The B2B industry has witnessed a huge paradigm shift in recent years. In keeping with the B2C trend, B2B customers, too, are looking for quick and customized solutions for their needs.
To promote growth, there is a pressing need to create an online purchase experience that is quick, easy to navigate, and accurately personalized.
CPQ (Configure, Price, and Quote) systems have emerged as a valuable addition to a company’s toolbox, empowering sales teams to effectively navigate a quagmire of products, prices, specs, and SKUs to generate speedy and accurate quotes.
A CPQ system is a smart solution for companies offering an expansive list of products and services.
It eliminates confusion by generating accurate prices of goods that are subject to change based on multiple variables.
It aggregates these variables to help salespeople configure products and price them after taking external factors into account, to provide the customer with the best quote possible.
Despite its proficiency, several companies are on the fence about CPQ software being worth the investment.
Here are some of the top reasons why shifting towards a CPQ system may turn out to be a strategically smart investment for your business.
Bridging the CRM Gap
In a bid to create a digitized sales funnel, several companies have adopted the use of CRM software.
However, CRM falls short in vital areas such as generating complex quoting and configuration processes.
When sales leaders engage in excessive manual data input when dealing with multiple spreadsheets and inconsistent proposal templates, it leads to inaccurate pricing.
The goal of CPQ software is to help sales reps generate accurate quotes for prospects while simultaneously eliminating any errors that may take place manually.
It helps replace out-dated spreadsheets and proposals with real-time price sheets and dynamic templates for increased efficiency in the sales process.
The study further revealed that CPQ-enabled sales reps produce a professional quote in 27% less time, thus cutting down hours of exhausting back-and-forth between multiple departments.
Double the Sales
In today’s competitive market, customers tend to lean towards companies that offer quick and customized quotes.
B2B customers like to leverage control over their purchases without having to wait for their products.
But sales reps without CPQ struggle to keep track of current and discount pricing.
Rushing the process can cause errors and they may end up misquoting prices, causing the company to close the deal.
CPQ systems solve this dilemma by optimizing the configuration process and offering personalized products and quotes within just a few clicks.
This automated quoting tool helps reduce downtime with its zero-error configuration to increase sales.
Save Time on Employee Training
Onboarding a new employee involves training them to become well-versed with the company’s expansive product catalog, current pricing, discounts, and so on.
Acquainting them with manual processes is time-consuming.
Even the most seasoned sales reps find it tough to track quotes and updated pricing from time to time.
Every moment spent on training a new hire translates to valuable time and money being lost for the organization.
CPQ systems, on the other hand, are integrated with real-time customer data, easy-to-track quotes, and automatic pricing updates to ensure a 0% quoting error.
Moreover, AI-based CPQ tools are equipped with optimization techniques to generate split-second personalization along with add-on product suggestions for accurate configuration, transforming CPQ systems into smart quoting engines.
This helps junior reps with merely a day’s worth of experience sell products right out of the gate.
The Future of CPQ
CPQ is the future of the B2B industry. Manual processes may help businesses pass by, but a well-configured CPQ system is necessary for scaling.
Companies require an integrated system to help sales reps establish faster response times, improved churn rates, increased quote-to-win ratios, and high revenue growth and expansion among customers, which ultimately translates to a better bottom line for the organization.