Every company operates to develop products and services that cater to the needs of its target market. Customers are interested in conducting business with you when they agree to use your services and request a price.
That’s where, as a service provider, you need to convert this occasion into a successful deal. So, how to stay ahead of your rivals? The answer is Salesforce CPQ!
It is a robust solution that every sales team seeks to generate proposals and quotes and even close deals swiftly. In the given blog, users will learn some exciting aspects about how CPQ helps the sales team create faster quotes and quicken deals.
What is Salesforce CPQ?
Salesforce CPQ (Cash, Price, and Quote) is innovative Salesforce sales cloud software that supports an organization’s sales team to perform their selling procedure from a single online platform. Moreover, it applies to automated product configuration to generate quotes that help the sales team enhance their productivity efficiently.
Advantages of CPQ
There are several benefits associated with implementing CPQ. Some of them are:
- Increase quote accuracy
- Shorten sales cycle
- Leverage pre-built quote template
- Use intelligent quotes to maximize sales revenues
- Increase deals values
- Allow customization of quote
How CPQ drives sales?
In the existing conditions, customers urgently need precise, swift and convenient buying experiences. The procedure is so fast that at a time when customers are engaging with sales reps, they have decided to purchase the product, and any hindrance can change their minds.
To prevent consumers from altering their decision, Salesforce CPQ helps sales reps by quickly responding to customers’ requirements. In this way, management can close the deal and generate more revenue for the company.
Multiple factors make CPQ a favorite among sales reps. Firstly; the automation of the whole process makes the product available in real time. Hence, sales reps have all information at their fingertips that helps them to serve their customer’s needs quickly.
Secondly, CPQ enhances their performance to control the sales cycle friction to reduce flaws and make products available to more consumers. Equally important, several stats support the above-given information that is present here:
- The use of CPQ helps in closing larger deals by 105%
- Producing a quote with CPQ is done in 27% less time
- Big improvement in the quote productivity with CPQ by 33%
Hence, we are presenting some benefits that come with the implementation of CPQ to boost sales:
A. Focus on Automation Quoting
Salesforce CPQ has AI technology that helps the sales team make accurate decisions. Besides, efficient management of the sales cycle from start to end is possible now. Even more, the sales staff may generate proposals skillfully created using its high-end configurable templates, and they can modify the material to suit their needs.
B. It helps Sellers to Perform in Superior Way
In reality, sales reps spend only 33% of their time selling products and the rest of their time is wasted completing administrative tasks. Thankfully, Salesforce CPQ removes errors and aids them in creating perfect and customized sales quotes to close the deal in a streamlined way.
C. Offers High-End Accuracy
With CPQ, the sales team can prepare more precise quotes for their clients in less time. Furthermore, it ensures the pricing is accurate, and there is an automatic approval to save the processing time taken to create exact quotes of the given documents. Likewise, it must comprise an e-signature from your shareholder to avail best buying experience.
D. Increase Sales with AI
From invoice production to the final step, the entire procedure works on automation offered by Salesforce CPQ. What’s more, it comprises Einstein’s AI that permits companies to create a particular milestone to build perfect logic. In addition, management can also add extra information to adapt prices to external factors.
After understanding how it drives sales, now it is the time to know several aspects that led CPQ to close the deal and create faster quotes.
How does CPQ accelerate deals by creating faster quotes?
What is the universal goal of the business? To generate more revenues while staying competitive! With such objectives, companies need CPQ in Salesforce to modernize their sales operations and quicken their deals swiftly. How? Let’s see:
I. Keeping Deals on Target through Guided Selling
Guided selling is a crucial component of CPQ software that directs sales representatives through developing a personalized quote and corresponding with prospects at each stage of the sales cycle using an automated Sales Playbook and many question sequences and recommendations. The software initiates cross-sell, up-sell, and volume discounts, resulting in quotes tailored to each customer’s unique requirements.
II. Smoothen Sales Procedures
Why do sales reps fail to close the deal speedily? They remain preoccupied with manual-based administrative tasks that slow down their functions and anger the buyers. No worry, as Salesforce CPQ streamlines the whole process through the following:
- Generating quotes and orders using automation
- Scheduling client communications
- Efficient control of requests from the clients
In this manner, the sales team can excel at a high efficacy rate.
III. Use Correct Configuration to Simplify Product Offerings
As per the report from HubSpot, nearly two-thirds of clients require a discussion about pricing before proceeding forward. Sales reps disappoint them when they show out-of-date pricing structures.
Thankfully, there is the availability of pricing information on one platform, Salesforce CPQ. So, sales reps can get access to pricing promotions and adjustments quickly. Further, it also reduces the chances of rogue discounting and flaws. Moreover, they can consider legal requirements, area and past purchases to generate quotes and improve product offerings.
IV. Supplement CRM by Gaining Access to Stakeholder Interest
Customers can send bids to internal decision-makers via email and customized online channels to assure that all parties can access the data they need. The CPQ then collects intelligence on stakeholder involvement, enriches Salesforce by adding insights to opportunity records, and offers a comprehensive point-of-view to the people.
In a nutshell, Salesforce CPQ is a robust and user-friendly solution that enables sales teams to quickly and accurately create quotes. Utilizing it, the sales team can enhance their productivity to satisfy the company’s customers at a higher level. Every brand is currently opting for Salesforce CPQ to boost their sales and remain competitive. If you want the same, upgrade to its latest edition and enjoy the ecstatic journey!