Businesses may serve other companies or individual clients. Every business provides products or services their target consumers want or need. Businesses thrive when their goods or services are in demand, and when they provide optimal customer service.
Providing superior customer service involves employing qualified professionals and utilizing the best resources on the market to improve your business operations. Exceptional customer service can ensure customer loyalty and increase your company’s profits. Companies with a sales team benefit from sales software such as CPQ software. Read on to learn what CPQ software does and how implementing a CPQ solution benefits your salespeople and your business as a whole.
What is CPQ software?
CPQ stands for Configure, Price, Quote. Sales reps use CPQ software to generate quotes for potential clients. CPQ software enables your salespeople to configure orders suited to each clients’ needs. For example, a client may ask a manufacturing company to modify a product’s design. Sales reps use CPQ software to address complex configurations when compiling an order.
The software accesses price lists to ensure sales staff use the right price when preparing a quote for an order. With configure price quote software, your sales team can adjust costs to account for additional staff hours and materials required to modify products per the client’s specifications. The software ultimately uses the configuration and cost data to produce a quote.
What are the benefits of CPQ software?
Your salespeople will need less time to prepare a price quote for every client because they won’t have to look through documents to ensure they have the right price for parts and labor when preparing a quote. The easy access to pricing data ensures your salesforce and clients enjoy a streamlined quote process. Sales staff can produce quotes in a fraction of the time to compile a quote by manually checking databases to find prices.
When a salesperson enters the wrong product or wrong price in a quote, the quote could be hundreds or thousands of dollars short of the actual cost, resulting in losses for your company. Ensuring accuracy prevents costly mistakes. Integrating CPQ software with your cost database ensures salespeople can find the right products and use the right price when preparing quotes.
Errors generate other costs because you may need to run an internal audit to identify the source of an error, costing thousands in staff hours. Order errors can also increase costs if you order supplies you don’t need and can’t return them. You may incur thousands in interest charges if you’ve used a line of credit to purchase equipment or materials.
Since marketing mistakes and financial issues are two of the most common reasons companies fail, preventing sales errors that lead to financial problems can make the difference between your company’s success or failure. Investing in CPQ software is a small price to pay to ensure your business thrives.
CPQ software makes it easier to train sales reps because guidance can be built into the system, ensuring a smooth approval process for modified orders and preventing reps from ordering a modification that isn’t feasible.
Using CPQ software ensures consistency among your sales team, which means if one of your sales reps is ill or on vacation, another sales rep can step in to assist their clients. Using CPQ software’s also a great way to support your company’s brand image.
Since your sales team can produce quotes in less time, your sales staff can meet more clients, increasing their productivity levels. This means you may be able to operate with fewer sales reps, or you can use the software to enable your sales team to focus on outreach to potential clients and increase your clientele, enabling your company to increase profits.
What types of companies can use CPQ software?
CPQ software is commonly associated with the manufacturing industry. Sales reps use the software when meeting with existing or potential clients and configure orders suited to the customer’s needs. The software draws pricing information from company databases, ensuring sales reps provide an accurate quote to the client.
Other industries may also benefit from CPQ software. Wholesalers may use CPQ software to prepare quotes for client orders.
CPQ software simplifies the order process for sales reps and consumers, ensuring your sales staff can provide an accurate price quote in real-time. CPQ software offers multiple benefits. It saves time, reduces order errors, and streamlines operations, enabling your business to thrive in the current marketplace.
Talha Ali is your tech generalist, covering a wide spectrum of topics within the ever-evolving world of technology. With a curiosity for the latest innovations, industry trends, and breakthroughs. Whether it’s hardware, software, emerging technologies, or the intersection of tech with daily life, Talha’s articles provide readers with a well-rounded perspective on the dynamic landscape of the tech industry.