Salesforce CPQ and Products Bundles

Salesforce CPQ And Products Bundles

You must be already acquainted with what is salesforce. Hence in this article we will discuss about Salesforce CPQ and product bundles. 

What is Salesforce CPQ?

Configure, Price, Quote is an abbreviation for Configure, Price, Quote. Product Configuration, Bundling, Pricing, and Quoting (CPQ) tools assist businesses in streamlining their processes. As a result, salespeople can close deals more quickly. Salesforce recently acquired the CPQ tool Steelbrick, giving birth to Salesforce CPQ. Even though Salesforce previously offered stock quotes (and still does), many businesses are investing in CPQ due to its numerous benefits. In this post, I’ll go over Salesforce CPQ and its unique features. 

 

Why is CPQ Important?

When it comes to the final stages of the sales cycle, many companies’ sales teams are forced to rely on spreadsheets and emails. Instead of moving on to the next deal, they may spend hours chasing down contract approvals or pricing products accurately.

Salesforce CPQ changes this by providing sales reps and leaders complete access to the data they require to expedite even the most complex quote.

What are the differences between Salesforce standard quoting and Salesforce CPQ? 

Features Standard Quote Salesforce CPQ
Uses standard product and price-book objects Yes Yes
Uses standard contract and asset objects Yes Yes
Multi-currency compatible Yes Yes
Ability to integrate with e-signature tools Yes Yes
Bundled products NO Yes
Volume discounts No Yes
Partner discounts No Yes
Robust subscription product capabilities No Yes
Automated contract and quote renewals No Yes
Drag & drop template editor Yes No
Standard approval process compatible Yes Yes

Benefits of Salesforce CPQ

Salesforce CPQ can benefit your sales teams and overall organization in several ways:

Salesforce CPQ gives sales managers complete control and visibility. Many sales teams are perplexed. Perhaps your sales teams have accidentally sent out unapproved pricing or promised products that no longer exist. Companies have massive amounts of data, making it nearly impossible for teams to accurately track, analyze, or forecast. Salesforce CPQ can help by organizing data and providing sales teams with a clear picture of what they can offer the customer.

What is a Product Bundle?

A Salesforce CPQ solution is a product bundle. That sells multiple products and services as a single bundle. It is a collection of related elements that form a single product and are sold in this manner Product bundles can be configured and modified at any time. Various levels, depending on the client’s needs or preferences. Generally, the final cost of the package of products and services is less than the cost of its constituent elements. A product bundle is frequently displayed as a suggested product within a product search. Its development, aided by correlated studies and Artificial Intelligence, can be compared to putting together a gift set for someone.

Product Configuration

When a product bundle is created in Salesforce CPQ, several elements define its structure. Products, product options, and features are among the most important.

When you make a bundle, the first step is to Create the parent product, which is a Salesforce CPQ entry with the essential product in the bundle, which is usually the one with the highest price and serves as the bundle’s core. 

  • Product Bundles

A fortune is simply a collection of products that we believe sold in this manner Product bundles can be configured and modified at any time. This is because of the related products accompanying him.

Piles are classified into three types:

    • Static bundle: These bundles always include the same products in the exact quantities, with no exceptions.
    • Configurable bundle: This bundle can be tailored to your specifications. Preferences, with some restrictions in place to prevent impossible configurations.
    • Nested bundle: This is a bundle within a bundle.

In Salesforce CPQ, configuring a bundle product entails creating the following record:

  • Products: The bundle item, as well as all of the bundle’s sub-products.
  • Product options: A form for EACH sub-product product’s option to be associated with the bundle product. A bundle can include a variety of product options.
  • Product features: A product feature can be used to group product options with similar characteristics. A bundle can consist of various product features—option.
  • constraints: None. Option constraints ensure that all users select only options that are compatible.
  • Configuration attribute: Set the value of a specific field for multiple product options that are part of a bundle or feature.

Summary

Let’s go over the topics we’ve covered so far. We began by researching the advantages of product bundling for both the customer and the seller. Then we looked at its terminologies, such as what a bundle is, what “Product Options” are, and how we can group them logically into Features. Finally, we explored Salesforce CPQ to learn how to create Products, Features, and Options, as well as the various fields that go with them.

I hope you found this article to be informative. Stay safe and healthy.

Summary
Article Name
Salesforce CPQ and Products Bundles
Description
CPQ is an abbreviation for Configure, Price, Quote that assists businesses in streamlining their processes. It gives sales managers complete control.
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BugendaiTech Pvt Ltd
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October 21, 2022
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