-free quotes from the comfort of their laptop or smartphone. This is much faster than searching through product/service brochures and spreadsheets, which can be easily misinterpreted or changed by a single mistake. This means your sales representatives can deliver more compelling customer quotes and quickly close deals.
Inaccurate pricing and configurations can lead to costly mistakes, especially when dealing with complex products or services. CPQ software automates processes and eliminates human error, reducing discrepancies between initial quotes and final invoices.
In addition to reducing errors, CPQ software provides a clear structure for sales reps to follow when creating quotes. It also offers the ability to generate professional-looking documents that include marketing materials, terms and conditions, and more. This allows businesses to deliver a more personalized customer experience that builds trust and loyalty.
With a CPQ solution, sales teams can spend more time selling and less on administrative tasks like generating quotes and proposals. Ultimately, this helps to increase overall productivity and profitability.
A successful CPQ implementation can reduce barriers to success and drive revenue growth for the business. However, it is essential to take the time to thoroughly test and implement the software to ensure that all users are comfortable using it daily. Additionally, training and ongoing support are essential to ensure that the system is used correctly and to its fullest potential.
Inaccurate sales quotes can cost a company money through lost revenue and dissatisfied customers. CPQ software can provide a more accurate, faster, and personalized sales process, increasing customer satisfaction and a competitive edge.