CPQ software has been available for several decades but recent tech advances have made the CPQ model more innovative and beneficial to the sales process. It’s easier to configure CPQ software for your business, monitor bundle integration, and use a CPQ solution to aid business growth.
Whether you run a small business or larger enterprise, this previously complex product can give your sales team a significant boost. However, before you purchase CPQ software, it’s important to get down to the basics of what CPQ actually is.
CPQ Essentials
The CPQ meaning stands for “configure, price, quote.” As such, CPQ software aids the sales process by using a product configurator to follow established business rules to ensure your wares are listed as the right products for the right price. On top of this, it allows you to take into account quantities, discounts, vendors, and offers in near real-time.
This type of sales tool relies more on automation these days and it can make the life of a salesperson that much easier. If you’ve ever worked as a small business salesperson, you likely know how difficult it can be to price quote products with accurate quotes and handle the order process with spreadsheets. It doesn’t require a closer look at your systems to determine that this isn’t the best solution for your sales pipeline.
Beyond that, it’s estimated that salespeople and your sales staff don’t actually get to spend as much time selling as you might think. This can impact your cash process and sap your ROI. Non-selling time is spent monitoring sales channels, developing accurate quotes, and requesting approvals. If you could spend less time on any of these processes, like approvals and sales quotes, wouldn’t that be worth an upgrade to a CPQ system? For many, it is.
CPQ and Sales Hurdles
One of the most important functions of the CPQ method for your sales cycle is its scalability. One of the biggest hurdles to sales team success is the lack of scalable platforms and solutions. One day, you’ll have developed a method that helps you streamline some of your sales processes. The next, your business has grown to a size that it’s no longer feasible for your salespeople to handle the administrative facets of a pricing configurator.
Instead, sales organizations that focus on bigger deals may think they’re able to draw a larger profit. However, this can quickly backfire when, without a scalable solution in place, the lack of administrative maintenance starts to drag your salespeople down.
CPQ Integrations
Instead, considering a CRM and CPQ tool integration could be a smart move. Your CRM helps each sales rep get a closer look at your funnel. From subscriptions to configured products, melding your CRM with a CPQ tool gives you a more granular look at how your pipeline is performing.
Plus, many CPQ software solutions make lives easier on reps by allowing mobile device access. Carrying around powerful CPQ software in your pocket can enable any sales rep to push their performance. Once you configure the CPQ and CRM matchup, you can consider other useful integrations.
The Right Solution
If you run a business that relies on quote flexibility and needs a complex configurator that can handle all of your customers’ needs, whether they’re discounts or offers, CPQ tools may be able to help. Not only do they streamline processes for your reps but they’re incredibly useful for both B2B and B2C needs.
Businesses that don’t leverage CPQ software often fall behind as a result of outdated sales processes. With the wealth of automation and integration that CPQ tools offer, it’s a no-brainer for businesses looking to pivot their sales.
