Five Ways a CPQ Solution Can Benefit Your Business
Configure, Price, Quote (CPQ) makes it easy for your customers to buy. A CPQ solution gives Sales Reps the ability to provide customers with high quality quotes, accurate pricing and supporting documentation in a timely manner helping them to make informed buying decisions.
1. Your Company vs. the Competition
Chances are prospective customers will also be talking with your competitors when requesting price quotes. Customers appreciate a quick response. A CPQ solution lets your Sales Reps accurately configure the quote according to the prospective customer's specifications in a minimum amount of time, and the flexibility to quickly configure and deliver a quote giving you a jump on the competition. Customer's deadlines require quick action to deliver your quote. A CPQ solution helps Sales Reps to promptly get your quote to the customer speeding up the buying and selling process.
2. Accurate Quote Generation
Receiving an accurate quote that is free of errors is equally as important as responding quickly to a quote request. Prospective customers do not have time to wait for Sales Reps to correct quote errors. A CPQ solution allows Sales Reps to generate accurate quotes the first time every time.
Errors in quotes cause frustrating delays that can threaten sales and extend the sales cycle. Manually generated quotes and orders can inevitably contain mistakes when Sales Reps rush to complete a sale. A CPQ solution helps to eliminate data entry errors and product line and customization mistakes. A CPQ solution can speed up the sales cycle and generate quotes and orders that are more accurate than manually generated quotes and orders.
Moreover minimized quote errors, less time spent in the quote process, and savings on manufacture and delivery of incorrect products results in an improved cash flow and also frees up resources.
3. More Quotes lead to More Sales
Companies that implement a CPQ solution see real ROI in the form of larger deals, and more consistent cross-selling and up-selling opportunities. The shortened sales cycle time provided by the software allows companies to deliver more quotes to more prospective customers each week. Therefore, faster quote generation leads to more sales. The time saved when a CPQ solution is used gives time back to Sales Reps to make more sales contacts and more sales resulting in larger deals than competitors who have not implemented a CPQ solution.
4. Improved Sales Performance
A CPQ solution adds to your company's sales performance in several tangible ways. It improves the sales team's knowledge of your products by putting the information at their fingertips. In addition, the automated quote generation reduces the vulnerability of decision delays by the customer, and automated sales approvals makes for a less time consuming buying experience for your customers.
5. Profit Margin
A CPQ solution allows administrators to build in guidelines that allow product discounts, but prevents Sales Reps from discounting a product too much or offering promotions that have expired by applying the wrong discount to a product. The software eliminates the need for discount approval and helps to minimize errors that can cause the deal to be unprofitable.
A CPQ solution also offers your customers viable product configuration options, ensures product quotes are right the first time and generated rapidly, speeding up order fulfillment resulting in an increased ROI on the software investment and enhanced sales for a greater profit margin.
The software simplifies the B2B customer experience by improving customer experience, promoting customer loyalty and maximizing customer value. In all these ways, your business can benefit from a CPQ software solution.