One the hardest parts of a sales rep’s job is to provide professional and accurate quotes to prospects quickly. For many this process requires talking with several departments and approval processes which usually leads to errors, inaccuracies and fewer closed deals. But, what can sales leaders do to address this? CPQ software can help quote complex and configurable products with ease and consistency.
Let’s break CPQ down into its three parts: Configure, Price and Quote.
C is for Configure
More and more B2B buyers expect a personalized buying experience, including the ability to customize nearly every aspect of their purchase. Businesses across a variety of industries can benefit from the efficiencies and effectiveness of CPQ. For example, let’s look at an automotive manufacturer. If the customer chooses a certain certain chassis, the choice of engines may be limited, because certain engines do not fit certain chassis. Given a certain choice of engine, the choice of trailer may be limited (e.g. a heavy trailer requires a stronger engine), and so on.
CPQ software uses smart rules to make sure you and your reps sell related products together and prevent incompatible products from ending up on the same quote. CPQ software makes it easy for your sales team to configure your offerings, following your business rules while meeting your customers’ needs.
P is for Price
Few businesses sell their products at full list price to all customers in all situations. Many allow for special pricing, bundle or volume pricing, as well as allowing sales reps to apply discretionary discounts to help close the deal. It can be next to impossible for anyone to keep track of various product pricing, promotional discounts rules and bundle pricing. But more importantly, your business could be losing money when cross-sell and upsell opportunities are overlooked or discounts are applied incorrectly.
CPQ software helps manage pricing for all your products and services by serving as the pricing source of truth for your business. Sales teams can quickly create quotes with consistent pricing and apply available discounts. Using CPQ software you can be sure that your pricing is accurate and optimized.
Q is for Quote
The last step before sales can close the deal is to present a quote or proposal. Sales managers want quotes delivered quickly to keep the pipeline moving. Marketing wants quotes to be brand consistent. And customers want the whole experience to be seamless, pleasurable and personalized. CPQ software can give everyone what they want.
With just a few clicks, a sales rep can create a professional and branded quote, send it to the prospect in an email, and even include an e-signature to close the deal. CPQ software automatically pulls in the configured products and current pricing, tying the whole process together and ensuring consistency.
CPQ can help just about any business deliver the right products, to the right customers, while streamlining business processes so organizations can provide customers, partners and vendors with an experience that keeps them coming back time and again.
If you want to learn more about the benefits of a Salesforce CPQ solution, read our blog 5 Benefits of Steelbrick Pricing and Quoting Software.