A Configure, Price, Quote (CPQ) solution gives sales teams the tools to sell more, and sell faster. CPQ functionality can transform disjointed sales channels, boost win rates, and improve margins dramatically when used to its full potential.
Here are 9 ways a CPQ solution can grow revenue and help your sales team exceed their targets:
1. Track sales activity in detail
Analyse progress, inconsistencies, and customer behaviour with your CPQ solution. The sales data produced can be hugely illustrative, demonstrating what’s working and what isn’t. How this is used is largely up to you and your team. Whatever you want to improve or focus on, the data is there.
2. Remove human error
CPQ gives salespeople a clear route through all the complexity of pricing and configuring. The system is logically laid out and makes automatic calculations, giving even experienced salespeople less opportunity to make errors. The approval process is also succinct and simple, removing the need for time-consuming ‘back and forth’ with senior managers.
3. Customise proposals and quotes
Product configuration can be complex. In some businesses, each individual product has a long list of variables. Customers can choose different components and levels of customisation, so the quote and proposal needs to reflect the costs accurately. Providing a highly tailored experience at the start of the sales process saves money and time for your sales team later.
4. Identify bottlenecks in your sales process
Sales processes will always need some informed tweaking. CPQ solutions provide a huge amount of detailed information to help sales teams focus on what needs improving. Without needing to dig, sales professionals can see a full audit trail, quote revision history, profit margins, and revenue calculations. If bottlenecks are forming, you’ll be able to identify them easily.
If stock fulfillment happens in a distant warehouse or unit, entirely separate from your sales team, it’s likely there can be miscommunication. CPQ keeps everyone up to speed, providing real-time stock information right there on the screen. Sales teams know what they can sell, what’s running out, and what’s not selling too well.
6. Create opportunities to upsell and cross-sell
Upselling and cross-selling are crucial for improving margins and reaching sales targets. CPQ makes it easier to do both by providing sales professionals with all the information they need. They’ll know what products complement a customer’s current environment, when they last made a purchase, and what services they’re missing.
7. Automate time-consuming activities
Your sales team aren’t being used to their best advantage if they spend a good chunk of their time on admin. A good CPQ system should include a flexible document generator, the ability to pre-populate with information, and the ability to add e-signature functionality. Automation makes closing a deal easier.
8. Collaborate with your Customer Relationship Management (CRM) system
Some of your customer data will be stored in other systems, but you don’t have to abandon them in favour of CPQ. CPQ doesn’t negate that data, it uses it to build a fuller picture of the customer. All your information will be in one, accessible place.
9. Improve your sales delivery life cycle
Balancing good service with a speedy sales cycle is important, but tricky. Customers want efficiency just like you do, but they don’t want to be rushed when they’re making a significant purchase. As your CPQ solution starts producing sales stats, you’ll be able to assess what’s slowing down the process and where customers need more guidance.
Now you’ve learnt the 9 ways to grow revenue and shorten your sales cycle with a CPQ solution, get started with CPQ today by downloading our free, in-depth e-book: The Complete Configure Price Quote (CPQ) Guide for Sales Professionals. Learn about how CPQ can beat your current sales challenges, how to choose the right system, and what sales results to expect.
The Walpole Partnership is an IT Consultancy formed of Configure, Price and Quote (CPQ) experts. Our clients report faster, more accurate and better looking quotes, easy to process sales orders and growth in revenue and profit.
Walpole Partnership’s consultants have delivered some of the largest and most successful CPQ solutions in Europe and the Middle East.