In the ongoing battle to sell more and sell better, strengthening customer relationships to make selling easier is something all companies strive for. While earlier it was about knowing the customer well with a 360-degree view to offer them a seamless omnichannel experience, now, Configure-Price-Quote (CPQ) goes a step further and has become the new go-to tool to capture what a customer needs and respond with what serves them best.
Put across simply, CPQ helps generate quotes, streamline billing, and give personalized quotes to customers on the spot. Conventionally, creating a quote that works best for both the customer and the company has required a considerable amount of time. With sales reps having to understand customers’ landscapes, discuss within their teams and seek approvals internally, the time between the first interaction to furnishing a quote typically takes a week. Today’s digital age however demands for much shorter and faster cycles wherein for scenarios like these, various permutations and combinations of offerings are already available and configured intelligently for the customer. Enter, CPQ.
Here’s a look at some of the benefits of CPQ that sales teams find most compelling –
Sales teams are equipped with real-time pricing across all channels – With the advent of omnichannel selling, the challenge of a current pricing database has come up. This can be easily lessened by cloud-based CPQ applications which include pricing as a record. Since these cloud platforms are integrated with pricing databases, each quote request has greater accuracy and consistency. The prices can also be customized, for example in terms of currencies, for global companies making pricing easier for sales teams.
Sales teams have an on-hand up to date product and service catalog – Companies usually have multiple products with several SKU’s for each product, the products might also be seasonable. These products and services are changing and improving continuously. Having one database makes it easy to update the product catalog and it also gets updated in real time in a single edit. The update made in any of the catalogues gets reflected in all derived catalogues instantly. Having a trustworthy single source of truth across all channels drastically reduces quoting errors, accelerates deal cycle times, and ensures any order taken can be shipped.
Persona-based data access controls to the partner ecosystem ensures greater accuracy than legacy channel selling systems. Limited access and controls for Partner Relationship Management (PRM) systems are a major challenge for growing businesses by creating blind spots for partners. CPQ, applications are helping in creating seamless collaboration between partners by real-time, 360-degree view of channel-specific pricing, rebates, deal management, team selling and revenue-sharing programs. Unifying the ecosystem through CPQ lends scale benefits for supporting the entire selling cycle and each role in the selling strategy.
With the enhanced applications that CPQ systems offer, companies across industries are joining the CPQ bandwagon to support intelligence-driven omnichannel incentives, promotions, pricing, cross-sells and upsells, profitable decision-making and much more. Are you ready to jump onboard?