A company that sells a complex product mix has a problem of correctly and accurately pricing its product. In an environment where a sales rep has to price variety of complex products on a regular basis, there is a high chance of mistake or providing inaccurate quotes to the customer. The Configure Price Quote software has become a blessing for most sales reps as it enables them to work on their core task i.e. selling, while eliminating the probability of mistakes altogether. CPQ is becoming crucial in competitive landscape and there are many reasons why your business should start considering to purchase a CPQ software if you want to have a competitive advantage over your competitors.
Time is money, but most organizations don’t seem to realize this fact. In most organizations sales department is also performing administrative tasks and handling paperwork. The time spent in doing administrative work is time wasted for a salesperson. This is the reason that software that performs administrative and tedious paperwork are popular among sales reps.
CPQ is a software that allows a sales rep to configure, price and provide an accurate quote to a customer as quickly as possible. Sales reps can use this technology to close deals in less time which allows them to move quickly on to close other deals which results in increased sales and increased profits for the company. This CPQ software enables sales reps to configure the product in far less time as compare to what it would take to manually configure a product.
Are you an efficient organization? Meaning, are you able to get more work done through people in less time? If the answer is no, then most probably you resort to the old manual ways to complete the work. By implementing CPQ software in your company not only the performance of your sales reps but also the performance of other related departments would enhance. Internal processes of seeking approval from higher authorities also takes much time which negatively affects the performance and efficiency of sales reps. This problem is solved by Configure Price Quote software by automatically approving the quote if it satisfies all the criteria.
The CPQ software does not require a sales person to physically meet the client. Thus, it would be true to say that CPQ software has revolutionized selling by taking it to a global level. A company in Florida can easily sell its product to a company in Singapore. This has led the companies to increase their market share dramatically.
Customer insights have enabled companies to provide them the same product as they need thereby driving the customer satisfaction rates very high. Also, products are now much more focused and specialized and are designed to serve the niche market. The businesses can focus on what the customer needs and their demands could be fulfilled by offering a product at an extremely competitive price. Also, the CPQ software enables the sales rep to keep track of when the product would need replacement.
The information and data regarding the customers could be accessed through this software which allows the businesses to upgrade or launch new products according to the needs of their customers. This information was only available to few big companies and the market research companies but now even small and medium sized enterprises are availing this information by buying and implementing CPQ software.
According to Aberdeen Group, companies who use CPQ software have an average deal size 105 percent greater than those who do not use CPQ software. Selling is all about being quick in the marketplace and this software has increased the selling potential of sales reps. The CPQ allows the sales reps to quickly create bundles and selling bulk quantities to clients that would not compromise the profit margin of businesses.
CPQ software has provided unlimited ways through which sales reps are selling their products. So now after reading this article if you are convinced about the Configure Price Quote (CPQ) software’s advantages and want to delve deeper into this subject, then there are many online resources that you could visit for further information. If you would like more information about configure price quote software, request a free meeting with a CPQ expert today.