5 Reasons You Should Implement CPQ
According to Salesforce, only 34% of sales time is actually spent on selling, because the remainder of the time is spent on tasks such as creating quotes and proposals or going through the approval process. A common issue that today’s sales teams currently experience involves wasting time following up with contract status or pricing accuracy when they could be closing their next deal.
During a time when sales across different industries are evolving, businesses can now take better control of their sales operations by gaining access to necessary data using CPQ software.
What is CPQ?
CPQ, or configure, price, quote, is an automated sales solution for customer relationship management platforms (CRM) that helps streamline the sales process so that it is more efficient. CPQ allows sales and non-sales team members to view information with certainty instead of spending time cleaning up or filling in missing data.
Before CPQ, sales representatives would have to search through different sources to provide accurate pricing to create quotes for potential buyers. Now, CPQ cuts down the time by automating the process to build quotes and send them to the necessary stakeholders for approval.
The Benefits of CPQ Software
There are many benefits of CPQ that can help an organization’s bottom line.
Here are the top 5 benefits of using CPQ software in your business:
1. CPQ can help minimize lost time and productivity
Businesses can find ways to create a more efficient process that gives sales teams more visibility by looking at the current sales process. A clear understanding of the sales process will help sales representatives provide the best options for buyers to enhance the customer relationship.
CPQ applications also speed up productivity by copying best practices, so sales teams can work with potential customers and spend time closing deals instead of training other staff on sales operations.
2. Improve efficiency by providing accurate, automated quotes
CPQ software can help your organization save time by providing accurate quotes instead of manually writing quotes for each potential buyer. In creating an automated solution, CPQ eliminates miscalculations made by sales representatives. A solid CPQ solution can help the sales team forecast possible scenarios to develop the best price possible.
3. CPQ establishes trust with customers
Aside from generating accurate and fair quotes, it’s also important to create quotes and proposals efficiently to minimize wait time. As CPQ applications allow accurate and reasonable quoting, this leads to increased trust in the organization. Customers tend to favor businesses that not only charge reasonably for their products or services but also value their time. As a result, customers will respect and trust the brand.
4. Combine CPQ with CRM for maximum profitability
By incorporating CPQ into CRM platforms, businesses can expand their opportunities to increase profitability. Salesforce has reported that their CPQ users mention a significant return on investment (ROI) after using their CPQ combined with CRM. CPQ applies to sales and can help an entire organization update its processes for maximum productivity.
5. CPQ Fosters team collaboration
In addition to a rise in productivity, CPQ can also help sales representatives collaborate with other organization members. By providing transparency, all company members can clearly understand how they can help their customers create a unified brand voice. CPQ allows staff to work together by involving the entire business to develop possible solutions (i.e., legally and financially). Data analytics from CPQ can also help other teams determine trends and demands to find ways to increase profit and customer value.
What your CPQ may be missing, and how Salesforce CPQ delivers on all benefits
CPQ doesn’t only apply to sales. It impacts all other departments within an organization. Some CPQ applications do not have access to all processes within an organization, such as fulfillment or manufacturing. However, CPQs need to gather data from different sources to provide the most accurate information. If the data is not precise, then it could lead to issues with pricing. Another common problem with CPQs is ensuring that the application is updated to allow proper customization to help sales teams adapt and create product configurations in a shorter time.
What is CPQ in Salesforce?
Salesforce CPQ is a tool that businesses can use to implement pricing structures on their products. Most CPQ applications factor in the ability to customize or add features. However, the Salesforce CPQ is a user-friendly, cloud-based platform that exceeds the capabilities of other CPQ applications. The Salesforce CPQ is accessible on mobile devices and simplifies the process so any team member can easily use it.
The Salesforce Revenue Cloud merges CPQ and Business Management Software to help businesses, across any industry, centralize the buying process to increase revenue and productivity across every channel. Another benefit of Salesforce CPQ is that teams can have complete control of the sales process so that all parties can find a solution that meets everyone’s needs.
Salesforce Consulting Services with Forcivity
Using Salesforce Sales Cloud, businesses can gain insights to transform their sales processes to prevent issues that might interfere with sales operations.
The Salesforce CRM offers software and services to fit your business needs. Still, CRMs contain many different tools that can make it challenging to navigate for new and experienced users. Time gets wasted trying to learn the system instead of implementing the necessary tools to help your business.
In the age of digital transformation, it’s essential to have the right tools, as well as understand how to utilize the technology to create a top-notch customer experience and help drive your business to success.
Apps Associates can help your business transform your service operations and improve your customer experience using our innovative approach to help companies to upgrade their CRM tools. For successful implementation, CPQ requires training and support to make the most out of your investment.
With our expertise in Salesforce, Forcivity can help you maximize Salesforce CPQ and CRM by creating strategies to increase sales that work to benefit your business. We are dedicated to learning everything about your business to find a solution that will be the most successful for your customers and industry.
Start the conversation
The first step in process improvement is to talk with an expert. Let Forcivity help you streamline your processes and make sure your technology is working for you.
What is CPQ?
CPQ, or configure, price, quote, is an automated sales solution for customer relationship management platforms (CRM) that helps streamline the sales process so that it is more efficient.
What are the benefits of CPQ?
- CPQ can help minimize lost time and productivity.
- Improve efficiency by providing accurate, automated quotes.
- CPQ establishes trust with customers.
- Combine CPQ with CRM for maximum profitability.
- CPQ fosters team collaboration.
What is CPQ in Salesforce?
Salesforce CPQ is a tool that businesses can use to implement pricing structures on their products.