3 Ways a Product Configurator Gets Deals Approved Faster
Product configuration that was once the prime responsibility of sales department is now the responsibility of an algorithm. That’s right! An algorithm programmed into CPQ software is responsible for gathering data from all the departments of organization and then use that data to accurately price the product or service.
There are many ways an automatic product configurator would help the sales reps in closing the deals faster but here we have identified three major ways that would help your sales department directly in approving and closing the deals quickly.
Accurate quote on the first time
The automatic product configuration on Configure Price Quote (CPQ) software is done by utilizing all the available data and the macro economic variables. This configuration is important for accurately pricing the product or service. If the product configuration is done correctly by factoring in all the variables then it would lead to the generation of accurate and competitive prices that in turn would help the deals to get quickly approved. On the other hand if the sales reps had resorted to traditional methods of configuring, pricing and quoting, then it would take a lot of time to close a sale.
Reduce the time required for approval
When a product is configured manually by the sales department it would take a lot of time to correctly configure and price the product or service. These quotes generated by the sales department would then go for approval which in turn would again consume a lot of time. This problem could be dealt by implementing Configure Price Quote (CPQ) software into the sales department which makes it easy to get the quote approved from the internal authorities. Also in some cases, the CPQ software could be programmed to approve the quote if it falls under certain parameters. This function has made this technology popular among sales force in many countries around the world.
Most deals take time to close because the customer is often not satisfied with the deal. But with the CPQ software, the deal could be customized according to the demand of customers. Not only this, the products are also customized and are sold to customers (make-to-order). This phenomenon of catering to the customized demand of customers would be a pain in neck for sales reps who use traditional methods of selling. But with the implementation of CPQ software, sales reps are now empowered to customize the deals on their own and the automatic configuration system helps them to price the product or service accurately and quickly.
All these things points out to the fact that automatic product configurator helps the sales reps to close the deals faster, thereby allowing them to quickly move on to other deals or even seek new avenues where the company can sell its products or services. This increases their market share exponentially.
This product configuration software could be purchased online and you can even try it for free for 30 days.
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Configure Price Quote (CPQ) Basics
- How a sales organization benefits from a CPQ solution.
- Considerations for setting up and maintaining a CPQ solution.
- What to look for in a CPQ solution.
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