Configure Price Quote (CPQ) is a sales cloud tool available in Salesforce that allows your business to provide your customer with accurate sales quotes and eliminates the inefficient processes that normally occurs during various stages of sales. The quotes generated are timely sales quotes free of any errors and can be personalized to your customer’s own unique situation (bundle offers, volume discounts, special promotions, price slab based discounts etc). This blog aims to cover the top features and benefits of Salesforce CPQ that Sales teams can take advantage of to drive better productivity and efficiency.
“Companies that implement Salesforce CPQ software increase their average deal size by a staggering 105%”
Salesforce CPQ – Top 9 Benefits
1. Shorten the sales cycle through guided selling
Salesforce CPQ leverages guided selling, a unique step-by-step process that coaches the sales representatives throughout the CPQ process. This feature is specifically useful for new hires and reps that come from outside the industry. You can generate a set of questions that allows your sales reps for keying in customer data. Based on the responses, it enables them to prepare more accurate quotes with improved order accuracy.
2. Proposal generation tools providing automated quoting
If you aren’t using CPQ to generate quotes and contracts, you are missing out on a serious time-saving productivity booster. It enables you to create professional branded proposals using highly customizable templates to slickly make the documents look the way you want them to be.
3. Increased Accuracy
Salesforce CPQ enables sales reps to quickly create quotes with high accuracy. Accurate pricing and discounting are ensured, and approvals are automatically routed whenever necessary. CPQ then generates an accurate quote document, includes the right collaterals by default and then integrates then with eSignature partners for a seamless buying experience.
4. Enhanced Efficiency and Productivity
CPQ enables you to drastically reduce errors and contract lead time and personalize your sales quotes in a more streamlined process. Quotes are performed real-time with high accuracy, avoiding the need to go back and forth with clients to ensure that the sales process continues smoothly and builds the momentum you have created in your meetings. With Salesforce CPQ solutions, if your client is ready to close a deal, you will be too!
5. Maximize Sales with Intelligent Quotes
Salesforce CPQ facilitates process automation, right from invoice creation to the final process. With next-gen features like Salesforce Einstein Artificial Intelligence application, built into the platform, companies can build logic to predict if specific payment processes require certain milestones or more aggressive collection practices. The CPQ tool also allows enterprises to use additional intelligence to adjust pricing in accordance with external factors, like competitor pricing and others.
6. Deal profitability analysis
Salesforce CPQ enables you to ensure that your Sales deals are profitable by helping you analyze sales pipelines and perform deal profitability analysis and more, so you can deliver only commercially viable and profitable quotes through streamlined processes.
7. Increase deal values
The key goal of Salesforce CPQ software is to enable companies to increase their sales and profitability. Salesforce CPQ materializes this goal with its powerful features and unmatched performance. A Salesforce report reveals that companies that implement Salesforce CPQ software increase their average deal size by a staggering 105%.
8. Contract negotiation
When sales reps create contracts, they can use quote line prices from the original quote on future quotes within the contract’s account. The contracted pricing process is useful when your sales reps have negotiated a price for a product and want to continue using the same price after creating a contract. Salesforce CPQ software uses that negotiated price on new quotes, renewal quotes & amendment quotes.
9. Better Customer Service
With Salesforce CPQ, you can deliver personalized quotes to your clients enabling better customer service and experiences. When your clients want to make adjustments to their purchase, when offers and discounts are applicable, sales reps can then create updated quotes in real-time. According to a Salesforce report, Over half of all customers are willing to share their valuable personal data with companies that are willing to personalize sales quotes.
A well-configured Salesforce CPQ software enables organizations’ sales teams to sell better, admin teams to retain control and leaders to gain a serious competitive edge. To get an assessment of your quote-to-cash process and to maximize your Salesforce efforts and spend, Talk to our team!