What is CPQ?

What does CPQ mean?

CPQ is a growing software program class that tackles this task head-on. Let’s study what the acronym CPQ stands for: Configure Price Quote. C is for Configure. We do not live in a one-size-fits-all world. As a famous Burger King industrial used to remind us, we can have things our manner.

What is CPQ Salesforce?

CPQ Salesforce, or Configure, Price, Quote Software by Salesforce is a business device for organizations to give exact evaluating any given item design situation. CPQ applications consider discretionary highlights, customizations, amounts, and limits, enabling salesmen to provide cost estimates rapidly and precisely. Salesforce CPQ gives your sales team easy to use the software, available on any device due to its cloud-based platform. Hosted within the Sales Cloud platform giving you a direct link with your CRM to make the most impactful sales decisions. 

CPQ formalizes rules and valuing, enabling deals to convey cites rapidly. Time and again the business procedure is eased back by deals’ capacity to convey exact statements.

A barrier to delivering timely quotes is when sales reps offer the customer options and configurations, and prices the company doesn’t have available.

How can CPQ increase the bottom line?

While many companies don’t have CPQ software yet, those that do are seeing impressive positive results in time, deal size, quote accuracy, and sales processes. 

CPQ reduces wasted time.

In order for sales organizations to be profitable, they need to work smarter and more efficiently. A way to do so would be to take a look at lean manufacturing principles, such as eliminating waste in the production process and applying it to sales tactics. Robert J. Pryor recognized this new-era selling mindset in his book, Lean Selling: Slash Your Sales Cycle and Drive Profitable, Predictable Revenue Growth by Giving Buyers What They Really Want, Pryor describes the changing landscape of sales and the need to streamline the sales process. 

Pryor admits there are several “gaps in thinking” that make it hard to compare manufacturing processes (which take place without the customer) to selling processes (which must be customer-centric.) However, he maintains that the comparison can be made and that lean principle will improve sales efficiency.

Simplifying important processes like submitting proposals is essential to making sales processes lean. Since Salesforce CPQ is coordinated with Salesforce CRM, the data deals groups need is accessible on their cell phones. The way toward conveying cites turns into a lean, proficient action. “Spending time developing or providing the wrong product or service is a tremendously wasteful use of time and resources,” Pryor explains. “It is not a good way to become a trusted supplier.” Clear communication from the outset of the buyer/seller relationship will avoid offering the wrong solution or product, says Pryor. CPQ software can be implemented to ensure available options are discussed with the buyer.

All things considered, the new deals relationship ought to be centered around conveying an incentive to the client. Pointless action is a wrongdoing against lean selling. Each contact with the purchaser should include esteem.

That means that the traditional call or email to ‘check-in’ with the buyer is an absolute no-no in Pryor’s book. Instead, call the customer with new insights into their company’s challenges, share answers the customer has requested, or give information about pricing or configuration.