Tag: CPQ

Salesforce CPQ cloud solutions
Salesforce CPQ

5 Ways CPQ Drives Peak Sales Performance

CPQ (Configure, Price, Quote) cloud solutions are a boon for modern businesses looking for smarter ways to accelerate sales. Together with CRM, CPQ can do wonders for your business. 

Modern businesses must ensure that reps are able to support customers since buying behaviors keep changing. With CPQ, you can automate and centralize products, contract renewals, discounting, business rules, and pricing. 

Salesforce CPQ cloud solutions make data readily accessible in real-time. With the information at their fingertips, the sales reps are able to respond better and faster to customer needs.

 

Let’s quickly go over the 5 ways CPQ drives peak sales performance.

 #1: Improve Performance

Leaders can create a powerhouse of the focused sales force for establishing a great rapport with savvy customers. Surprisingly, most sales representatives spend only 1/3rd of their productive time selling, whereas they end up wasting their valuable time on administrative tasks, which include searching for information regarding sales in spreadsheets, configuring the data, and pricing each product manually.

Assuming that half of the sales are missed only because your competitors were quick in responding to the customer queries while your skilled reps were busy doing these administrative tasks, you ended up losing half your business to your competitors. With CPQ in place, you can be sure that your sales team is armed with the most useful data that is readily available when they need it for quoting on-the-go, grasping the potential to upsell, and discover new opportunities. Make your team smarter to drive sales and derive profits with CPQ.

A vast majority of customers would happily pay you more if and only they have a great experience.  Historically, sales reps have been swearing by competitive offers and relationship building. Today, businesses are more focused on solving customers’ problems and understanding their needs. Leaders can transform their sales representatives into experienced & competent ‘A’ players – capable of suggesting the best products, offers, and discounts automatically with no need for intensive training.

CPQ is a powerful tool in the hands of innovators and modern sales leaders willing to minimize friction and clash in their workflow by obviating manual processes. By eliminating manual work, sales representatives are able to share customized and accurate quotes in seconds.  

 

#2: Fuel Profits

Sales representatives are almost always stressed out about hitting their targets. Are you also among those? Don’t panic! There are countless CSOs who have to struggle to attain set sales-quotas. 

Disconnected channels, rogue discounts, and quoting & pricing errors are the common culprits in it. You can boost your sales velocity by being quick in your response to customers and by exceeding the expectations of your stakeholders. 

And, this is where CPQ can help you in eliminating pricing/quoting errors, cross-sell & upsell in real-time, and other factors that may affect your business revenues and profits.

 

#3:  Gain Full Control

When you eliminate errors and reduce workflow friction, you are able to grow faster. Customer expectations are here to grow further and that will have a direct impact on the sales quota you need to meet. 

With competitive offers raining from everywhere, it is difficult to keep the customers loyal to one business. But that doesn’t mean you need to stress out. With CPQ, you can gain full control of your customers’ sales behaviors and practices.

 

#4: No Guesswork

CPQ cloud solutions can help sales leaders keep their teams on the right track by ensuring that all the regulations, procedures, and rules around the product, discounts, offers, and pricing are followed. It helps align all the channel users – national as well as corporate regulations. 

The sales leaders enjoy great peace of mind as there are no or minimum claims, financial penalties, in case of a dispute. 

CPQ solution helps organizations standardize the behaviors of their ‘A’ players by guided selling, rule-based configurations, apt options for upselling and cross-selling, and discount governance.

 

#5:Simplify Complex Operations

The advanced CPQ solutions offer advanced mobility, new adaptive-intelligence applications, and capabilities of machine intelligence. With these, sales representatives are able to create tailored, precise proposals, and offers for customers when needed, where needed (on which device), and through what channel needed basis. You can, thus, rid your reps of the heavy lifting and help them focus on sales development and customer engagement.

 

Conclusion:

CPQs help sales representatives efficiently convert their leads into customers. Although it’s the sales team who uses CPQ, it must be implemented with other departments.  With the correct Implementation, your business will have a good sales process. To know more about CPQ, connect with us or request for a consultation.

Introducing Salesforce Revenue Cloud: To Speed Up Business Revenue Across any Channel
Salesforce, Salesforce Revenue Cloud

Introducing Salesforce Revenue Cloud: To Speed Up Business Revenue Across any Channel

“In the Omni Digital Era, Revenue Management for Companies could really be a Complex one. All thanks to New Salesforce Revenue Cloud that makes B2B Buying Fast, Simple, and Flexible for Customers without having to sacrifice Compliance & Security.”

When COVID-19 hit the world, many business revenue cycles faced complexities. Customers felt the friction due to revenue management gaps. There was a disruption in the Sales Channel, and Forecasting Data became more and more unreliable. 

Uncertainty was at its highest peak, and companies didn’t know what to expect. Customers’ needs were changing than ever. They struggled to meet the increase in product demands that happened overnight. With the unexpected new challenges, to take control of revenue growth across channels became the need of the hour. 

As the business budget tightens, B2B buyers now expect faster, reliable purchasing options to simplify the purchase. 

Revenue Cloud: Control of Revenue Growth Across any Channel

Introducing Revenue Cloud, which gives any businesses the power to simplify the buying process without any hassle. The best part about Revenue Cloud is that it accelerates new revenue streams while improving revenue efficiency. It also brings together B2B Commerce, CPQ & Billing, and Partner Relationship Management capabilities to help businesses control their revenue growth across every channel. 

Since Revenue Cloud is a part of the Salesforce Customer 360 Platform, it easily allows the companies to connect their sales, operations, and finance team. It creates a single source of truth for customer transactions and revenue, from purchase to renewal to revenue recognition. 

Here’s how Revenue Cloud can take your businesses to the next level:

Transforms the Buying Experience

It gives customers the power to seamlessly jump across different sales channels with direct sales, partners, and digital storefronts. Now customers can easily fill their online cart and can reach out to sales representatives to ask questions or a discount request to him. The representative will already be aware of the customer’s existing product history and online transactions. The new CPQ-B2B Commerce connector allows businesses to customize the digital storefronts for B2B complex selling and add customizable and configurable pricing to digital carts for a better self-service experience. 

Accelerate New Revenue Streams

Revenue Cloud provides industry-specific solutions for unique workflows that are related to revenue. With the new Multi-Cloud Billing, companies can easily create revenue streams from other clouds on a single platform. For instance, a sales representative can view outstanding payment balances and when a customer approaches their consumption limit. 

Increase in Revenue Efficiency

The new Customer Asset, Lifecycle Management tool gives a simple, visual dashboard of every detail of customer purchase records. It keeps track of all contract amendments over time and the open balances to better understand customer relationships. The dashboard provides CROs and revenue operation teams a single source of truth on all the revenue data. 

The Key Takeaway

Revenue Cloud helps to fill the gaps of lost revenue and accelerates business growth. No matter how complex your business model or revenue process is, Revenue Cloud can be the single source of truth for customer transactional data. Revenue Cloud includes CPQ, CPQ for Partner Communities, Billing, and CPQ & B2B Commerce Connector. To know more about Revenue Cloud, connect with us to learn how to scale up your revenue. 

*salesforce.com

Salesforce CPQ

Top 8 Salesforce CPQ features to optimize sales processes

CPQ is a sales tool for organizations to streamline their quoting process for efficiency and quicker closing of deals. The modern marketplace is evolving and growing, which means businesses also have to rapidly adapt and scale. 

Sales processes are getting more complex with organizations of all tiers deploying un-conventional sales processes to stick out amongst the competition. The success of the platform is evident from its growth, estimated to be at 20% through 2020. CPQ is feature-rich and customizable, allowing sales representatives to automate approvals, track their prices, and close deals faster. Furthermore, the platform is available to sales teams on every digital device 24/7, which also helps them in making quicker sales decisions and automating time-consuming manual tasks.

What cool features make CPQ unique?

  • Advanced approvals – With advanced approvals, sales representatives can save valuable time by setting up predefined approval pathways. Free from waiting for lengthy approval times, reps can focus on productivity and doing what they do best, close deals. 
  • Multi-dimensional quoting – With MDQ, organizations can build customized subscription packages for different segments of time. The name itself says it all, add dimensions to your quotes giving customers a wider range of options. MDQ gives sales representatives more flexibility when they are pitching different subscriptions to a service. 
  • Product Bundle A product bundle is a customized bundle of different products with one parent bundle for creating the best possible quote for clients. Additional products can be added that contribute to the bundle’s package price, users can also define option constraints to exclude product selection when a similar product is selected in the bundle. 
  • Product rules – With CPQ product rules, users can define conditions to ensure that customers cannot make options against your product’s unique guidelines. Product rules can be configured to add, remove, or hide options in a product bundle. 

Product rules contain related lists for Error Conditions, Actions, and Configuration Rules. 

  • Price rules – Another aspect of product rules is price rules, which are automated price calculations which are then updated to quote line fields.  Price rules determine the pre-configured conditions which can apply prices to a transaction. This feature is useful when there are products that affect each other’s prices in bundles. 
  • Custom Actions – While adding products to a quote, instead of always browsing through full product catalogues, users can configure custom actions as buttons on quotes where top-selling products can be viewed directly with the click of a button.

For example, a computer peripheral company creates custom actions that classify hardware and software as two separate actions. A search function can also be configured to sort through products more rapidly. This helps sales reps quickly create quotes for specific products.

  • Guided Selling – With Guided Selling, users can create a prompt that helps sales reps sort through a large product catalog, filter the products based on inputs, and quickly create quotes with exactly what they are looking for. At the beginning of every quote creation process, the guided selling prompt will present reps with a series of questions that will help them narrow down the products they are looking for.
  • Discount Schedule – Users can create discount schedules based on the sale, the 3 basic types are:

Volume Discount – Based on the quantity of the order.

Term Discount – Based on the number of years of subscription.

Cost Discount – Discount offered instead of the list price.

Discount schedules help users create customizable discount schedules depending on determinant factors.

These features are just the tip of the iceberg when it comes to the true prowess of Salesforce CPQ. Sales processes can be scaled to growth, while at the same time creating impressive customer experiences and brand loyalty. Do you want to know how to integrate this versatile application to your organization?

At CEPTES we have a decade of experience integrating Salesforce and it’s functionality to a broad range of industries, get in touch with us here.

Infographics, Salesforce CPQ

What is Salesforce CPQ or Configure, Price, Quote – [Infographic]

Enterprises are using various CPQ tools in order to enhance their business efficiency & revenue by engaging their sales reps in doing actual sales activities rather than spending more time in doing non-selling exercises. Salesforce CPQ is a powerful tool that helps sales reps quickly generate quotes for customer orders. Salesforce CPQ can work together with ERP systems and other external tools ensuring the highest data integrity & quote accuracy. 

Salesforce CPQ helps enterprises perform faster sales quote process with 10x faster quote generation, 95% lesser approval time, 2x faster quote to cash moving & 30% faster ramp for new sales reps. This also significantly improves the speed with 33% quicker quote generation, 30% quicker approval, 20% quicker quote to cash. Salesforce CPQ also helps enterprises enhance their quote accuracy with 35% lesser configuration error, 38% lesser pricing error, and 29% increased forecast accuracy. 

Check this infographic to know more about Salesforce CPQ & its capabilities. 

Salesforce CPQ

Top 5 Ways Salesforce CPQ can Boost your Business Efficiency

As per a recent Salesforce State of Sales report, sales reps spend 34% of their time in doing real sales while a startling 66% of their time in generating quotes, proposals, and getting approvals. Isn’t that surprising? In today’s world of fast-forward digitalization powered by sales utility tools, if sales reps are still spending almost two-thirds of their time in doing non-selling activities, it will certainly be going to hamper business efficiency along with loss of opportunities. 

CPQ – Configure, Price, Quote

To enhance business efficiency & revenue by engaging sales reps in doing real sales activities, progressive enterprises prefer using a tool such as Salesforce CPQ. CPQ which is primarily a sales utility tool, helps sales reps quickly generate quotes for orders. CPQ work in tandem with CRM solutions, ERP systems, and other external systems ensuring integrated data with accuracy. With CPQ, businesses can generate quotes that are automated according to a preprogrammed set of rules. The error-free quotes consider account quantities, discounts, customizations, optional features of products, multiple revenue types, and incompatibilities. Leading enterprises using Salesforce CPQ has observed:

  • 10x faster quote generation
  • 95% reduction in approval time
  • 2x faster moving from quote to cash
  • 30% quicker ramp for new reps

5 Ways Salesforce CPQ is helping enterprises

Here are 5 ways Salesforce CPQ can help an enterprise drive high efficiency by closing more deals with a shorten sales cycle:

Greater accuracy 

CPQ drives higher efficiency by integrating various aspects of a sales cycle including sales, service, renewals, finance and legal. This ensures sales reps won’t be dealing with configurations that aren’t possible financially or legally. This saves time of manual quoting and enables sales reps to create quotes with greater accuracy. The automation function will also ensure that errors can be avoided before they occur, leaving you with satisfied customers and happy salespeople. Though sales reps are going to primarily use the CPQ, however, you can optimize the tool in order to benefit the entire organization. CPQ analytics can help you with accurate demand and product trends. 

Standardized processes with larger collaboration & reduced costs

An enterprise has different entities such as sales, service, finance, legal and many more that are siloed. CPQ collaborates with all the entities and allows seamless communication during a sales cycle. From generating an order to quote sending, invoice sending, payment receiving, auditing, and order fulfillment, CPQ integrates with your existing business technology & siloed entities to make the entire process smoother & standardized. CPQ has a great ability to integrate with ERP systems and connects sales with operations. CPQ with ERP can potentially reduce high operational costs.

Enhanced sales efficiency & reduced time

As mentioned before, a sales rep spends roughly 34% of his time doing actual sales related work. This leads to multiple challenges such as reduced efficiency, minimized sales, and longer sales cycles. With a streamlined process, sales reps can avoid doing non-selling jobs and spend more time in prospecting, meeting customers, cold calling, etc. So that when it comes to close the deal and start the transaction, CPQ can accurately configure products, apply pricing discounts, have preprogrammed approvals to fasten the process. This will enhance efficiency and save a lot of time. 

Increased revenue & business transparency

A Salesforce report shows that companies that use a Salesforce CPQ software increase their average deal size by a whopping 105%. CPQ allows enterprises to ensure that they get the most out of their sales deals by analyzing sales pipelines and having a deal profitability analysis in order to offer financially viable and successful quotes through automated streamlined processes. CPQ with Einstein Analytics can really help sales reps maximize revenue opportunities with actionable insights. Insights can also help you identify what works for you and where improvements are needed. Custom dashboards can also be accessed with CPQ in order to identify top customers, successful pricing models, and opportunities. 

Quote-to-Cash: On the fly

One of the most significant factors of the sales cycle is timely communication & round the clock accessibility. Salesforce CPQ enables sales reps with greater visibility across the sales cycle from anywhere using any device. Sales reps can offer deals based on revenue goals, margins, pricing models, and legal factors. They can also send quotes, access reports, dashboards on the go. 

CEPTES for Salesforce CPQ Requirements

As a Salesforce platform specialist, we have successfully implemented Salesforce CPQ solutions in various enterprises. Salesforce certified developers at CEPTES will help you maximize your revenue with minimum time & cost. Schedule a meeting today.