How Your Business Can Benefit from Salesforce CPQ

The backbone of your business is a happy client base, and by continuing to do business with you, they can help you establish a solid reputation for your brand. All of the sales process’s steps must be efficiently streamlined if you want to see significant growth in your small organization. Every consumer wants to sign a contract before the sale is complete, therefore you must provide them with a sales quote that is unambiguous. Customers require sales quotes that are accurate and customized for their circumstances. CPQ software, a cutting-edge sales tool that assists companies of all kinds in creating perfect sales quotes, is now required.

Salesforce CPQ is a native Salesforce tool, designed for sales teams to create more accurate and highly personalized quotes. It provides centralized access to all the products, services, available prices, and customer data of your company, allowing a notable increase in productivity.

CPQ is part of the solutions offered in Salesforce Sales Cloud.  It is easy to use and can be developed using Salesforce objects, bringing in data standardization in the entire customer life cycle. The Salesforce CPQ quoting tool is beneficial to getting more prospects than competitors and speeds up the sales process of business. Also, it is a boon to businesses globally and deals with price alterations and discounts based on each configuration. We bring the top benefits of Salesforce CPQ to your business.

 

1. Revenue Growth and Cost Reduction

The advantages of CPQ software include formalizing norms and pricing, creating uniformity throughout the organization, boosting corporate productivity, and more. The shown rise in revenues and decrease in expenditures is by far the most significant advantage. The majority of businesses receive 80% of their revenue from 20% of their clients, so expanding into these accounts has the most profit potential. Your salespeople may easily raise the average quote and order size thanks to the automated up-sell and cross-sell suggestions made by CPQ software. The average deal size actually rises by 105% for businesses using CPQ.

 

2. Shorter Deadlines

The most obvious benefit of configuring price quotation software is probably the ability to maximize your time for both you and your clients. By automating the quoting process, CPQ reduces the downtime that comes with creating contracts frequently. Salespeople may now help more prospects in less time, which boosts productivity. According to data from credible sources, customers of CPQ software saw a 28% reduction in the time of the sales cycle and a 49% rise in the monthly proposal volume per representative.

 

3. Enable sales to concentrate on closing deals

Research demonstrates that the majority of a sales team’s non-selling time is spent creating estimates, proposals, and obtaining approvals. Sales representatives spend only 34% of their time actually selling. CPQ can help your company and its reps get over typical sales obstacles. It’s time to consider CPQ software if your reps frequently submit erroneous quotes to prospects, manually evaluate quotations, or use old quote configurators.

 

4. Provide unprecedented control and visibility to managers

CPQ will be a blessing if your firm has a complicated and protracted quote review process. Your sales team can be chasing down quote approvals, supervisors might be manually approving quotations, and your clients might not get their bids right away. This process can be greatly simplified with the aid of a robust CPQ system. Additionally, there is no need for chasing because the entire team is aware of the location of every quote during the entire process

 

5. Allow for flexible pricing

When sales representatives want to provide the customer alternatives, configurations, or prices but have to go through spreadsheets to discover the proper pricing rules to make the quote, it creates a barrier to delivering fast quotes. By clearly providing pre-programmed rules, CPQ avoids this problem. Every conceivable configuration, pricing, discount, and scenario may be provided using a CPQ program, simplifying the product configurations and options based on business capability. Then, when the sales representative produces the quote, CPQ guides them through the process to quickly and accurately produce a complete, accurate estimate using a customized template. The process is automatically sent to the appropriate parties for approval, cutting waiting time even more.

 

6. No Mistakes Anymore!

Inaccurate quotations will give off a bad impression to customers, take up valuable sales time, and ultimately cost your company money. By eliminating human mistakes, CPQ consistently provides reliable, accurate quotes.

 

7. Answer your clients’ queries more quickly

Due to CPQ’s automation, personalized quotations that were previously difficult to create and provide to customers can now be created rapidly while taking into consideration complicated options, settings, bulk pricing, and discount criteria. Your business becomes more knowledgeable and effective thanks to a quick sales quote procedure, which also speeds up the sale’s progress. Thanks to an efficient quoting process made possible by CPQ software, sales can deliver bids rapidly.

 

8. Easily Manage Repeat Orders and Subscriptions

Businesses that operate on the subscription model are able to offer their customers continuing services in exchange for a dependable, steady source of income. Customers view this as a convenience because it spares them from having to go through a drawn-out sales process again for goods or services that they intend to use frequently. They are also not required to put up with sales staff hounding them continually in an effort to lock customers into repeat purchases. In contrast, firms are able to improve their client interactions and have access to better analytics data. Additionally, they gain from having access to a group of loyal, engaged customers with whom they may present new offers and who can provide trustworthy feedback. It is an open market and subscription prices can be highly complicated. . Mistakes made in regular payments can often take months to be noticed and are very difficult to rectify. CPQ software seamlessly manages the tasks associated with repeat orders and subscriptions, automatically generating renewal quotes and applying existing contracted terms and conditions to add-ons.

 

9. Personalization

Your clients and your business don’t simply fit into one category. With CPQ software, you can give your clients a quote that is customized for them, not just as a member of a fake target market. When customers want to make modifications to their purchase, when discounts are available, or when other circumstances arise, sales professionals can generate new estimates in real-time. Additionally, analytics are a part of this customized solution. More than half of all customers are willing to disclose their information when organizations are keen to create sales proposals. This is one of the best Salesforce CPQ features associated with it.

 

10. Quickly introduce new products

A new product’s launch requires a lot of labour from any business. A new product’s introduction to the market can be sped up by CPQ. It is simple to adjust prices and deploy to sales right away with CPQ. Offer discounts or product bundles and add new products or remove out-of-date products from the catalogue. Give sales procedures that support the selling process.

 

11. Promote collaboration across your departments

Although CPQ speeds up the creation of correct quotes by salespeople, it also has more significant benefits on productivity. The ability for the entire firm to participate is one of CPQ software’s main benefits. When implemented properly, CPQ allows for smooth collaboration between sales, renewals, finance, and legal on various configurations. Because of this, there won’t be any salespeople pushing configurations that aren’t ethically or legally feasible. Making sense-based configurations and bundles is another capability of CPQ. You can ask the product expert to choose the best options and configurations for your customers rather than leaving it up to salesmen to decide on them individually. The CPQ system incorporates these as rules so that salespeople can provide the best possible service. When cross-functional teams work together, everyone wins. Your product becomes more solution-oriented and customer-centric than ever before. You can streamline sales order acceptance and easily pass quote details downstream. Billable charges get automatically consolidated into one unified invoice per customer, and you can even make revenue recognition easier by spreading revenue transactions over financial periods. All of this can break down silos and create a more collaborative company.

 

12. Integrate with additional systems to standardize procedures

Enterprise resource planning (ERP) systems can be coupled with your CPQ software, and once these linkages are in place, the entire process is expedited. A key advantage of implementing a CPQ solution is the integration of CPQ and ERP, which provides a link between sales and operations. Sales may keep an eye on delivery, executives can keep an eye on the sales process, and operations can keep an eye on patterns to make plans for new transactions. Product design and sales can cooperate. Customer demands can be met by making better, data-driven decisions. Because operations, materials, and manufacturing departments are kept informed, CPQ and ERP combined result in lower operating expenses and more products that are completed on time.

 

Conclusion

As you can see, Salesforce CPQ equips your sales team to generate data-backed quotes, discounts, and prices that help you increase your revenues. If you’re wondering whether businesses in your industry may benefit from Salesforce CPQ, you should know that it is a very flexible solution that can benefit businesses in any industry. Salesforce CPQ helps your company raise winning rates, selling efficiency, and revenue with little expense or effort, whether it’s managing client subscriptions in the media and communications industry or customizing highly complicated goods in the manufacturing sector.

At DKLOUD, we assist you in getting the most out of Salesforce CPQ. Our unrivaled Salesforce platform experience and our commitment to fully comprehending your specific company requirements.

– Written by Meshach Dimka