B2B selling usually entails complex processes, such as configurable product offerings, pricing, and promotions tailored to the specific needs of each business buyer, and often entails the collaboration of several sales representatives.
Even with the advent of sales software and sales enablement methods, if you continue to produce quotes and configure prices using outdated spreadsheets, your revenue can drop significantly.
Furthermore, if salespeople devote more time to obsolete strategies for preparing and managing quotes, they are likely to miss out on opportunities.
In addition to basic commerce capabilities including product merchandising and order processing, B2B enterprise commerce platforms should incorporate these 5 major factors for B2B commerce effectiveness:
- B2C best practices to meet buyer expectations for outstanding online product research and purchase
- Advanced configurability for quoting and ordering, not just of end-user capabilities and pricing options, but also of diverse product and service combinations
- Analytics and segmentation are used to create exclusive and differentiated product offerings, prices, quotes, and contracts.
- Sophisticated workflows to facilitate dynamic purchasing cycles and sale execution through multiple channels and markets
- A single global platform that can respond to business execution on a local level
According to a Salesforce report, the CPQ platform speeds up quote generation by 36% and reduces billing errors by 27%. It also contributes to a 22% increase in revenue.
Every Head of Sales Enablement and Sales Vice President wishes for shorter sales cycles, more appointments, and increased sales productivity.
Use Salesforce CPQ software to increase the efficiency of the sales team and increase revenue.
Let’s look at how Salesforce CPQ can help your business.
1. Achieve Transparency into the Sales Process
Salesforce CPQ insights can be used to determine what works best for the sales team and what needs to be improved.
The CPQ app gives you a strategic view of your sales activity by imbuing more intelligence into all of your quotes and product or service recommendations.
Salesforce CPQ also allows you to view personalized sales reports and dashboards in order to quickly identify the most successful pricing models, most profitable customers, and top-selling customers.
2. Decreased timeframe
One of the most obvious advantages of using Salesforce CPQ software is that it enables you and your customers to make the most of their time. The CPQ reduces the downtime associated with contract creation by automating the quote process.
This alone enables sales representatives to assist more leads in less time. Salesforce CPQ users see a decrease in the duration of their sales cycle and a monthly boost in proposal volume per representative.
3. Smart Analytics and Automated Reporting
Salesforce CPQ Billing provides intelligent insights and reports that support the integration of the sales process with applications and tools that improve sales effectiveness and help you make better decisions.
for instance, Using built-in platform tools like Salesforce Einstein Artificial Intelligence, you could apply logic to improve your sales efforts and adjust pricing based on external factors.
Salesforce also helps generate automated profitability and success reports from within the CPQ tool.
4. Quote-To-Cash Anywhere, From Any Device
When your prospects and reps can complete the sales cycle in the field from any device, you’ll achieve success in sales.
Salesforce CPQ, a cloud-based CPQ that can be accessed from anywhere, at any time, and on any device, provides greater visibility through the entire sales process.
Your sales staff must be prepared to meet with prospects at any time in order to create a customer-first brand, which is typically more profitable.
A Salesforce implementation firm will help you create a custom CPQ use case that allows the sales team to access updated data from any device, at any time.
5. Standardized Processes with Greater Collaboration
A business consists of numerous siloed elements such as sales, financing, operation, and much more. CPQ works in tandem with all of these components, allowing for continuous communication during the sales cycle.
From sending quotes and invoices, creating an order, auditing to payment receiving, or order fulfilment, Salesforce CPQ integrates with the current business technology and siloed entities to smooth out and standardise the entire process.
CPQ has a high level of compatibility with ERP systems and connects sales and operations. Salesforce CPQ combined with ERP will help reduce high operational costs.
6. For Subscription Transactions
When it comes to buying and selling goods or services today, subscription models are all the rage. Since many customers subscribe to services, vendors must comply and develop a model that works.
Salesforce subscription billing features allow CPQ for B2B subscriptions and make recurring billings and automatic renewals a breeze for your team.
Furthermore, when renewing subscriptions, it allows your sales representatives to cross-sell or up-sell, increasing the possibilities of scaling up the subscription sales model.
7. For Managing Usage-Based Discounts
For their loyal customers, B2B companies often devise usage-based deals. However, before any offers are made, you must assess the value the customer can add when a product is made available as an incentive, as well as the scope of future transactions.
Although the company’s needs are paramount in these transactions, you must also consider how to make the transaction profitable for the customer. Consider market dynamics, their purchasing history, and their growth expectations.
You can integrate all of the relevant elements and make intelligent decisions while providing usage-based discounts using Salesforce CPQ and Billing tools.
It also allows the team to drive cross-sells and upsells during the negotiating process by suggesting add-ons.
- Improve cash flow by allowing customers to pay invoices electronically.
- Generate insight-driven reports for the board.
- Reduce errors and eliminate the need for manual input.
- Enable linking orders to delivery activities and analyze the costs of issuing and delivering solicitations.
1. Establish CPQ targets
To begin, you must set realistic CPQ goals based on your sales process requirements. The goals you set will aid you in determining if the CPQ provides a true Return on Investment (ROI). After meeting these objectives, you will set new targets to continue to improve the process.
2. Design and prioritize CPQ features
To work out a deal, you must first understand your customer. Prioritize your sales goals and add Salesforce CPQ functionality that will meet your most critical business requirements. Intuitively bundle products to assist sales reps in integrating products and services to address specific consumer demands in a unique way.
3. Upgrade data and initiate system integrations
After you’ve decided on your product model and pricing, think about what data you’ll need for the CPQ process and where you’ll get it.
Ensure that the data is up to date and that it is reliable and accurate. Import product tax rates, discount rates, pricing bundles, and template information into the CPQ, and use API integrations to ensure seamless Salesforce CPQ integration with your other ERPs.
4. Measure and improvise progress
Salesforce CPQ is a complicated tool with multi-functional features that makes adoption more challenging.
Setting some intermediate goals to ensure rapid progress and monitoring the effect of the CPQ implementation is the best way to ensure sustained engagement with the project.
5. Have the staff trained and the tool tested
To get the most out of the CPQ software, salespeople should be well-trained and skilled to use it. A well-trained workforce can increase efficiency by speeding up routine activities such as directed sales, smart catalog searches, and geo-based sales.
Docmation can be your ideal Salesforce CPQ implementation partner in your CPQ implementation journey, ensuring that you get the most out of your CPQ.
Over the last decade, Docmation has implemented many enterprise-grade CPQ projects for some of the most prominent and competitive organizations.
To reduce the time and expense of providing CPQ solutions, our experienced Salesforce consultants collaborate closely with stakeholders and IT teams.