The sales cycle will always have barriers that we either overcome or outmaneuver, but protracted quoting processes don’t have to be one – and avoiding drawn out quoting is just one of the CPQ software benefits that B2B sales teams are discovering.
As pandemics, preference, and access upend the confines of working hours, the customer demand is real when it comes to service convenience.
Does this mean you need your sales team to work 24 hours a day? I mean, I suppose you could, but integrating CPQ is probably easier.
Ok, but what is CPQ?
Configure, Price, and Quote is the virtual embodiment of “At your service.”
In B2B sales, customers expect the same speed and convenience they get in the consumer world, and CPQ software provides that. The technology allowing the sales cycle to speed along, providing customers with exactly what they need when they need it, while protecting your company’s bottom line.
CPQ is a support tool for your entire sales team, helping them perform at their peak, and a peace of mind promise for existing and potential customers as they feel cared for by your company.
CPQ software: What makes it tick?
The purpose of CPQ is to gather the various information needed to complete a sales transaction and put it in a centralized location that positions everyone for efficient sales and service. A CPQ solution can take extremely complex product offerings and configure them for individual customers.
Many CPQ systems today incorporate artificial intelligence to help guide sales reps with optimized pricing, eliminating guesswork.
Here’s a high-level breakdown of the CPQ process:
- Ask—CPQ asks the customer what they’re looking for, and, because it is capable of complex configurations, the requests are not dumbed down or limited by confining drop-down menus.
- Assess—CPQ refers back to all available data and predetermined parameters to respond with accurate configurations. There are no delays in waiting for clarification or a callback. The most current pricing and products live within the CPQ.
- Answer—The customer receives a highly accurate quote tailored for a company’s capabilities, pricing, and process. Salespeople don’t have to struggle trying to figure out configurations and pricing.
- And, go—With all the t’s crossed and the i’s all dotted, everyone involved in the transaction can move forward on the same page.
CPQ software benefits for sales teams
By eliminating spreadsheets and phone tag with automated CPQ software, your sales team can close more deals faster.
Your company can quickly solve some of the most vexing problems plaguing sales leaders with these CPQ benefits:
- Fast quotes: Customers won’t wait days, let alone weeks, for a quote. If you’re slow to quote, they’ll move onto your competitor.
- Guided selling: CPQ provides sales reps cross- and upsell recommendations to ensure no money is left on the table.
- Rein in over-discounting: Under pressure to close a deal, a sales rep might do whatever it takes, making over-discounting a big problem for many companies. CPQ software solutions provide discount guardrails to protect margins.
- On-boarding: New sales reps can get up to speed quickly.
A better customer experience
And of course, one of the best CPQ software benefits: It helps sales teams provide the experience customers expect via:
- Clarity: Providing details on their needs; customers receive pricing, process, and the timeline for their requests.
- Convenience: Because CPQ compiles the information that multiple departments may need in one document, the details will be readily available to all for the project’s duration.
- Accuracy: CPQ will automatically integrate existing provisions, clauses, or preferences associated with existing clients’ accounts.
Continued potential
As you move forward with customers who feel like you get them and a sales team unburdened by paperwork, you can more effectively cater to future clients, fueling your growth and profitability.
It’s up to you to take these tools that can create cloud-based convenience and invite your customers to experience the attention to detail and responsiveness that you can offer them time after time.
