CPQ tools offer an upper hand in today’s competitive bidding market and provide greater insight into the customer’s needs & queries.
This article will discuss the 4 ways in which CPQs improve sales effectiveness and offer greater profitability.
Configure Price Quote software has evolved faster than its creators since it was first launched. With every update, it has become quicker, precise, and accurate. In turn, these improvements have contributed to CPQs becoming the key to centralize and automate product pricing, discounting, contract renewals, and business rules.
CPQ ensures that every product is built profitably and quoted with intelligence for maximum ROI.
Let’s have a look at how CPQs improve sales effectiveness and offer greater profitability.
CPQ Platforms Are Cloud-Based
With CPQs becoming cloud-based, there is only one market and one price tag. These prices can be adjusted in real-time concerning the global market. Itis a highly beneficial feature because the local factors can be separately dealt with ease.
These price variations can also be accessed easily by all the stakeholders within a fraction of a second on their devices.
In short, CPQ ensures accuracy and consistency as it is integrated into a shared cloud. One of the significant mismatches that happen will be on the product pricing at different markets. With the advent of CPQ platforms, they have become a thing of the past.
Ensures Channel-Specific Selling & Better Privacy
Irrespective of the sales channel you follow (Upselling or cross-selling), CPQs increase the ROI. While cloud access is unrestricted, CPQ tools enable role-based data access for better privacy and managing concerns. It helps channel-specific selling through partners and distributors in the global market.
Better Customer Data Insights
Though the idea of processing customer data and earning insights for a future sale is nothing new, creating these insights and converting them to leads is still time-consuming. With the advent of machine learning and its combination with CPQ, applications can process vast lumps of data on a larger scale, saving a lot of time.
With CPQs becoming integrated with machine learning, customer preferences are taken into account before designing sales strategies. This contributes to improved sales figures and revenue.
Eliminate Errors and Ensure Faster Growth
In today’s competitive world, sales personnel are forced to stay on their toes & they feel the pressure. With the constant pressure to meet customer expectations and close their targets, sales reps tend to decide on pricing & discounts based on their gut feelings.
If you have been in the sales domain for some time, you will know that today’s sales practices are more complex than they were earlier. And the last thing you want to happen is to leave profitability and productivity to chance, take out the guesswork, and establish better sales practices and behaviors.
With CPQs that come with machine learning capabilities can undoubtedly bring huge benefits.
The advantages of CPQs and how it improves sales effectiveness are not just limited to the points discussed here. In short, CPQs help sales personals efficiently convert their leads into potential customers & finally into customers. While it’s the sales team inside a business that uses CPQs, it must be implemented in tandem with other departments within the organization. Implement it right, and your business will have a practical & profitable sales process. To know more about CPQ, connect with us.