For the uninitiated, CPQ stands for Configure, Price, and Quote. The CPQ software harnesses the power of Artificial Intelligence to deliver accurate quotes for complex and configurable products. This robust quote software is being deployed globally by smart companies to empower their sales team. And, boost their efficiency dramatically. Businesses that implement a CPQ solution experience an increase in both sales productivity and velocity.
Functions of CPQ software
Configure – the smart software analyzes data to help businesses configure complex products that serve customers exactly what they want. It also detects cross-sell and upsell opportunities.
Price – maintaining pre-determined pricing for customizable products is next to impossible. The CPQ software analyses purchasing habits, market trends, and more to help businesses find the most optimum price for configurable products and services.
Quote – it creates personalized quotes for individual customers with 100% accuracy. Brands are automating and streamlining their quotation process with the virtue of modern quotation software.
Businesses that benefit the most from CPQ
Since the concept of such sophisticated software is fairly new to the realm of business, it can be a struggle to figure out if your business needs one of these bad boys. A business can benefit from it if –
· It delivers customizable or configurable products.
· Has multiple products or services on offer.
· Deals with multiple sales channels.
· Has to generate a lot of quotes for a large customer base.
· It wants to eliminate the risks of human error in pricing or quotation calculation.
· It wants to tap into the massive potential of cross-selling and up-selling.
· Improving customer satisfaction is a top priority.
· It wants to create a positive brand image by delivering accurate, professionally crafted quotations.
The top 5 benefits of CPQ software
1. Accurate quotes: Eliminate the risk of quoting wrong prices, products, or incompatible product configurations. There is no question of error in quotation when CPQ software is involved in the process.
2. Configure better products: Analytics help in a better understanding of what’s selling. This helps companies innovate their existing products and to come up with newer products that are configured to meet the current market needs and stand out from the competition.
3. Faster sales cycle: Research shows that up to 70% of a sales reps’ time is consumed by administrative tasks like tailoring quotations and calculations. That leaves them with little time to sell. Empower your sales reps with the intelligent CPQ solution from Vistaar and see your sales soar.
4. Optimum pricing: Most customers take quotes to compare your price with your competitors. The right pricing makes the difference between a lost client and a closed sale. CPQ makes use of AI to find the most competitive pricing for a product or service that elevates customer satisfaction without compromising on your profits.
5. Boost cross-channel sales: Enhance upselling capabilities of your sales reps with up-to-date pricing information and knowledge of what’s selling with accurate insights.
Whether you are aiming for business expansion or for staying ahead in the game, a CPQ platform like Vistaar is essential to incorporate into your business operations. Vistaar’s CPQ tool is robust, scalable, and is designed to increase win rates.