First let’s discuss what exactly is CPQ? CPQ stands for three primary functions: Configure, Price, and Quote. This type of software is considered increasingly essential to any company looking to optimize sales efforts and maximize income (read: every company). Through the use of CPQ software, salespeople can accurately create and deliver customized price quotes and offers to prospective clients. Essentially, CPQ software allows for three major types of processes to be better managed – configuration of a product, establishment of the price of said product, and creation as well as delivery of a quote to the client.
The configuration of the product or service to be offered can be made as simple or complex as is desired. The products or services you offer can be paired up with others in client-specific packages. Your company’s sales representatives can create specific offers for clients as you deem necessary. You can even quickly turn successful custom orders into available packages through the use of CPQ software.The price can be established based on all pertinent legal conditions and time or resource constraints of the company at any moment. This means you can make real-time price adjustments available to your sales representatives with ease as well as specify new legal conditions to abide by. This functionality is quite useful in large companies with multiple sales divisions that need to be kept to the same standards.
The quote can be easily delivered to the client once it has been completed so they can make their final decision. Delivering quotes to clients is a task made much easier by CPQ software. Quotes can be made on the fly with all the current price data without fear of errors. These quotes can then be transmitted directly to the client with all of the appropriate message formatting and design principles required.
How can CPQ software help your business?
CPQ can be a strong source of help to your sales representatives and to you as a business owner or manager. Here are a few of the most prominent benefits you can derive from the use of this software:
- Assist in up-selling and cross-selling efforts company-wide – Up-sales are an integral part of any strong sales strategy. CPQ software allows for the seamless integration of up-selling techniques into your typical sales. When delivering your quotes to prospective clients, CPQ software can help you to include any relevant services the company may offer at the time without placing time constraints on you and your representatives.
- Help with the creation of highly accurate quotes and proposals – Inaccurate quotes and incorrectly priced proposals are a surprisingly common problem among sales representatives in many companies. Providing a means for all current pricing to be accessed quickly from a single database can often put an end to these fumbles and allow for much more efficient sales performance throughout your organization.
- Aid your representatives in closing more deals – Closing deals can be tough without the necessary tools for every aspect of the process. CPQ software makes all aspects of the business pertinent to sales readily available and aids in presenting prospective clients with the most important information to encourage them to make the final deal. Additionally, the look and feel of all materials you present to your customers remains constant throughout the process – spawning a very influential psychological boon for the client in regards to your business.
- Help avoid legal and contractual errors – Contracts with errors and agreements that leave out all of the most recent changes to your company’s framework and/or offered services can ruin relationships with potential clients in a heartbeat. CPQ software helps to avoid these types of complications through the provision of a repository of your company’s current information for representatives in the sales department to make use of.
Acquire CPQ Software
Acquiring CPQ software is always a solid step in the right direction for any businesses looking to quickly and easily influence their overall sales and loyal customers in a positive way. Sales representatives benefit from this software through increased clarity in the company’s system and information. This way, more sales can be made for a larger number of products to a wider crowd of consumers.
Clients benefit from this type of software by receiving far more reliable quotes regardless of the representative handling their request. They can also benefit from the inclusion of much better and more applicable recommendations as to what other products they might wish to consider purchasing.
Options such as Apttus and Steelbrick offer very fast and reliable solutions with intriguing new features. Steelbrick, in particular, claim to offer 5 to 10 times the speed of other CPQ software options on the market with their solution. Apttus, in turn, offer a unique interface option that allows users to create documents for quotes and pricing within the familiar context of Microsoft Word.
Both Apttus and Steelbrick handle their cloud-based information delivery by way of the Sales Force cloud platform which provides enterprise-level security features to ensure maximum protection of your company’s data. Great CPQ software on the level of Steelbrick and Apttus can take your company’s sales efforts to the next level and allow for impressive long-term growth.Follow @FeatCustomers