According to the Salesforce Sales report, sales reps invest 34% of their energy in genuine deals while a surprising 66% of their time is spent generating quotes, proposals, and approvals. Isn’t it astonishing?
In this day and age of fast-forward digitalization controlled by sales utility tools, if reps are spending nearly 66% of their time not selling, it will positively hamper business effectiveness alongside the loss of opportunities.
Which of the accompanying inquiries with respect to the business execution of your team apply to you?
- Are your reps investing an excessive amount of energy in non-selling activities?
- Do they have to strategize their business plan?
- Is the correspondence gap between various divisions and sales teams an obstacle to efficiency?
- Does your proposition miss clients’ desires, requiring modification time and again?
Alongside these inquiries, a typical issue that organizations face regarding sales is – rapidly creating precise sales quotes for their prospects.
Subsequently, it is fundamental for you to adjust specialized progressions that can assist with facilitating their burdens.
Salesforce CPQ (configure, price, quote) is one such solution that you should consider to sift through your business mortification.
Generating accurate and proficient quotes is a significant sales activity. With custom pricing and product bundles, this isn’t a simple job. It is increasingly troublesome when you have unique customer demands and market competition.
The entire procedure of generating exceptionally configured quotes is tedious and complex. A deferral in sending a quote could prompt the danger of losing a customer.
CPQ software abbreviates the business procedure and minimizes this potential risk.
The number of customers who live on the Salesforce Billing platform has expanded manifolds from the finish of 2018 to 2019, and there is no slowing down this trend. The value proposition of an integrated Lead to Cash apparatus, all on the Salesforce platform, is too extraordinary to ever be overlooked.
It was just a couple of years back that distrust existed around Salesforce Billing and CPQ. Enterprise clients thought about whether Salesforce’s recently bought Steelbrick tool could contend with any semblance of Oracle CPQ or Apttus.
We all know how that story ends. Salesforce CPQ has solidified itself as a pioneer in CPQ technologies, as indicated by Gartner Magic Quadrant reports in 2018. It was in 2015, when Salesforce bought Steelbrick, that Steelbrick Salesforce CPQ aded InvoiceIT (presently Salesforce Billing) to its product. Quickly, the integration among CPQ and Billing was set up.
Manufacturing companies were offering a wide assortment of products, packaging, pricing, and discounts. When working these components into quotes, complexities in every one of these components can make bottlenecks, increment the danger of mistakes, and additionally miss up-sell or cross-sell opportunities.
Here are three key takeaways with regards to improving your sales processes to drive expanded growth. These tips will help make efficiencies and alleviate risks explicitly with your configure, pricing, and quoting (CPQ) process. This will help guarantee your clients are getting the best assistance and precise satisfaction, from cart to cash.
a. Internal and External Transparency
As indicated by Hubspot, 28% of salespeople think closing deals is the most testing piece of the sales process for reps. Utilizing CPQ CRM integration, sales teams can improve their accuracy and quote times.
These systems can likewise relegate approvals to the official group whenever required under the guided rules, taking into consideration human oversight, streamlining your salespeoples’ procedure, and eliminating management bottlenecks.
How does Salesforce CPQ support provide transparency to your internal team? A CPQ application will give a general perspective on your sales team exercises, giving your organization inside-and-out insight into each quote delivered.
Utilize this knowledge to make consistent upgrades to your pricing and other business processes, to better serve customers and land more deals.
With Salesforce Billing and CPQ, your team approaches real-time business numbers and assists you with distinguishing your top-spending clients, your most profitable clients, and the best valuing packages.
b. Faster Quoting Process
Nothing is more unfortunate than losing a potential customer because of time restrictions. This is the reason having a CPQ gets fundamental to drive sales. Make your organization stand apart with a best-in-class quoting process.
Average quoting processes last somewhere in the range of 5-10 days, yet with a CPQ, you can frequently have quotes arranged in under 1 business day, relying upon products’ multifaceted nature and potential designing inclusion.
Did we mention that cloud-based CPQ systems can assist you with generating quotes anywhere and from any device. Regardless of whether your sales rep is in the field or at the workplace, they can give quick and accurate quotes. In any case, the advantages of a CPQ don’t end there; take a look:
Track which items are a part of your deal, including amount, standard cost, provided cost estimate, and item codes.
Sales accomplices can easily register new leads and self-administer quotes.
Naturally, populate a quote with important client data from the CRM, create a PDF from an approved format, and email it to clients directly.
c. Automate and Streamline
Improve your sales process and drive revenue with the assistance of automation utilizing Salesforce CPQ. At the point when you automate your billing, it makes it easier to track customers’ payments, gives time back to your sales and support groups, and empowers you to gather income in an all the more ideal way.
Having a streamlined process can likewise limit client stir, with the capacity to proactively monitor and contact clients before their agreements are close to termination.
Related Post: 5 Tips for Successful Salesforce CPQ Implementation
10 ways Salesforce CPQ and billing can boost sales
Perhaps the greatest test that each seller in the end faces is creating precise quotes for complex products in a different scope of situations.
This is especially the case with intricate, high-value products and services in industries; for example, software, IT, FinTech, Manufacturing, Telecoms, and Financial Services.
Products and services in these industries frequently require propelled product information and other related things so as to deliver an accurate quote.
To improve your sales team’s efficiency and to boost your income, you might need to consider changing over to Salesforce CPQ and Billing software. Here’s how the switch can affect your business:
1. Greater accuracy
CPQ drives higher effectiveness by integrating different aspects of a sales cycle including sales, service, renewals, finance, and legal. This guarantees salespeople won’t manage configurations that aren’t conceivable monetarily or legitimately. This spares time spent manually citing and empowers reps to create quotes with more noteworthy precision.
The automation capacity will likewise guarantee that errors can be maintained a strategic distance from before they happen, leaving you with fulfilled clients and upbeat sales reps.
Though sales reps are going to essentially utilize the CPQ, nonetheless, you can streamline the tool in order to profit the whole organization. CPQ analytics can assist you with accurate demand and product trends.
2. Sales reps spend more time selling
If your organization is as of now utilizing Salesforce CRM to follow leads and customer relationships, utilizing the Salesforce native CPQ application ought to be an easy decision. Your salespeople can work an open door from beginning to end all inside the same application, increase their selling time, and boost the accuracy of quotes and propositions they’re creating.
3. Shorter sales cycle
If your sales reps are taking hours to configure products and generate quotes for prospects, they’re losing the force and critical nature that is paramount to closing deals.
Your sales team can utilize Salesforce CPQ to arrange products and services dependent on business rules and rationale, storing all configurations in a single area, where they can be refreshed varyingly. Salespeople can appreciate the capacity to produce client-friendly quotes effectively while realizing the data will be accurate and up-to-date.
4. Lessen operational costs
To boost overall income, your operational costs should be marginalized. Integrating your current CRM with Salesforce CPQ can significantly improve operational productivity and cost savings. By operating within one database, you can upgrade internal correspondence while improving your sales team’s proficiency and viability while selling.
5. Quote-to-cash anywhere from any device
Part of effective sales is guaranteeing both your salespeople and prospects that they can go through the sales cycle in the field or on-the-go, from any device. Cloud-based CPQ like Salesforce CPQ Billing can give more prominent perceivability over the entire sales process by being available from any device whenever, wherever.
6. Gain transparency into the sales process
You can utilize insights given by Salesforce CPQ to see what’s working for your sales team and what needs improvement. The CPQ and billing application gives a key perspective on your sales activity, implanting more prominent insight into each quote created, and each product or service proposal.
Custom revenue reports and dashboards can likewise be accessed with Salesforce CPQ, so you can without much of a stretch distinguish your top-spending clients, most productive clients, and the best pricing models.
7. Subscription billing and management
If you manage products or services that are charged on a repetitive premise, Salesforce CPQ is savvy speculation for you as it goes past simply pricing and quoting. It smoothes out recurring billing and revenue management by automating the entire subscription billing process.
It likewise encourages you to oversee free preliminaries, freemiums, setup charges, refunds, discounts, and renewals across one place and permits you to offer flexible billing terms to satisfy explicit customer needs.
8. Intelligent analytics and automated reporting
Salesforce CPQ Billing provides intelligent insights and reports that empower you to integrate your sales process inline with applications and software that boost sales profitability and assist you with settling on better choices.
For example, by utilizing in-built platform tools like Salesforce Einstein Artificial Intelligence, you can apply rationale to improve your sales endeavors, modify pricing as indicated by outside elements like drifting market rates. Salesforce additionally permits you to produce automated performance and profitability reports precisely within the CPQ tool.
9. Increased revenue
A Salesforce report shows that organizations that use Salesforce CPQ Billing software increment their average deal size by an incredible 105%.
CPQ permits enterprises to ensure that they take advantage of their business bargains by examining sales pipelines and having a deal profitability analysis so as to offer financially viable and effective quotes through automated streamlined processes.
CPQ with Einstein Analytics can truly help salespeople boost income opportunities with actionable insights. Insights can likewise enable you to recognize what works for you and where upgrades are required. Custom dashboards can also be accessed with CPQ so as to recognize top clients, successful pricing models, and opportunities.
10. Standardized processes with larger collaboration
An enterprise has various elements; for example, sales, service, finance, legal, and a lot more that are siloed. CPQ works together with all these elements and permits consistent correspondence during a sales cycle.
Salesforce CPQ integrates with your existing business technology and siloed entities to make the entire procedure streamlined and standardized, whether it be generating an order, sending quote & invoice, payment receiving, auditing, or order fulfillment.
CPQ has an extraordinary capacity to coordinate with ERP frameworks and associates sales with operations. CPQ with ERP can possibly lessen high operational expenses.
Salesforce Billing insights lead to better revenue forecasting and decreased risk.
- Billing allows you to create invoices, open a payment portal, and procedure credits.
- Billed and perceived income would now be able to be followed in Salesforce.
- Finance teams can finally observe determined, booked, charged, and perceived income all in one system.
- Sales reps can comprehend where credits are being applied or which customers aren’t meeting their expected utilization sums.
Benefits of Automating with Salesforce CPQ & Billing
- Salesforce billing can trigger orders with delivery actions and examine expenses to deliver and convey solicitations
- Dispose of manual input and limit errors
- Improve cash flow – clients can electronically pay invoices
- Set up steady estimating and discounts
- Produce insight-driven reports for the board
Start configuring, pricing and quoting effectively
A modern CPQ software is commendable speculation for undertakings that desire to transcend competition and automate mundane managerial errands engaged with the selling procedure.
Salesforce CPQ and Billing software is crafted by professionals and accompanies a scope of configurable abilities that advance the whole procedure from start to finish, helping you augment sales efficiencies and produce more noteworthy income on fingertips.
At the point when you need to bind together Sales and Finance teams and center around transparency between income targets and trends, let Salesforce Billing do the hard work and overcome the “Flawed Bucket”.
Docmation is a Salesforce Silver Consulting Partner, dedicated to client success and helping organizations implement and adopt best-in-cloud technology to tackle their most squeezing difficulties. We help transform your business practices using Salesforce solutions, such as Salesforce CPQ and CRM.
Docmation acquires the best class CPQ aptitude to accelerate your project and reduce risk specializing in delivering multi-channel CPQ success. Docmation’s CPQ specialists provide a comprehensive salesforce CPQ implementation guide and helps you to understand all it’s basic and advantages.
It can also identify processes that would benefit from automation, building customized applications to fit businesses’ unique needs, and implementing Salesforce software solutions.
We can help you:
- Gain Finance control – Increasing financial viability, understanding, and effect
- Increase Sales Productivity – Hitting standards rapidly, reliably and proficiently
- Increase Operations Competitiveness – Through productivity rates, customer service outcomes, and competence