Configure, Price, Quote (CPQ) is software that helps companies generate accurate quotes, set prices of configured goods and quote the prices to their clients. It searches for data across a wide range of variables to determine a range of processes that should ideally be set so that they are competitive in the market and help the company generate revenue.
This may seem like something you could get your sales team to do, but when you are dealing with a wide range of products that can be configured according to the customer’s unique needs, it can be difficult to decide the price. Also, it is necessary to send accurate quotes as fast as possible so that the customer stays interested in making a deal.
In this post, we are going to discuss the benefits of automating the configuration, Quoting and Pricing for companies that use CPQ.
Why is configuration important?
Because there is tough competition these days, customers want products to be made according to their demands instead of settling for a standardized product. And if businesses want to maintain their customer base and attract more customers, they will have to cater well to their demands.
But when each product is unique in design and functionality, it can be difficult to determine the rate at which it should be sold- as incorrect pricing can cause heavy financial loss for companies.
For most businesses, the pricing of their goods is not always the same. Sometimes, your sales team may consider bundle offers, special discounts, limited time offers and the like. It can also be difficult to keep track of the discounted prices and the original prices and it could also lead to too many errors. There are many mistakes that can occur when you aren’t updated with your prices. You may for example, sell at the wrong price, or be embarrassingly confused when customers inquire about the prices.
With a CPQ system, you will always be updated with the accurate prices.
Setting a compelling quote or proposal is one of the most important parts of getting a sales deal. And sales reps need to quote to a customer accurately so they can negotiate if needed, before signing the deal.
With a CPQ system, sales people can create a quote, email it to the client and start working on the project as soon as they receive a reply. The CPQ uses the data from the configuration, and the variables used in the pricing to create a professional and convincing quote in just a few clicks.
Reasons to invest in CPQ systems
You need to invest in Configure, Price, Quote software if you have the following issues:
- You have a slow quote process
- You need to determine by how much you can change the price
- You have faced financial loss because of poorly quoted prices
- You struggle to generate convincing proposals
- You have worked on incorrect orders because of inaccurate quotes
- You cannot work offline
If you are looking for a CPQ system that fits your needs, then one of the best options available in the market is the one by Callidus Software. CallidusCloud offers cloud based marketing and sales solutions and their CPQ systems can cater to the needs of companies of any size and industry. The advanced software does not only automate your configuration, pricing, and proposal quoting process, it also helps you save lots of time and increases the efficiency of your sales force.
With convenient features like guided selling, ecommerce, data and analytics and the ability to work on multiple channels, companies can now cater to more clients and make sales faster with the aid of CPQ software. It can be used by both B2B and B2C businesses and can also be run remotely on a mobile device, which allows you to cater to the needs of your customers, from any part of the world, at any time of the day.