A Quick Guide to CPQ Software
A Quick Guide to CPQ Software
As many organisations struggle with complex pricing structures, a CPQ software can streamline your CRM workflows and ensure that all your sales quotes are correct.
What is CPQ Software?
A CPQ (short for Configure Price Quote) is a software that can accelerate the ways in which you provide prospective clients with accurate quotes during the sales process. It can be a helpful addition to your CRM solution, and it’s undoubtedly a great asset to any busy sales team.
By seamlessly integrating with your existing software, it can mitigate errors in the pricing process, configure complex product offerings, and create accurate quotes based on the information stored in your CRM. Essentially, it will make your sales efforts much easier.
Why Do You Need CPQ Tools?
Your sales representatives cannot close a deal with a customer until you have settled on the price. It’s imperative that this quote is as correct as possible, as you don’t want to end up losing any money.
However, business is complicated. And we can only assume that you rarely give out identical prices to all your customers, regardless of the circumstances. Some might be offered a bundle price or volume pricing, right? While this might be a good way of attracting customer, it can be challenging to keep track of in a busy sales environment. Additionally, if the discounts are applied incorrectly, it can make a negative impact on your bottom line.
This is what a CPQ software will mitigate.
By enabling your sales team to create accurate quotes, you can ensure there is a consistent level of pricing across your business. This way, your sales representatives can instantly ask for accurate quotes based on the data kept in your CRM, and then forward this document via email to the client in question.
In short, this combination of CPQ and CRM can elevate your sales process, increase your productivity and lead to a better customer experience.
The Benefits of CPQ
The majority of CRM solutions lack a few vital pricing features, such as
- The ability to create and send unique quotes
- The creation of individual sales proposals for potential clients
- The creation of buyer interaction reports
A CPQ tool enables your sales team to create complex pricing structures and respond to buyer requests immediately – with only a few clicks of a button. The combination of this accuracy and efficiency can greatly increase the probability of a sale. Here are some other advantages of deploying CPQ software.
Easy to Implement
Few things are more frustrating than having two software solutions that doesn’t integrate or communicate with each other. Luckily, that won’t be the case with your CPQ and CRM integration.
Your CPQ is easy to deploy and integrate, and you will rarely require a professional developer to set up your services.
Implementing the tool is also likely to lead to an overall increase in productivity.
The automation of sales quotes, means that your sales teams need to spend less time digging around for the right data and quote, and can instead spend their time doing what matters the most – communicating with your potential clients.
Most sales teams are incredibly busy. In other words, you have no time to lose!
As your team faces many daily challenges, it’s imperative that their tools are user friendly in order to optimise their workflows and accelerate their results. CPQ tools easily integrates with your CRM, ensuring that your employees always have access to the most recent products and prices, and that they’re always able to share the correct communication with buyers based on where they are in the buying journey.
Access complex pricing models
Companies operating within manufacturing, distribution and finance, might often operate with a complex pricing structure with a lot of variables. Luckily, a CPQ can pick up where your CRM might fall a bit short, offering complex pricing options, subscriptions, leases and bundled pricing.
How can you compare CPQ Software Vendors in 2019?
Which factors and features will you need to consider before you settle on your next CPQ software vendor? Here are the main questions you should ask.
Will the CPQ software be easy to implement?
This is an essential feature to consider, as a long and error-filled implementation process is unlikely to bring you ROI. Before settling on your next solution, you should also ask the following: How easy is the set up? And can you do it yourself - or do you need a developer?
Can you customise workflows? And will you need additional help with the CRM integration? Additionally, you should ask yourself how long it will take to get the system live, and how long it will take before you see ROI.
You must also consider is the usability of your CPQ tool.
- How easy are workflows such as discounting and versioning?
- How easy is it to configure rules and pricing?
- Quote document generation?
I think we can all agree that it can be challenging to deal with a new software solution, and perhaps especially in the implementation process. However, if you want to avoid any unforeseen obstacles, it’s imperative that you select a CPQ vendors that offers state-of-the-art support, such as
- Customer support
- Mobile user support
- Integration support
However, always be aware that no software solutions, including CPQ, are created equal. They are typically powerful solutions, as they must have the ability to quickly represent complex product and pricing structures. Are you looking for your next CPQ software, but don't know where to start? Fill out the form to your right, and one of our software experts will be in touch with you shortly. And remember, our advice is completely non-chargeable!
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