CPQ stands for
Configure, Price, and Quote is a sales tool that gives accurate pricing with
any configuration scenario allowing the sales team to quote prices quickly and
effectively. CPQ salesforce is hosted within the sales cloud. Sales reps can
quickly optimise and generate quick quotes based on customers’ requirements.
Today more and more organisations are getting to know the true value of CPQ in
their sales operations.
To overcome the manual tasks used by sales teams like filling large
spreadsheets which makes them waste hours and decreases productivity, CPQ as a
tool allows sales teams to complete highly complex sales transactions by giving
full access to data making it possible to complete complex tasks.
Some benefits of
Salesforce CPQ are:
Time Saver: The
time gap where a client needs to close the deal and the team needs to quote a
price gets saved as CPQ updates the data immediately. This saves a lot of time
and creates a good impact on the client.
– Eliminates human
error: With the great precision of CPQ, it ensures there are no human errors.
With this great user experience even the customer retention rate
increases.
– Customization:
Every client has some unique requirements and tailor them according to their
needs is handled by CPQ customization. It also provides a great analysis of
clients and their requirements.
– Revenue
generation: According to many types of research that have been done which
proves how CPQ actually increases revenue and client satisfaction.
– Great customer
experience
– Automated Sales
quoting
As salesforce CPQ is
integrated with your CRM so the information can be accessed on your mobile
devices as well.
Now an organisation with a traditional sales structure has an outside sales
team for requirement collection, an inside sales team for information
collection, and an engineering team to configure the product. The entire
process is chaotic and involves a lot of back and forth movements which are not
effective in generating an accurate quote.
Here CPQ eliminates all of these and works through the entire process.
C (CONFIGURE)
When an outside
team gathers the requirement they can quickly update that information on CPQ
allowing the inside team to work immediately on it. Now that the time factor is
eliminated, the engineering team gets to the product creation and the chances
of errors are also reduced.
P (PRICE)
The discount logic
in CPQ, allows sales reps to make use of different discounts based on volume,
distributor, discretionary, etc.
All the facilities right from updating discount duration, discount dates,
expiration date are provided in CPQ and with a single button click one can send
it to the approval team.
Q (QUOTE)
Before the final
quote is generated, the customer is allowed to give its input if any term
changes are required. If so, then the customer can add the comment and it is
sent to the internal team, once both the parties are on the same page a quote
is generated and sent for electronic signature.
CONCLUSION
Ensuring a smooth
deployment of Salesforce CPQ should be the key aim and then comes the proper
training of the sales team and support team on it. If implemented properly CPQ
can be a boon for the sales team and overall revenue generation of the
organisation.
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