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Before discussing the benefits of a Configure Price Quote (CPQ), we’re going to define what a CPQ is.
What is a Configure Price Quote (CPQ)? It is a sales cloud tool that allows a business to offer a customer with correct sales quotations and gets rid of inefficient procedures that usually happen during different steps of sales.
The customers can get their personalized quotations such as quantity discounts, exclusive promos, bundle offers, and price slab-based discounts because the quotes generated are sales quotes that are timely, and they are error-free.
In this article, we will dig deeper to show you how you can benefit from a CPQ software, which most sales departments use in their work to be productive and efficient.
It is reported that most companies that have implemented a CPQ software have increased their median sales by a staggering 105%.
#1 Faster deals with guided selling
CPQ controls guided selling. This is a particular step-by-step procedure that trains sales professionals during the CPQ process. The feature is precisely helpful for new recruits and salespeople that have never been involved with sales before. It generates multiple questions that assist sales professionals in storing client data. Then, based on the data, it helps them prepare accurate and efficient quoted with enhanced order speed.
#2 Tools Provide Automated Quotes
CPQ has tools that will save you a lot of time when you’re preparing quotes and contracts. It makes work easier since quotes are automated. If you’re not using CPQ, then you’re missing out. The tool also ensures your quotes and proposals are professionally branded using customized templates. The documents will reflect your business.
#3 Accurate Results
CPQ allows sales professionals to design quotes quickly with actual data. It guarantees correct prices and discounts, proposals, approval, and anything that is required during the sales process. Since the method uses CPQ, everything is automated. You will be guaranteed accurate results. Afterward, the CPQ will generate a quote file, including the correct data by default to ensure an all in one buying process.
#4 Increased Productivity and Efficiency
The CPQ software will allow you to reduce a lot of mistakes and contract negotiating time. It will efficiently personalize your quotes. Your sales quotes will look professional. The quotes will be available quickly and accurately, evading the process of going back and forth with essential customers to make sure the sales process goes on smoothly without problems.
With the solutions available on the CPQ, your client will be ready to seal a deal.
#5 Get Improved Sales Numbers with Smart Quotes
The process is simplified with CPQ. Right from the start (creating invoices) to the end, CPQ will ensure it’s automated. With inbuilt features like Einstein Artificial Intelligence, corporations will have the ability to analyze and predict whether certain payment procedures need specific milestones or more stringent collection methods.
Also, the CPQ tool will allow businesses to utilize intelligence to inform whether to adjust the pricing or not in line with external aspects like competition and others.
#6 Great Profits Analysis
A CPQ will ensure sales yield brilliant profits by assisting you in analyzing sales processes and performing deal profitability analysis so that you can provide only marketable practical and high profitable sales quotes through organized means.
#7 Get High-Value Deals
The objective of a CPQ tool is to help businesses increase sales revenue and profits. It helps achieve this objective through its stable features and unrivaled performance. As mentioned before, it has been reported that companies that used the CPQ software increased their average sales deals by 105%.
#8 Better Negotiated Contracts
Sales professionals can use quote prices from original quotes when they design contracts and continue using the same quotes in future quotes in the contracts. The pricing in the agreements is useful, especially when the sales agent has negotiated a rate and still wants to continue using the same price in a future quote within the same contract. The CPQ tool uses the same amount on the next sales quotes.
#9 Excellent Customer Service
A CPQ can help you deliver custom-made sales quotes to customers enhancing excellent customer service and better experiences.
A sales agent can design new quotes quickly if a customer wants to adjust an acquisition or offers and discounts. According to a report, a lot of clients are always willing to provide personal information to companies that personalize sales quotes. The CPQ software enables sales departments in companies to prepare better sales quotes, administration departments to organize data accurately, and bosses to be competitive in the market. Also, it helps get an evaluation of the quotes and to maximize profits.