Ramping up Sales with CPQ
The quote and proposal part of the sales cycle should be an exciting one for a sales rep. In many cases however, sales reps dread the quoting and proposal process. Why? Unfortunately, in many organizations the quoting process is completely manual and is incredibly time consuming and prone to errors. The problem only gets worse as product and service configurations become more and more complex. This is a critical point of the sales process, and one that leaves a lasting impression.
Close More Deals with Configure Price Quote
The key to ramping up sales is to ensure that the deals don’t stall while you configure quotes and put together proposals. By automating the quote and proposal process you can drastically reduce the amount of time it takes to generate an accurate quote, giving your competitors less time to try and get in the mix. Sales reps should have control over the sales process and have tools that ensure the right products are configured together. In addition, the product selection process should be simplified with centralized product catalogues, price books, rate cards, and discount schedules so reps can quickly produce error free quotes and deliver proposals to their customers with confidence. You can further accelerate the proposal process with one click proposal generation. Linking your CPQ system with your enablement platform, as mentioned in our previous blog post Ramping up Sales Enablement, allows reps to select the best marketing approved content to include with their quotes. They can pull in customer and product specific terms, success stories, technical drawings, warranty information, and services contracts. Providing this functionality for your reps will help them seamlessly translate their quote into a professional proposal in minutes.
Increase Deal Size
An automated CPQ platform will also help to ensure that no money is being left on the table by recommending up-sell and cross-sell items. We find that sales reps often don’t offer up-sell and cross-sell items consistently, because they don’t completely understand which products work well together and why one product is worth more than another. A CPQ system that recommends products that work well together and areas to add-on to a sale will give the rep the added confidence they need to increase the deal size. You can further motivate reps to up-sell and cross-sell by showing them their potential commissions, doing so will allow them to see the impact a larger deal will have on their paychecks. Of course, the real key to ramping up sales with CPQ is protecting your margin on every deal. Using the pricing tool within CPQ, you can protect margins by showing your reps the margin health of each line item. Doing so will enable them to offer discounts within certain limits, help them better understand the impact of excessive discounts on the company margins, and to see the impact of discounts on their own paychecks. Try out CPQ free for 30 days to see how you can close more deals, for more money, faster.
Jon Skog | February 4th, 2014