Ah yes, the day has finally come. After exhaustive research, you’ve decided to upgrade your ‘83 K-Car to that sleek new luxury import you’ve had your eyes on for years. You head down to the local dealer where the sales person offers you your dream car configured with the exact options you want, for a price that seems too good to be true.
Unfortunately for you, the sales person and the dealership have offered you rebates and a discounted option bundle that recently expired. The dealership now has a difficult decision to make:
- Provide a poor customer experience and risk losing the sale by informing you that the pricing they initially offered is outdated and that you will have to pay substantially more
- Honor the pricing and take a bath on the sale
This is just a small example at a local car dealership. Now multiply these mistakes by the number of sales reps, branches and geographies in your business.
Configure Price Quote to Reduce Risk to Revenue
More complex products mean more variables that can affect your quotes, putting sales and revenue at risk. Complexities are heightened when time-sensitive product bundles and volume discounts are available. When pricing information is spread across multiple disparate sources and may not reflect your most recent pricing structures, you put your sales reps (like our car sales person) in a vulnerable position. Configure Price Quote (CPQ) tools ensure that your sales team and partner channels have access to accurate, up-to-date pricing information in one place so your organization feels confident your quotes honor your margins and drive profits.
Other advantages to CPQ Tools include:
Centralized Pricing: Establish, maintain and communicate up-to-date accurate pricing for products and service offerings
In-Depth Reporting: Enable the marketing team to analyze pricing, and determine which bundles and discounts to offer, and which to discontinue
Time Savings: Automate time-consuming configuration and research so your sales reps can do what they were hired to do, SELL.
Increase Quote and Order Size: Utilize intelligent up-sell, cross-sell and real-time sales guidance to boost sales with optimized products and services
To learn more about the benefits of CPQ, attend the CallidusCloud webcast hosted by the SMA: Optimize How you Configure, Price & Quote.