Did you know that sales representatives spend only 34% of their time selling? The remaining time is spent mostly on time-consuming, non-selling activities such as getting approvals, creating proposals or generating quotes. Even in the era of digitization, most sales teams are dependent on manual, inefficient processes. This results in reduced productivity, higher costs, and more time to close a sales deal. Enter Salesforce CPQ.
The Configure, Price, Quote (CPQ) solution by Salesforce is considered a breakthrough in streamlining the complex and time-consuming sales process and building long-lasting client relationships.
In this blog, we will discuss what is CPQ by Salesforce and why it is important for businesses of all sizes.
CPQ – Configure, Price, Quote – is an innovative sales tool by Salesforce that enables businesses to create accurate price quotes for any product configuration scenario. It takes into consideration various factors like quantities, customizations, discounts, and optional features when creating custom product pricing. This enables sales teams to quote prices to clients more accurately and quickly.
The tool ensures improved flexibility and functionality to the sales team – streamlining the price quoting process, collaborating with internal teams, and saving more time. This helps build timely, accurate, and custom quotes based on the client’s needs. Whether you are a small business or a Fortune 500 company, Salesforce CPQ is the go-to solution for your business if you want to improve sales efficiency.
Even if you think your current price quote generation solution is enough, check out these 6 signs that you need CPQ by Salesforce:
Under all these scenarios, it is ideal to switch to CPQ by Salesforce. According to a report published by Salesforce, deploying and using the tool correctly aids in:
One of the biggest hurdles that sales teams face is when they need to provide their clients with product configurations, options, customizations, or prices. Instead of utilizing their time in nurturing the lead, they must dig through spreadsheets and documents to get the pricing rules for creating a custom quote. This is time-consuming and may often lead to inaccuracies or client dissatisfaction.
Salesforce CPQ can help address this problem by helping create pre-programmed rules. Using the tool, you can clearly specify infinite product configurations, scenarios, prices, and discounts – and make this information seamlessly accessible to your sales team. It allows the sales representative to build the quote based on the product configuration the client wants, right from their smartphones. The software will then help them create accurate and custom pricing using built-in templates, all within minutes.
Using CPQ the right way can help businesses explore different product specializations, options, and add-ons to increase the deal size. This is an integral part of delivering more value to the clients. CPQ by Salesforce also helps boost sales by providing timely and accurate quotes. Sales representatives often waste most of their time going through different configurations and price quotes. This primarily happens due to a lack of information at the right time.
This can be dissatisfactory for both the sales representative and the prospect. Unnecessary waiting time is one of the biggest hurdles in the process of lean sales. If the sales representative is manually researching and creating each price quote, it can affect their productivity significantly. Salesforce CPQ ensures 30% higher quote accuracy. And the more efficient and accurate the product configuration & quote is, the higher sales your business will see.
Deployed and used correctly, Salesforce CPQ can help save more time, increase the productivity of the sales team, ensure greater quote accuracy, and drive more sales.
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