Today, customers have numerous choices to evaluate before making a purchase. This phenomenon is not limited just to the B2C market; the new-age B2B customer too looks for various options before inking a deal. It’s very important for sales reps to make the buying process seamless for customers and provide error-free proposals and competitive quotes.
Doing all this eats away a lot of time of your sales reps and overwhelms them with administrative work, preventing them from performing their primary duties – interacting with customers, strengthening client relationships and closing deals. To overcome this problem, your sales team needs a powerful tool that helps them create quotes with high efficacy and increase their productivity. One of the most widely used tools in the corporate world to enhance selling efficiencies is Salesforce Configure, Price, Quote (CPQ). In this blog, we’ll learn about the many benefits of using Salesforce CPQ for your sales team. But before going any further, let’s understand what is Salesforce CPQ.
What Is Salesforce CPQ?
Salesforce CPQ is an innovative and comprehensive quote-to-cash tool that helps businesses manage the complete customer revenue generation cycle and empowers their sales teams to execute all selling processes from a single platform. From automating product configuration and pricing to generating quotes, this robust tool helps sales reps close more deals, and thereby, improve their productivity in a big way.
With Salesforce CPQ, sales reps can get insights into metrics such as Customer Lifetime Value (CLTV), Annual Recurring Revenue (ARR)/Monthly Recurring Revenue (MRR), customer churn rate, customer retention, subscription renewals and more. Given this, your business can adopt newer business models based on milestones, subscriptions, usage/consumption and so on, so that you can provide flexible product or service offerings to your customers.
1. Shortens Sales Cycles
To increase profitability, sales teams require smart processes with improved efficiency. In most cases, there is a considerable time lag between the generation of a quote to a client and closure of the deal. Salesforce CPQ helps you decrease this time lag significantly.
The robust tool helps you make the best use of all relevant information and share it with your team with just a few clicks. Armed with this information, your team can take steps to significantly reduce the time required to create an appropriate proposal for your clients.
This not only helps you please your clients and rev up sales, but also leaves a good impression about your organization on them. It enhances the efficiency of your sales process in a big way and propels your sales cycle, enabling you to close more deals in a shorter time span.
2. Increases Quote Accuracy
With the Salesforce CPQ tool, you can ensure that all your product pricing, discounting and accounting activities are in line with your business plan and all these aspects of creating a quote are performed automatically. Salesforce CPQ generates quote documents with high levels of accuracy automatically, and then, adds eSignatures of partners for a seamless buying experience.
3. Enhances Efficiency and Productivity
While creating quotes manually, chances for errors to occur are more! With Salesforce CPQ, there is no room for errors. Creating flawless quotes helps ensure seamless experiences for your customers.
4. Enables Customization of Quotes
To acquire new customers, your business should clearly emphasize its value proposition. Generally, companies have a standard quote template that they share with clients. Often, sales teams complain that the fixed template of their companies doesn’t allow them to include specific information relevant to the needs of the client.
Salesforce CPQ lets you make the required changes to your quote template to add and delete specific information, thereby, enabling you to customize quotes and cater to specific requests of each client, very easily.
5. Helps Leverage Pre-built Quote Templates
Creating quotes without any pre-defined templates can be a daunting task. Salesforce CPQ equips you with all the necessary tools to help you create the right quotes. You can leverage the pre-defined quote templates from the Salesforce CPQ repository; you can use the templates to streamline your entire quoting process, maintain consistency across all sales documents, present well-designed and defined quotes to your customers faster.
6. Maximizes Sales Revenues with Intelligent Quotes
Salesforce CPQ helps you automate the quoting process in a hassle-free, cost-effective manner. You can use the Salesforce solution to automate all activities of the Quote-to-Order (Q2O) process. The powerful tool lets organizations use Artificial Intelligence (AI) to fine-tune the pricing process based on external factors such as competitor pricing strategies.
7. Enables Deal-profitability Analyses
It makes sense for sales teams to spend time on those prospects that most probably will end up becoming customers. And Salesforce CPQ empowers you to identify those prospects faster by enabling you to analyze sales pipelines and conduct deal profitability checks very effectively. This will help you quote suitably to ensure commercial viability.
8. Increases Deal Values
The key benefit of using Salesforce CPQ is that it empowers businesses to scale up their sales and increase their profits. The Salesforce application makes this possible with its highly advanced, user-friendly features. A Salesforce survey reveals companies that use CPQ to execute their Q2O processes witnessed a massive increase of 105 percent in their median deal size.
9. Helps Provide Better Customer Service
Creating updated quotes in real-time as per your clients’ requirements helps you provide good customer experiences. So, when your clients request you to make changes to your offers and discounts, your sales reps can update quote immediately to incorporate the changes. Customers are willing to share their business data with companies readily, provided they receive sales quotes fully tailored to their needs.
As you can see, Salesforce CPQ empowers your sales team to come up with data-backed quotes, discounts and prices that help you maximize your profits. If you’re wondering whether Salesforce CPQ can help companies in your industry, be informed that it is a highly versatile tool that can help firms in any sector. Be it managing customer subscriptions in the media and communications industry or configuring products with high complexity in the manufacturing sector, Salesforce CPQ helps your business get higher winning rates, improve selling efficiency and increase revenue, with minimal cost and effort.
At Solunus, we help you make the best use of Salesforce CPQ. Our unparalleled expertise of the Salesforce platform coupled with our strong emphasis on understanding your unique business needs enables us to help you enhance your profits in a big way.
Hope you liked this post. How do you plan to use Salesforce CPQ? We’d love to know.
Solunus is a dedicated Salesforce partner organization, headquartered in Dallas, Texas. Our unrelenting focus on comprehending the unique needs of our clients coupled with our unrivaled expertise of the Salesforce platform enables us to deliver the perfect solutions that create the best value for IT and business analytics firms.