Chances are that if you are using a CRM system, you have heard the buzz about CPQ. Configure, Price, Quote (CPQ) is not necessarily a new term, but the technology around it has evolved into the revenue game changer.
Many companies use CRM software in order to manage their sales process, however, according to recent research conducted by CSO Insights and Accenture, CRM software has not made a significant impact on revenue, win rates, and sales cycles, with less than 20% of the companies using it seeing positive revenue impact.
CPQ is the new weapon that is advancing revenue growth and maximizing sales cycles. Sales have always come down to generating and maximizing leads. When potential buyers come into your pipeline, chances are, they are in someone else’s pipeline too. It is a critical part of the sales cycle to be able to provide fast, accurate product information.
Arming your sales team with accurate product information that can easily be configured and presented to potential customers is a key part of the sales cycle. Buyers that are given product information that demonstrates how the product can meet their needs, as well as having accurate product information are more likely to be satisfied with the sales experience and become customers. CPQ not only provides accurate product information, it arms your sales team with information that will assist them in speaking intelligently about the product and making recommendations throughout the process. Having the ability to access product information in this manner improves your ability to respond to a sales lead more quickly.
CPQ also provides you with a professional and up to date method of quoting and providing product specs and details. During this stage of the sales cycle, the customer is compiling information regarding the potential product providers. You’ve already wowed them with the information that you were able to provide initially, so it’s time to continue the trend, and present them with a quote and product demonstration that will keep you among the contenders.
CPQ is also a powerful weapon in the negotiation stage. Sales teams have the ability to put together a comprehensive product package for a customer by using the CPQ guidelines and product recommendations. CPQ allows you to create a product mix that meets the buyer’s needs and provides negotiation parameters for your sales team. These tools give the sales team the ability to close the deal.
CPQ is a critical tool to arm your sales team with if your goal is to shorten your sales cycles, have the ability to quote product quickly, and overall streamline the sales cycle process.
Learn more at www.cpq-configurepricequote.com