Digital transformation comprises the changes that have to be made in an organization.
When you are determined to transform your business digitally, your main goal is to increase profits and provide a better experience to customers.
The main part of this transformation includes how well your company manages quoting and pricing during the sales cycle.
Most organizations struggle to generate accurate and optimized pricing, as they use traditional quoting systems that are prone to manual errors.
With Salesforce CPQ implementation, you can drive away these problems.
In this on-demand economy, the fast-frictionless buying experience is the need of every customer.
Sales Representatives do not have much time to spend on spreadsheets or tools to come up with the right solutions.
Salesforce CPQ billing process helps the sales team to increase company revenue.
Configure, Price, Quote is a miracle for Sales Representatives. It permits the customer dealing teams to configure orders and offerings correctly.
It also allows them to generate quotes while handling rules, approvals, and compliances, thereby reducing errors that occur due to manual efforts and inefficiencies, providing the customers with a great buying experience.
What is CPQ?
CPQ assists companies in defining the accurate price of the goods across a constantly fluctuating range of variables by collecting data and helping businesses configure services or products ideally.
The companies can then price their goods according to competition, costs, and economic factors, and quote their customers the best price possible. CPQ enhances sales effectiveness.
Using CPQ software enables representatives to create a quote with just a few clicks.
It increases the capability of quoting where the admin configures multiple templates at the backend and representatives can use them to generate documents quickly.
Salesforce CPQ benefits
The key benefits of Salesforce CPQ are:
1) Shortened Sales Cycles
Salesforce CPQ provides guided selling. The software provides a systematic process that helps reps through the process.
This feature proves to be beneficial for new sales representatives.
2) Automated quoting:
If your company is not using Salesforce CPQ for generating quotes, then you are missing a timesaving booster.
The software creates professional proposals using customizable templates. Interactive sales catalogs make documents look professional. They are the real sales tool.
With Salesforce CPQ, sales representatives can create quotes quickly and accurately. It guarantees exact pricing and discounting.
The software routes approvals whenever necessary. It then generates the document, includes correct collaterals, and integrates it with eSignature partners to provide a unified buying experience.
4) Efficiency and Productivity:
With CPQ, there are fewer chances of error, and it allows personalized sales quotes via a streamlined process.
Quotes generated have high accuracy, which minimizes the need of going back and forth with clients to ensure a smooth sales process. With Salesforce CPQ, you can close any deal quickly.
5) Maximize sales:
Salesforce CPQ provides process automation right from creating an invoice to the final process.
With features like Salesforce Einstein Artificial Intelligence, companies can quickly predict if a payment process requires more aggressive collection practices.
The software uses AI to adjust pricing based on factors like competitor pricing.
6) Increase deal values:
The main goal of Salesforce CPQ is to help companies increase sales and profits.
Salesforce CPQ makes this possible with powerful features and performance.
7) Better Customer Service:
Salesforce CPQ enables delivering personalized quotes to your clients. It helps companies provide better customer service.
Sales representatives can create updated quotes via Salesforce CPQ if clients want to make any adjustments in their purchase at the time of offers and discounts.
Through intelligent discounting CPQ, you can provide the best prices to your customers.
8) Deal Analysis:
With Salesforce CPQ, you do not have to worry about profits. The software ensures that your sales deals are profitable by performing complete analysis.
With Salesforce CPQ, you deliver only profitable quotes to your clients via a streamlined process.
How Salesforce CPQ drives a frictionless buying experience
According to the 2018 Gartner Magic Quadrant for Configure, Price and Quote Application Suites, “Gartner estimated CPQ revenue at $1.1 billion in 2017, up 36% year over year. We project the CPQ market to increase 25% annually through 2020, indicating its importance for B2B sellers.”
So how does Salesforce CPQ ensure a frictionless buying experience and keep customers happy?
1) Salesforce CPQ produces fast results:
Though the internet has several selling benefits, it brings fierce competition.
Businesses need to make decisions about pricing to live up to customers’ expectations.
However, an amazing Salesforce CPQ feature allows you to make decisions at lightning-fast speed.
Generate quotes in seconds. Salesforce CPQ allows a quick response to the changing market conditions, which in turn will keep customers happy.
2) Accurate Technology:
Salesforce CPQ is both speedy and accurate. There is no chance of human error as the CPQ software generates optimized pricing.
There are almost no chances of mistakes, even though the process involves complex discounting or subscriptions.
With Salesforce CPQ, all the information remains centralized and consistent.
Even if your pricing strategy is distributed across multiple sales channels, with Salesforce CPQ you can manage all these databases from a unified platform.
3) It automates the approval process:
Since Salesforce CPQ uses artificial intelligence, it can approve special pricing requests automatically.
It enables the sales team to grant special discounts to clients while closing the deal.
Since the rules are set in the software already to prevent unintended approval, sales representatives do not have to run to the office for the quote approval process with higher authorities.
With Salesforce CPQ, the customers can get answers on the spot.
4) Personalized Customer Experience:
Salesforce CPQ provides a customized customer experience. Let us understand the concept with an example.
With the feature of dynamic pricing in Salesforce CPQ, items are tailored optimally based on the latest sales trends.
It means that the customers will receive appealing prices as well as a great customer experience.
This will benefit your business too. Salesforce CPQ provides the highest possible profit margins, and above all, there are fewer barriers in closing the deal.
5) It is all about upselling and cross-selling:
Salesforce CPQ acts like a trusted sales advisor by using Artificial Intelligence.
It automatically generates upsell and cross-sell suggestions. There is no need for any research to set a price.
Salesforce CPQ relies on contextual intelligence and plentiful sales data to generate strategies that help the sales team achieve success.
It saves the time of sales representatives so that they can focus on building relationships with their customers.
6) Omnichannel sales strategies:
It is a well-known fact that customers have become more demanding than ever.
They do not wish to work with companies that don’t let them use their preferred channels.
This calls for an Omnichannel sales strategy that is responsive customers’ preferences.
The only way to achieve this Omnichannel strategy is by using Salesforce CPQ.
It is effective in managing social selling, indirect partner sales, and sales from IoT and field sales.
Source: goal of Salesforce CPQ