What is CPQ?

Also known as configuration price quote, CPQ software automates the quote generation process to remove human error, dramatically speed up the process, keep track of all related data and keep your sales team from going crazy. A prime sales tool that helps companies keep quotes accurate and perfectly configured, it takes the complication out of centralizing business rules, pricing, and updating bundle pricing, volume pricing, discounts and more. Sales teams are able to instantly generate the best, most accurate quotes in seconds. Customers, whether B2B or B2C, want instant results. If you don’t deliver it, your competitor will. However, instant quotes are impossible without top of the line CPQ software. It’s simply impossible to manually create the best quotes in a timely manner. CPQ leads to more revenue because you can sell more, biggerd and absolutely anywhere. It’s especially helpful for very complicated products. When you have the tools to create the best possible quotes, word gets around. The CPQ Setup With CPQ, you get guardrails that promise your sales team will have just the latest pricing, discount information, and approvals. There’s no “talking to my manager” or waiting on deal approvals. Managers, or whomever you allow administrative access to your CPQ software, can configure the program to auto-approve specific deals, discounts and pricing. This keeps the negotiating power in the hands of your sales team where it belongs. However, CPQ is more than just a major tool for sales reps. It’s a means of worldwide, multi-channel domination for your business. You have total control over which channels, groups, distributors and partners have access to key product data and pricing. Assign them roles with special portals, access and sdiscount locks. This way, you stay in governance of discounts, shipping fees, pricing, revenue shares and more. You can also handle a variety of strategies for various demographics and channels, allowing total visibility. If you need to change courses, admins can do so with a few clicks. Making the Most of CPQ CPQ pinpoints the best combinations of services, products and applicable deals for every single customer. You likely have a smorgasbord of products, each with a variety of upgrade options and prices for different types of customers. Tailoring your offerings based on numerous factors isn’t just headache-inducing and time consuming, but also makes your business ripe for errors. Every sales rep might come up with a different quote because these professionals are busy and don’t have time to sit down and number crunch. (Even if they did, that’s not something your customers would allow without a lot of grumbles) CPQ gives you an avenue so every sales rep has the same information—the best information. Your customers deserve optimal product configuration, and that’s something only quality software can provide. CPQ automation is a critical part of the process. After all, the days of the Rolodex are long gone. Still, former CPQ processes were steeped in manual demands. With automation, you eliminate the “quoting time” and minimize or even eliminate errors. There’s no more researching, poring over competitor prices and drafting manual quotes. Automated, real-time results are what make your business stand out. In many cases, it’s quite likely that your B2B partners already have a streamlined CPQ process for themselves. Are you being judged for falling behind? Perhaps, but you may not know it. Adopting CPQ software that delivers what you and your customers need shows them that you care, take initiative, and are informed about current best practices. Ultimately, CPQ is a powerful sales tool that lets your employees focus on what matters. Enjoy more profits,greater more speed, less double work, fewer errors, and happier relationships all around.