How to improve revenue with Salesforce CPQ software in 2023
It takes work to generate revenue. The sales team must put out extra effort into producing persuading product quotes in order to increase familiarity and interest in a product. It is a time-consuming process that will immediately lower the company’s sales productivity. CPQ could be a game-changer for your firm if your sales team has trouble generating estimates and closing deals.
The sales staff can develop quotations and bids and conclude deals more quickly thanks to the potent CPQ technology. The visibility of all pricing chores is improved, and productivity is raised, by identifying hidden processes and eliminating manual operations. The program is jam-packed with exceptional capabilities that can help remove different sales roadblocks and streamline the overall process.
What is CPQ?
A business tool called CPQ enables customers to customise products to meet their unique needs while also removing many of the challenges salespeople face when generating quotes. In order to guarantee accuracy regardless of the buying situation, it also saves all of a company’s pricing and configuration information.
Every company that offers complex, individualised products or services has a CPQ system to power its sales cycles. The necessity for a CPQ platform that integrates with all selling platforms to support sales activities increases as a product’s degree of customization increases.
Additionally, it offers suggestions for up- and cross-selling and supports salespeople with additional setups. Your selling and discounting criteria can tell your agents to use line-item or package incentives in a CPQ system.
The process of closing a sale can take a while without a CPQ solution. The lengthening of the approval procedure is due to managers’ obligations to ensure that sales representatives do not provide unlawful discounts and to verify the configurations they provide. Check out the online Salesforce certification course to learn more about Salesforce.
How CPQ can Help Businesses Achieve More Revenue?
The main goal of CPQ firms is to make sure that your proposal is client-ready. By including brand-specific themes, layouts, cover pages, and terms and conditions, you can give your work a personalised touch.
Due to the growing need for enhanced productivity in businesses and sectors, CPQ software solutions are in high demand. According to Globe News Wire, the market for CPQ solutions is expected to increase at a compound annual growth rate of 16.3% throughout the projection period, reaching an estimated value of USD 3.9 billion in 2026.
Here are a few justifications for using CPQ to increase Salesforce productivity.
1.Speed Up Sales Cycles
The challenging sales process for both the seller and the customer is the best CPQ application. Early in the sales cycle, buyers have access to crucial information for making decisions. Based on the client’s product settings, the initial estimate incorporates bulk discounts, packages, add-ons, and special offers, saving time and hastening the deal’s progress through the pipeline.
The amount of manual labour needed to generate bids is decreased with CPQ software. It is significantly simpler and takes less time to produce a complex quote because sales reps may use pre-built templates and automatically get information from the catalogue. This shortens sales cycle times by accelerating response times.
2.Create Proposals, Quotes, and Contracts Seamlessly
The CPQ tool quickly produces proposals, bids, and contracts while tailoring each one to the demands of the prospect. When most clients ask for it, a CPQ makes it simple to provide customised sales content. Customizable templates ensure that prospects receive accurate, on-brand bids and reduce the possibility of proposal mistakes.
When a CPQ system is combined with the greatest CRM software capabilities, it may automate many labour-intensive processes and lessen the need for your sales force to create new processes from scratch. To achieve customer expectations, you need a CPQ strategy and seamless CPQ CRM software connection. Based on consumer data from many contact channels, CRM software may help businesses strengthen relationships with customers, increase communication, and increase revenue rates.
3.Increase Sales with Artificial Intelligence
The most effective CPQ software for small businesses streamlines the entire system, from the generation of the invoice to the last step. The entire process is carried out automatically, guaranteeing its accuracy. It is brimming with cutting-edge features, such as an Artificial Intelligence program that lets organisations establish logic, whether a payment procedure calls for a specific milestone or an aggressive collection plan. It helps your sales team make better decisions, which boosts profitability. With the use of this technology, firms can adjust rates based on external factors like market trends and competitors’ prices. Additionally, they can deliver automated data to track the efficiency and effectiveness of sales.
4.Get Guidance for Cross-selling and Upselling Improvement
Guided selling is a significant component of Salesforce CPQ that enables your sales staff to comprehend customers’ unique requirements. Once Salesforce CPQ has been incorporated into your business operation, you can use it to respond to client requests. If your firm offers various services and products, but your sales force cannot comprehend the customer’s preferences, then this function can be of assistance. Guided Selling gives the precise knowledge necessary to identify the consumers’ core demands.
Custom orders have particular specifications. The secret is to give the shop floor clear instructions on how to install and assemble the product, as well as to properly communicate design features. The creation of custom drawings using CPQ software is made possible by the sharing of the bill of materials (BOMs) with shop engineers and the delivery of precise 3D models to the customer at the time of order placement. As design parameters are pre-approved, the likelihood of order cancellation is reduced.
6.Provide a Better Customer Experience
If you fall short of your customer’s expectations for customer service, 89% of them will switch to a rival, according to a Customer Thermometer poll. As a result, companies must provide customers with a feature-rich, flexible, and highly scalable customer service platform, like SysAid.
When CPQ is used, customers can configure their items using design criteria. Salespeople may focus more on the human parts of the business, such as trust, communication, assurances, and after-sales support, to make it unique while the CPQ technology handles all administrative work and creates the best experience. If managed properly, which is totally under the power of the sales agent, these elements contribute to significant sales growth.
7.Improve Revenue with CPQ Software
In order to give sales reps a smooth and automated quoting process, CPQ software can be a standalone solution, but it is more frequently an app or extension that can be incorporated with the company CRM, such as Salesforce, SAP, Hubspot, etc.
A 100 percent native solution for Salesforce CRM exists in Sculptor CPQ. Native refers to the fact that Sculptor is designed to work with common Salesforce data types and objects without disrupting your current sales process. If your team uses Salesforce Sales Cloud, this can be simply incorporated into your current sales process.
Sculptor CPQ Appexchange Listing
A powerful cloud-based solution called Sculptor CPQ speeds up corporate automation and simplifies the entire quotation process. Sales teams may become more productive with this technology, and organisations may see an increase in customer satisfaction.
You may streamline your sales propositions and improve customer satisfaction by utilising the best CPQ software solutions. All brands today are keen to use this brand-new, powerful tool to boost sales and profits. You must adopt this cutting-edge solution into your current practice if you want to stay competitive in the market.
Major Benefits of CPQ Implementation
The main advantage of CPQ is the capability to arrange the appropriate items for the sale of basic and complicated products (product bundles) to your customer, avoiding the majority of manual procedures, mistakes, and recalculations. By directing sales representatives through the quote process using a sales playbook, CPQ software streamlines your daily sales routine and increases sales efficiency.
A good online Salesforce training platform should give a good overview of how Salesforce CPQ software can help improve business revenues.