A sales quote is a crucial step in winning business from customers. However, generating quotes can be complicated and time-consuming.
A no-code CPQ tool allows salespeople to create and send accurate price quotes without IT help. It helps everyone involved in the quoting process, from reps to legal and customer success teams.
Speed
The best CPQ software reduces the time it takes to create quotes by eliminating manual processes that require data re-entry and human error. It allows sales teams to respond faster and make decisions more quickly to meet customer expectations.
The codified configuration makes even the most complex products easy to sell, reducing mistakes from incompatible or missing options. Automated rules can also help prevent margin erosion or rogue discounting by routing discounts above set thresholds to managers for approval. Allows companies to offer their customers the best pricing and value while maintaining profitability.
The fast configuration and pricing capabilities of CPQ enable sales reps to spend more time meeting with customers and identifying new opportunities. During meetings, sales reps can present a professional quote tailored to the customer’s needs and requirements. Getting this right helps build trust and a positive view of your company as an honest and knowledgeable partner who meets each customer’s needs.
Personalized quotes can be delivered to each customer via email or a customized web page. CPQ can also provide contract integration and eSignature to speed up the contract process and close deals more quickly. Once contracts are won, CPQ can send all the relevant information about the order, including BOMs, to integrated manufacturing systems without any manual re-entry or error.
Accuracy
In sales, accuracy is critical. When a quote isn’t accurate, it can cause problems in the pipeline and future customer interactions. CPQ software provides a more accurate and trustworthy process that eliminates mistakes, which allows reps to focus on other aspects of the sale. CPQ can provide rules that help salespeople create and customize quotes that meet specific customers’ needs while maintaining company standards and policies.
The software can also identify opportunities for upselling and cross-selling that sales reps might overlook. Additionally, a no-code CPQ tool can allow a business to quickly update pricing, products, and discounts without IT involvement.
A fast and reliable quote process can improve a sales team’s reputation, helping them close more deals. In addition, it can lead to increased revenue and better relationships with customers. It is why it’s crucial to find a solution that can automate the quoting process.
CPQ systems help to reduce the time it takes for salespeople to generate a sales quote from days and weeks to minutes and hours. It can also ensure a high-quality, professional quote is delivered to customers. It can also reduce errors and speed up the process for everyone involved. With a quick and easy-to-use platform, even the newest or least technically proficient reps can quote like a pro.
Scalability
CPQ solutions provide the capability to grow your business by making the sales process easier and more efficient. They enable you to make more accurate quotes, increase the conversion rate, and eliminate human error. The software is also easily adaptable to your business needs and can be accessed anywhere.
Moreover, the CPQ software provides a unified brand voice and helps staff collaborate and work together. It also enables marketing, finance, legal, and manufacturing departments to communicate more efficiently. CPQ can also be integrated with business tools like ERP systems and CRM. It makes the process much smoother, reducing workflows between departments.
In addition, CPQ can help your business reduce its time to quote by speeding up the product configuration and proposal creation process. The system reduces quoting from days and weeks to hours or even minutes. It allows your reps and channel partners to assemble and create a professional-looking quote with minimal training. The configurator also allows sales to offer discounts that are within pre-approved boundaries. Without manual re-entry, It can automatically send order details and detailed BOMs to integrated systems, such as ERPs. It can save you a lot of time and money. It can also automate contract renewals and eliminate the need for human intervention. It can also reduce sales cycle times, helping you to deliver more value to your customers.
Flexibility
For salespeople, every hour spent on quoting is an hour they need to spend more directly interacting with customers. CPQ software automates time-consuming configuration and pricing processes to let your team spend more time with clients.
AI-enabled CPQ uses customer buying patterns and market research to determine what price point is most likely to close the deal and can also recommend upsells and cross-sells to maximize profits. It allows for more rapid and accurate quoting while helping ensure that your company’s terms and conditions are compliant.
Sales managers and directors will have a clear view of the sales pipeline, allowing them to identify and prioritize opportunities. In addition, the system can automatically route quotes to the right people for review and approval based on their expertise so the quote is as accurate and complete as possible.
With automated pricing mechanisms, sales teams can avoid the dangers of discounting too aggressively, which can cause lost revenue and impact profitability. CPQ solutions offer rules-based discounts that management can approve or reject, and sales reps can adjust pricing when needed.
CPQ helps sales teams perform like pros with minimal training and personalized quote templates that ensure consistency in their messaging. It also provides data that can be used to reduce the learning curve for new employees, even for those with limited technical skills.