The business environment is very competitive. To ensure that your business remains relevant, you need to up your game to avoid being thrown out by more technologically advanced companies. Potential customers usually ask for quotes from various vendors, so a fast and accurate reply gives good leverage.
CPQ software will come in handy in helping your sales team speed up the entire process of creating quotes. CPQ is an abbreviation for Configure, Price, Quote. Such software is specially designed to help your business operate efficiently. Here are a few more reasons why CPQ will be beneficial to your business.
1. Makes the automation process easier.
The performance of your sales team depends on several factors. First, they’re often burdened with creating quotes manually. Also, writing proposals and waiting for the approvals of quotes is time-consuming and results in less motivation to work. This sales process takes a lot of time and, in turn, reduces sales productivity.
The best part of introducing the CPQ process to your business is the fact that it shortens your sales cycle. Going through spreadsheets manually for customer data, pricing, and configuring can be a daunting task for your sales team. The introduction of the CPQ changes the narrative. It helps you automatically create customer-specific quotes, void of human mistakes, and done in record time. It also gives your sales team more time to build up favorable bonds with customers and go after new clients to increase sales for your business.
2. Team Work to generate accurate quotes.
As mentioned earlier, potential customers have a habit of asking for quotes from several distributors. They often do this to ensure they make a perfect choice. Coming up with the ideal quote for a configurable product that’s accurate and doesn’t violate any laws is quite tricky. CPQ is an excellent sales tool because various departments involved in the production process can access it. So, individuals can make corrections and approvals in real-time. This will also ensure that you make quotes with profitability in mind.
3. Promotes transparency in the sales process.
For a business to stay afloat, it’s crucial to have a transparent sales process and deliver on promises to customers. This way, the business can continue making solid profits. It’s common knowledge that salespeople usually don’t like being regimented and are often unwilling to follow a sales process. However, a good sales process is vital to help eliminate chaos in business operations. CPQ simplifies the sales process. This is because different departments involved in the production can access it. This way, everything is done with accuracy.
4. Can be integrated with other systems.
For customers to have worthwhile experiences when dealing with your business, there must be a seamless workflow—from sales to operations. The CPQ system is desirable because it supports integration. You can integrate it into other business tools. For example, if you have a CRM system or an ERP system place, you can also integrate CPQ into the mix.
5. Offers various revenue models.
Many people place a premium on versatility when considering businesses to patronize. Many companies have come up with several revenue models, including direct sales and affiliate sales. This strategy will suit the teeming needs of millennial customers. CPQ offers various revenue models that can be utilized for more sales productivity.
In conclusion, when it comes to generating quotes for customers, your best bet to solving these problems and ensuring you run a stress-free, profitable business is to switch to the use of CPQ. This is especially needed if your sales team still deals with slow turn-around times or is experiencing losses instead of profits (due to faulty discounting, amongst other issues).