If you haven't heard about Configure, Price and Quote software, or CPQ, then you're behind the curve. CPQ solutions are dominating the business world right now because they make your sales team significantly more efficient while boosting revenue to higher levels. This will teach you about CPQ software along with how to choose the right program.
What Is CPQ?
CPQ is an automated software that makes your sales team more efficient. The normal sales process requires agents to make deals with prospects, get authorization from managers for those deals and then return to the prospect with a contract. If there are any changes to the deal, then there might be even more meetings. This is a slow process with far too much back and forth interactions.
CPQ software removes most of this work. It's a constantly updating database and AI program that gives your sales team up-to-date prices and authorized discounts that can be immediately agreed upon during the first meeting. Not only that, but it ensures that agents bring up relevant products, services and other cross-selling opportunities to maximize profits. Managers are able to interact with the program as well to authorize discounts and make other decisions in seconds. This type of program is becoming dramatically more popular in the business world.
Why Is CPQ Important?
The traditional approach as highlighted above is tedious and long. If there is too much back and forth, then the prospective client will distrust the deal. It also gives other companies an opportunity to sneak in and steal the client. CPQ software ensures you can get the deal finished and contract signed quickly. In most cases, this reduces interactions to a single meeting to discuss costs, products and signing the contract.
How It Helps Businesses
CPQ software ensures faster and more accurate selling while also bringing up relevant upselling opportunities for more money. It also minimizes mistakes, which can ruin client relations if not handled properly. Common mistakes would be agents misquoting a price, giving discounts they weren't authorized for and failing to order the right item.
CPQ software basically eliminates all of these problems. The program ensures accurate pricing with every order, automates the sales process and allows managers to pre-authorize most discounts from their desk. It's become an essential business tool. It's soon expected that most modern businesses will use CPQ software.
Choosing The Right CPQ Software
The right CPQ tools are made for your workload and can handle all your requests. It should have cloud technology so that it can be easily accessed by all of your employees regardless of their location. It should easily integrate with your system and also be highly customizable so that prices and products can be dynamically updated as needed. It also needs simplified communication tools so that managers and agents can easily communicate about any questions or problems. Analytics are also essential because you want more data on which prospects are best, which products are selling and so on. This allows you to further improve your business.
CPQ Conclusion
CPQ software has become a mainstay of modern business because it automates the sales process and makes the job much easier. This type of software can make you more money while drastically reducing mistakes.
