What is CPQ?
CPQ stands for Configure Price Quote is a software designed for the sales team of a company to produce precise, quick and highly configured quotes for all complex products, pricing, and business rules by making them centralized and available every time on the sales team fingertips. Help them to sell bigger and more anywhere. CPQ solutions fill the gaps of CRM.
CPQ is a demanding software category which handles sales cycle, quotation building, and pricing related challenges. Here, CPQ stands for Configure, Price & Quote.
C is for Configure.
Today, there is no one-size-fits-all world. When a company has different products and services, wants to sale in a way where they can maximize the deal value and earn more profit through product bundling. Like an Office Furniture company’s salesperson, meeting with a client for office workstations can also offer chairs, storage cabinets, drawer units and more to the prospects, can create quotation and as per the deal value, can create a discount and take approvals from the concerned authority instantly. In this way, the salesperson can configure the product as per the client requirements and quote him quickly by taking appropriate permissions on the discounts.
The old selling adage holds: “Time kills all deals” if a business doesn’t close the deal faster or keep the opportunity open by making the quotation building and approval process longer and unpredictable than there would be higher chances of losing the business opportunity, and your competitors will win the deal.
If you are a retail business, you can make a different type of combos instantly to satisfy your customer needs and gain the satisfaction points form the customers. Such as The Mcdonald’s is doing with its combo meals and salesperson always ask you about fries and discount to get more in less price.
CPQ software can enable a sales team to configure business offerings, following your business rules and meeting your customers’ needs.
CPQ Software enables the sales team to configure the product & offerings as per the client’s needs and budget by following business rules.
P is for Price
In the present competitive market scenario, Nobody can sell products or services without discount, special pricing, bundle pricing, and volume pricing. Some time considering future benefits or other consideration, to grab the deal sales people apply some extra discounts to sweeten the deal. For a business keeping an eye and tracking pricing and discounts is a headache. It may become disastrous to the bottom line when wrong discounts are applied. And it may fetch an embarrassing moment when prices are misquoted to customers and become a cause of lose the deal.
CPQ software will help businesses to keep pricing consistent, including available discounts, quickly and accurately. Advance pricing rules can be set to deal with bulk discounts, partner pricing, pre-negotiated contract pricing and more. Here through CPQ software pricing will be accurate and optimized which will always fetch more profitable business for the organization.
Q is for Quote
Sales reps spend a lot of time to create a proposal or quote to grab the opportunity, due to price and other reasons they have to revise it, again and again, this causes a longer sales cycle, there would be higher chances that any other competitor quotes the best deal and snatch the business form you.
While preparing the quotes, there would be higher chances of errors related to misquote, unprofessional format and more.
CPQ software helps sales reps to create a quote correctly and quickly. In a few clicks, a sales rep can create a quote as per the customer requirements and send it in the email. E-signature can also be included to close the deal. CPQ Software automatically pulls in the configured products and pricing and build a consistent quote with company branding and values.
Now, CPQ Software has become one of the essential tools in the sales process of the businesses. They can’t imagine their sales without it.
CPQ Software Market Size
CPQ Software solutions are getting popular among the organizations which have complex products, pricing, slow quotation, and approval process. CRM software has some gaps here which are filled by cpq software solutions. Now the trend is showing that demand for cpq solutions is growing faster and advancement is also increasing as a need of this cpq solutions.
A trend is showing how cpq software solutions are growing as time go, and here Salesforce CPQ is building and getting popular than the others.
Salesforce CPQ is the leader in CPQ software solutions market among the all cpq solutions vendors.
Which company should take cpq solutions?
Companies which are suffering from the delayed deal cycle and want to increase deal size and profitability, following are the reasons or opportunities to have cpq solutions.
- Slow quoting
- Slow approvals process
- Complex products mix
- Manual errors
- Complex pricing model
- To have Cross-selling or up-selling opportunities
- Volatile pricing
- Complex or custom discounts model
cpq software thrives on these reasons or opportunities. cpq software is highly effective for such problem facing companies and effectively shortening deal cycle and eliminating delays through automation.
CPQ Software Benefits
CPQ software attributes to an immediate effect on revenue growth and customer experience. It has following benefits for the organizations.
- Shorten the Sales Cycle
- Increase Productivity across the company
- Increase the Deal Value
- Improve Brand Awareness
- Easier to do business
- Different Pricing & Discounts
- Discounting Approvals
If you are looking for CPQ software solutions for your organizations or want to know more about and cpq solutions, Appcino is here for your help. We provide end to end cpq software implementation. As we are the Salesforce Partners, we can make sure you that success after implementation through the Salesforce cpq solution.
Salesforce cpq has the highest market share, so Appcino always suggests for Salesforce cpq.
Appcino has profound experience in cpq software solutions implementation which makes experts in cpq software implementation for your business.