How CPQ Software Helps Produce Quotes Quickly?
Many aspects of the business world have become automated thanks to technology. No one misses a call for being out of the office since cell phones have become common in the workplace.
How CPQ Software Helps Produce Quotes?
You analyze data from Facebook and other social media websites to learn more about the needs of potential clients. Your smartphone has eliminated the need for an alarm clock, watch, GPS and eased life since you only have to learn to use one device.
One area that is finally being touched by technology is price quoting. Sending a quote in a detailed proposal has been the norm for years, but how long does it take your sales team to generate a quote?
Do you spend hours trying to find the content from a previous proposal? Or play the waiting game for updated pricing? Do proposals get sent if you don’t make it back to the office the same day?
There are too many variables that can hinder creating and sending an accurate proposal if left to chance. Configure Price Quote (CPQ) software makes your sales team’s job easier by delivering the right information quickly.
You don’t need Captain Obvious to tell you, the faster you produce a quote, the more quickly you can move your buyer through the sales process and close the deal.
What is CPQ Software?
As stated by G2Crowd.com,
“CPQ software is used in sales departments to accelerate the sales process while improving quote accuracy and customer relations.”
CPQ software eliminates the need for multiple spreadsheets and documents or other types of software. Sending proposals quickly is key to winning new business and maintaining accounts, but it can become a nightmare if the pricing is not accurate.
Good CPQ software will help you reduce time to quote for many reasons, including:
- Guided selling that suggests the right products and services for your prospects
- Data analytics to make data-driven decisions
- Automated quoting process
- Integration with your CRM tool
- Pricing and product catalog
- Power to generate multiple quotes
When you use CPQ software, all sales team members are playing by the same rules, using updated pricing, while able to configure customized quotes that meet the individual buyer’s needs.
How does CPQ software reduce time to quote?
Aberdeen reported that CPQ users are able to reduce the length of their sales cycle to a greater degree than those companies that don’t use CPQ.
Here are a few key ways CPQ software abbreviates the quote process:
- Reduces new hire training time
- Helps demonstrate product knowledge during the sales process
- Manages price exceptions
- Generates complex quotes quickly
- Allows rapid response to RFPs
When using a CPQ, your team will spend more time talking with clients because they won’t have to access four programs to send one quote – and then triple check to make sure the product pricing is accurate.
If your organization has multiple divisions, then chances are you have different pricing catalogs. Imagine how much time you will save by bringing all the product pricing into one location.
What to Look for in CPQ Software
There are many CPQ software solutions on the market, but look for software that replaces multiple tools used in the quote generation process – all in one unified platform.
The best CPQ software will offer these features to help you quickly produce accurate quotes and win contracts:
- Guided sales playbooks
- Fast implementation
- A content repository from which to pull content to engage the buyer
- Pop-up alerts in real time and engagements activity tracking of prospective buyers
- Actionable insights to secure contracts faster
- Quote generation that automatically includes discount policies, promotions, tiered pricing, multiple price lists, and other variables
- Electronic signature
Look for a CPQ software that offers guided quote creation so new hires can start selling in minutes. You want a software that is doesn’t require weeks of training time.
Use CPQ software to produce quotes quickly and shorten the sales cycle. The less time salespeople spend on administrative tasks, the more time they have to focus on direct sales activities. The resulting increase in revenue is something every VP of Sales will appreciate.
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