Businesses across the globe have gone through innumerable transformations and we can now see the more obvious changes during this COVID-19 pandemic. Right from capturing leads to converting them to customers, every process has reshaped drastically according to the evolving trend. The entire sales process has been realigned to be more automated with the implementation of CRM Software by businesses. Many businesses have proved that they can increase sales, retain existing customers, and bring in new leads without any direct contact.
While CRM Software smoothened the sales process, the integration of CPQ to sales will streamline your sales strategy. Imagine you are running a business in a sector where the pricing is very competitive. In such a case, it is recommended that you implement CPQ in your business. Now, you might be wondering why CPQ and how integrating CPQ into your CRM Software will boost your productivity. This article will dig into the importance of CPQ Software and walk you through the Apptivo CPQ functionality.
What is Configure, Price, and Quote (CPQ)?
CPQ (Configure, Price, and Quote) solution enables you to boost your sales by developing accurate quotes for your products and standardize the sales process. It is a proven solution if implemented properly for robust documentation, pricing, quoting, instant delivery of quotations to customers, and increase the conversion rate.
Benefits of using CPQ Software
Create accurate quotes
The lead-to-customer process is quite fierce with businesses implementing advanced techniques to improve the conversion rate and boost sales. With businesses bidding farewell to the manual technique of book-keeping or using excel sheets, CPQ has been tagged as a savior for businesses keen to explore other solutions. The popular saying, “The first impression is the best impression”, applies to businesses as well. When the customer comes across incorrect quotes during selling, customer satisfaction will be affected, thereby losing the customer’s trust. By implementing CPQ, you can ensure the right quote is delivered to the customer.
Delivering the right pricing
Pricing is a paramount element driving the purchasing power of a customer. Nowadays, businesses are very transparent about their pricing and customers can easily get the pricing information from customer support, website, search engines, or any social media sites. By overpricing a product, we are forcing customers to look out for other stakeholders offering reasonable prices for the product. This, in turn, will affect sales. Similarly, undermining the prices of products will have a direct impact on the revenue. In both scenarios, your business will face the impact. By executing the Apptivo CPQ solution, you can easily ensure that the approval flow is structured, quickly validated, and conveyed to the right customer at the right time. With Apptivo CPQ, you can also add discounts, provide alternate pricing, and automate the operation in your CRM system.
Untangle complexities in selling products
A good salesperson is always in search of a window to upsell or cross-sell other products. In such cases, the salesperson needs to have sufficient knowledge of the pricing of all the products sold by the organization. Even if the salesperson has all the information, somehow a quote has to be prepared based on the customer’s expectations. Also, if no information is available, then the salesperson will stick to his instincts. Henceforth, this will drop the sales and the business has to pay dearly for the loss. Looking for the information, the salesperson might spend too much time searching rather than gaining the customer’s trust. With an easy-to-use CPQ Software, the salesperson can easily retrieve the required pricing chart, sell the products, and boost sales. The application of the CPQ solution in CRM Software will empower salespeople to reduce the cycle time and focus on converting more leads.
Effective use of time
Consider your sales team is spending too much time in creating quotes for customers and it is impacting the time that should be spent on capturing leads and cashing them to customers. In such cases, you might prefer creating a separate workforce for preparing quotes. However, this will affect the operational cost by spending on unnecessary human resources when it is not needed. This can also create communication errors. Using CPQ Solution in your CRM solution will economize your time. The CPQ structure allows creating accurate pricing for your products by paying attention to the smallest details. The pricing can also be customized to modify according to particular criteria or the customer. The sales team doesn’t have to wait to receive quotes request and prepare them. Instead, a predefined pricing structure can be designed and be readily accessible for customer use. In short, the salespersons can focus more on selling.
Accurate sales prediction
With increased stakeholders, the decision-making capability of customers is further increased. When the competition is soaring, the customers will have more options and they can choose any alternatives while purchasing a product. In this state, it is not advantageous to make the customers pause and think. This will affect their intentions to make an instant purchase and look for other choices. Hence, the salesperson must always have an alternative option for customers when they have any queries or doubts about the products. The end goal for the business is to have the customer buy the product. For example, when a lead submits a request for a quote, you can easily leverage your CPQ solution to provide immediate answers. This will reduce the waiting time of your customers, surpass your competitors, and provide exceptional customer service.
In this age of information, technology has a crucial part in effortlessly accessing the information. CRM Software caters to businesses in organizing and automating their customer relations. The customer relationship becomes more structured when there is a CPQ solution integrated with your CRM software to offer instant pricing and accurate quotes. With the Apptivo CPQ solution, you can rest assured that the right pricing is offered to customers without affecting the revenue of your business.