Is your sales team slowed down by the many manual tasks they have to complete for each new quote? If your company isn’t using a CPQ, chances are the answer’s yes. In fact, it takes non-CPQ users 73% more time to produce a typical quote or proposal compared to those with a CPQ tool.
Now’s the time to consider where technology can improve efficiency on your teams. 68% of buyers strongly agree that B2B companies must become more comfortable with change to thrive in the post-pandemic era. It’s time to look for tools that can help automate your internal processes – and free up your team to serve as strategic advisors, not order takers.
What is Salesforce CPQ?
Salesforce CPQ, or Configure, Price, Quote, is a software tool hosted within Salesforce Sales Cloud that companies can use to provide accurate, custom pricing based on product specifications. It’s an extension of your larger CRM system. The software helps your sales team provide accurate cost estimates instantly based on exactly what the customer needs.
Why is CPQ important?
Despite the drastic progress companies have made in recent years, many organizations still rely on manual processes for quoting. While spreadsheets and emails may have worked in the past, it’s time to revolutionize your internal processes to be faster, smarter, and better.
Not only does Salesforce CPQ offer a streamlined quote creation process, it also arms your entire company with the insight it needs into all sales operations. With CPQ, everyone using the platform can see what deals have been closed and which ones are in progress. Companies can then use that information to make data-driven decisions that will benefit the organization and its stakeholders.
Salesforce reports that when the CPQ software is deployed correctly, they’ve seen
- 10 times faster quote generation
- 95% reduction in approval time
- Two times faster moving from quote to cash
- 30% quicker ramp for new reps
What kinds of businesses could benefit from Salesforce CPQ?
Salesforce CPQ is best suited for B2B industries due to its ability to simplify complex order requests. The varying prices, products, order sizes, customizations, and SKU numbers all impact the speed of sales and the team’s ability to close deals quickly. Specifically, Salesforce CPQ can help:
What are the benefits of Salesforce CPQ?
Now that you know what CPQ is, you probably want to know what the benefits are. Here’s the top four:
- Increased Efficiency
- Gone are the days of manually adding the charges of various product specifications to give the customer a rough estimate. With the click of a few buttons, you’ll be able to provide an accurate cost estimate instantly. No more back and forth! Plus, having all customer information readily accessible helps the sales team cater their sales play to the company, saving time and dollars.
- Simplifying the process gives your sales team the tools it needs to operate more efficiently, save time, and ultimately close more deals.
- Repositioned Sales People as Strategic Advisors
- Additionally, leveraging CPQ software correctly helps you to upsell and cross-sell as you’re closing deals.
- But, that ability starts with fully understanding both the platform and the customer’s business. Ensure employees adopt this new software by following change management best practices and investing in internal training.
- Accurate Quotes
- 48% of B2B buyers cited finding up-to-date product information as a top pain point when researching purchase options. Part of that frustration can be solved with accurate customized quotes. Not only does having an accurate price right off the bat save time, but it also ensures a positive experience all around. It keeps your customer relationship strong and causes less headaches sifting through inaccurate or old information.
- Salesforce’s Cloud-Based Structure
- Salesforce CPQ’s cloud-based structure allows the program to be available on any device. The program is also hosted within Salesforce Sales Cloud, enabling your team to store and access all of your data in your CRM for easy reference. Operate more efficiently with easily accessible data at your fingertips from anywhere.
Ready to start expediting sales and seeing unprecedented revenue growth? Let’s get your CPQ platform up and running.