According to research done by Aberdeen Group, a leading marketing and research company, close to 24 percent of B2B sales opportunities are wasted due to unwarranted friction in the sales quoting process. The inability of existing systems within a business to generate fast, efficient and accurate quotes can hurt the bottom line.
With CPQ solutions, you can boost your sales cycle by automating and simplifying every bit of the sales process to the benefit of your staff and customers. CPQ gives you the ability to:
- Generate complex quotes faster, thereby reducing friction in the sales cycle
- Concentrate your energy on enhancing the value of your product instead of configurations and pricing. This shifts the competitive bar.
- Fully automate pricing triggers and guard rails to ensure the sales process is less burdensome and accurate
- Obtain quotes right the first time thereby avoiding the common mistakes done by reps
It has been found that businesses using CPQ solutions are nearly twice as effective in preventing sales losses because the pricing and proposals their representatives offer are error-reduced and generated faster.
If you still need some convincing on the viability and potency of CPQ Software for your business, below are some more reasons you need to consider investing in one.
Streamlines Your Sales Team through Scripting
The hiring process is usually an involving one where sales managers together with the HR team try to isolate useful skillsets and traits from the potential recruits. However, despite such efforts, getting the right candidate to perform in the new role requires a lot of learning.
CPQ solutions have built-in scripting which gives sales personnel direction on how to engage prospects. These questions help unearth specifics about your customers’ needs and how those requirements can be satisfied through the available choices in your product line. With basic knowledge, your sales reps can interact and work through the scripting to have a meaningful conversation with a prospect and close the deal. In the end, the software will generate the quote or a proposal depending on the circumstances.
Helps with New Products and Strategies
When moving your customers from an old product onto a new one, you may be required to come up with some incentives and a new price strategy. This is often referred to as an upgrade path. The upgrade path programs will limit the special pricing to a particular type of customer with qualifying conditions around the strategy. Doing this manually can be cumbersome, and you can lose lots of sales through mix-ups.
With the level of automation in CPQ solutions offered by companies such as iQuoteXpress, you don’t have to bring all your sales reps in for the training. This means cost savings for your business and the message gets to your team quickly and efficiently.
Accurate Product Data
CPQ enables your business to maintain accurate product data in a more central location where each department from sales to finance and legal can have greater access. This makes it easier to generate reliable documents using the data, and the entire process becomes less cumbersome.
It is much easier to replicate success across your organization because with CPQ, you are assured of consistency in all the sales area from consultation all the way to proposal and quoting.