One of the most common problems which are faced by the majority of the sales organizations is the production of an accurate as well as a professional quote of sales for prospects in a short interval of time along with the elimination of the inefficiencies as well as the errors. Although, this is one of the most widespread problems yet there is a large number of leaders in sales who don’t know how to address this problem effectively. There is one solution to this problem and it has been growing rapidly. The CPQ is a software category that is growing and tackles this problem in a head-on manner.
Here, we will tell you about the meaning of the acronym CPQ.
C for Configure
We are not living in a world where one size fits all the requirements. We can take the quote from a very popular advertisement from Burger King, which said that we can have the things in our way. The case is not just with the burgers, we want every single thing to be configured according to our demands as well as requirements. If a company has got a wide range of products as well as services, then it’ll want to sell it in a way that they can increase the value of the deal to the maximum and earn more and more profit through the bundling of products. We have been doing this thing regularly in our lives, we customize our playlist according to our music taste, get our cars customized according to the look that we want to give them, and according to the dealer websites according to which of them fits our requirements as well as our budget.
In the field of consumer purchase, the need for customization arises because of the different kinds of desires that we have whereas, in the field of business purchases, the configuration part is driven by our needs above everything else. For example, if you are a B2B seller, then you will try to address this requirement with the various combinations of products as well as services that get all the products delivered which a customer needs. The problem is that if you are not doing the same, then your competitor will, and that too definitely. With the help of the CPQ for quote generation on salesforce, your sales team can very easily configure the offerings that you have got in compliance with the rules of business as well as meeting the needs of the customer.
P for Price
There are certain businesses which make the sale of their products and that at the fullest listed price and that too in all type of situations. It might happen that you are offering some kind of special pricing as well as volume pricing and bundle pricing. It might also happen that the reps of your sales try to offer some kind of additional discount to sweeten the deal and the relation with the customers. If we keep a track of the current pricing, then we will find that the bundle pricing and the rules of discount can be quite a headache.
The software of CPQ helps in managing the prices of all their products as well as all their services. This, in turn, helps the sales team of a company to inform up the quotes which have got consistent pricing which is inclusive of the discounts, and that too in a quick as well as accurate way. The rules of advanced pricing mat are set for handling discounts of volumes as well as the percent of total subscriptions in addition to the contact pricing such has been pre-negotiated along with the partner as well as channel pricing. With the help of the CPQ software, you can make sure that the prices are accurate as well as optimized.
Q for Quote
A deal can’t be closed without presenting a quote or a proposal. A lot of time, as well as effort, is spent by the sales reps to earn an opportunity to show a quote in front of the customer. Due to this reason, the quote needs to be created quickly as well as correctly. The business needs to be represented by this quote in a very detailed, crafted with care and professional manner. Here, again the software of CPQ provides the solution. A sales rep can create a quote with the help of just a few clicks and then email it along with an e signature to close the deal. The whole process is tied together by the CPQ software which pulls the configured products as well as pricing together and in the meantime makes sure of the consistency too.
Many professionals in the market use CPQ. These professionals think that CPQ has made their life way easier. They say that they can’t imagine their lives without CPQ. Working without CPQ is something that they can never imagine.