Configure Price Quote (CPQ)
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Any modern-day organization that seeks success knows the importance of Salesforce Configure Price Quote (CPQ). CPQ works by creating distinctive designs of quotes. It also removes all the potential errors to improve and make the sales quotes more accurate.
What is CPQ?
Salesforce CPQ is vital for sales in all prominent organizations. It helps in the growth of sales of your business. Salesforce Configure Price Quote (CPQ) is a powerful tool that organizes every business's sales process.
Salesforce CPQ fastens the process of production of sales propositions and quotes. It eases the work of the sales team by automating the creation of quotes and order processes. This helps to increase a company’s revenue multi-folds.
Hence, it shortens the sales cycle. This improves your brand awareness and at the same time increases the customer relationship of your enterprise.
The primary purpose of Salesforce CPQ is to help you know the accurate pricing of any given product. It can quote accurate prices by making use of optional features like discounts, customizations, and quantities.
This platform allows your sales team access to some very user-friendly tools which can be used from any device. Hence, you can make informed sales decisions very easily.
Why do you need CPQ?
The sales team mostly gets entangled in manual tasks, filling up spreadsheets etc. This deprives them of the time that they could have spent on driving more sales for their company. This is where CPQ saves the day.
CPQ is a sales tool that helps to simplify complex sales transactions by creating accurate and organized sales quotes for your customers. This platform allows access to important data needed by sales reps to fasten the process of creating even the most complex quote.
Here is how CPQ helps to improve the productivity of your sales department and grow your business:
- Decreases the time taken for the compilation of complex contracts
- Increases the company’s revenue
- Reduce the errors in the orders
- Increase visibility and accuracy of data
- Enhances deal values
- Gives time for sales reps to be more productive
- Improves CRM
Key features of Salesforce CPQ
The key features of Salesforce CPQ are Configure, Price, and Quote itself. The Salesforce CPQ provides the features of configuring different products, the best pricing of every product, and quoting of products. Let's discuss these three features and some other features briefly.
This feature is meant to provide you with the facility of listing your products over a synced cloud. You can list your products and customization options here and provide the command to your salespersons and sales team. Since the feature is synced with all the other devices, your salesperson can provide your customers with the spot ordering facility. Moreover, the customers can customize the product with the available customization options and place orders in real time. The synchronization of data is so fast that your sales team will get the data regarding the order in no time.
With Salesforce CPQ, you can provide the most personalized and accurate pricing for your particular customer. The pricing feature works on the method of layered data analysis. It means that there can be different layers of pricing and offers for a single product and different prices can be offered to different types of customers. It helps to distribute the discounts and offers more precisely. It is also capable of differentiating between many types of discounts such as volume discounts, discounts to the distribution network, etc. Moreover, it can also save important information about the product discounts such as the expiry date of discounts and the number of discounts to be offered.
Quote feature is basically to provide the review and negotiation stage for the customers. While quoting the customer can see all the scheme-related quotations and ask for the negotiations of price, the time of the deal, etc. After the document will approach the company and here the company can either approve or disapprove the quote. Moreover, to approve the document, you can use electronic signature integrations like DocuSign to digitally sign the deals. You can also tag the place of the customer's signature and send it to the customer to digitally sign the document and finalize the deal.
Apart from these three features, you also get some more interesting features with Salesforce CPQ. One of them is the process automation feature where you can easily automate repeated tasks and continuously let them happen without any human help. It directly eliminates the chances of errors and mistakes.
Benefits of Salesforce Configure Price Quote
Here is how CPQ benefits all the positions in the sales department and consequently increases a company’s revenue:
Salesforce CPQ automates the configuration, pricing, and quotes of the products. In place of price books and product lists, CPQ provides the Sales team with all the tools they need to build precise quotes.
You don’t have to worry about rogue discounting as CPQ has discount and approval rules programmed in it. CPQ is a beginner-friendly platform as it makes use of dropdown menus to help the sales reps with the product selection process. Hence, you can get a 100% automatically generated accurate price quote.
The quoted delivery becomes quicker with the help of CPQ. This sales tool enhances efficiency by reducing the time which is spent on quoting or doing administrative tasks. Hence, the sales team can pay more attention to the customers increasing an enterprise’s CRM.
Salesforce CPQ gives sales reps access to important client data. Through this information, they can increase their chances of closing a client. This information also lets them offer the right products at the most accurate price.
So, CPQ helps to steer clear of the roadblock during the approval of the contract. At the same time, the buyer also feels satisfied with your customer-centric approach and increases their trust in your business.
Best practices while implementing sales for CPQ
There are a few simple points that you should take care of while implementing the sales for CPQ. These points are as follows:
- Set up clear objectives and goals for the CPQ implementation. The finest CPQ implementation evaluates the difficulties the sales team is facing and provides workable answers.
- Pay attention to the business issue. Apart from growth, the settlement of issues is also very important while running a business.
- Understand the development methodology and use the best tools of Salesforce to make it possible.
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