In today’s times, sales reps spend about 66% of their time generating quotes, writing proposals, and getting approvals instead of concentrating fully on closing deals. This is exactly where CPQ software emerges as the best solution to help sales reps automate and streamline business process management practices.
Using CPQ software, organizations can transform their ability to streamline sales operations and quote efficiency.
What does CPQ stand for and what does it mean?
CPQ stands for configure, price, quote. CPQ software is an extension of your customer relationship management platform (CRM) to create a standardized sales process for your organization. It also makes the overall sales process easier, faster, and more organized.
Configure Price Quote (CPQ) is a powerful, user-friendly sales tool that shortens the sales process while reducing your time spent performing administrative tasks. It allows businesses to improve their response times, increase sales win rates, and drive overall revenue growth.
Why do people use CPQ software?
When it comes to the final stages of their sales cycle, many sales teams rely on spreadsheets and email to track sales, customer data, and create reports. Instead of moving on to their next deal, they might waste the most of their time on non-productive activities such as generating prospects, selling services and products, submitting proposals, and scheduling appointments.
With Salesforce CPQ (configure, price, and quote), businesses can configure products, price orders quickly, and save valuable time with fast and accurate quotes. One of the most significant advantages of CPQ is its ability to make life easier for sales reps. Moreover, it automates a highly-complex sales process to increase the productivity and efficiency levels of sales teams.
Salesforce CPQ helps you harness the full potential of Salesforce Sales Cloud capabilities to quote more accurately, close deals faster, and speed up the order-to-delivery process.
So if your reps are still spending most of their time on repetitive, manual tasks like pouring over spreadsheets and entering prices and sales in order management, it’s time to invest in CPQ software and quote-to-cash solutions like Salesforce CPQ for your business.
What are the key benefits of Salesforce CPQ?
Salesforce CPQ is amazingly beneficial when it comes to dealing with the customer’s pain points, including subscription products, volume discounts, and product bundling. Whether you’re running an organization of ten or a Fortune 500 enterprise, if those of the above-mentioned points are the biggest pain points for your business, implementing Salesforce CPQ Software would be an effective solution.
Salesforce CPQ software can benefit your sales teams and overall organization in several ways. Let us have a close look at some of the most amazing benefits of Salesforce CPQ.
1. Improve accuracy and boost sales performance – Using Salesforce CPQ, your organization can solve the toughest business challenges by streamlining and automating a comprehensive pricing strategy and execution lifecycle.
2. Quickly create quotes and proposals – Salesforce CPQ provides excellent templates that enable you to integrate your sales process with various applications and software that enhance sales profitability and help you make better and more informed business decisions.
3. Increase deal size/up-sell and cross-sell – Salesforce CPQ tracks your customer preferences and suggests the right mix of products and services. This helps the Salespeople cross-sell, up-sell, and get more clients and build your customer base.
4. Eliminate errors in pricing and contracts – Salesforce CPQ takes you through the step-by-step process and trains the sales reps throughout the process. This tool also houses all the information about policy and price change, thus improving accuracy.
5. Guided selling – Salesforce simplifies and optimizes the selling process with the help of guided selling. Guided selling is an exciting feature that allows sales reps to enter the information gathered from prospects into a tool and generate optimal product packages based on unique needs.
To learn how Cloud Analogy, a Salesforce Silver Consulting Partner, can help you execute a custom CPQ solution that meets your selling objectives, product catalog development needs, promotions and discounting strategies, output documentation requirements and approval or renewal process flow, get in touch with Salesforce CPQ specialists and Salesforce CPQ experts now!