In today’s economy, buyers and sellers prefer a simplified purchasing process. B2B customers want transactions to be as easy as B2C with flexible offerings and a seamless online experience. The desire for flexible payment terms to suit different situations also requires a solution. The solution is Salesforce CPQ.
What is CPQ?
Configure, Price, Quote (CPQ) by Salesforce is a sales tool for companies to provide accurate pricing for any given scenario. This unified quote-to-cash process enables reps to quote quickly and accurately by covering the end-to-end functions of an organisation’s sales activity. Processes such as product/service configuration, pricing, quote creation, billing and ordering are unified with Salesforce Revenue Cloud and CPQ to create a seamless experience for both sales reps and customers.
Why it’s important:
1. Increases Sales with Quote Accuracy
Manually configuring and quoting not only wastes time of both the sales rep and the customer, but leads to inaccuracies and missing information. Confidence in your company will inevitably take a hit and create a barrier to the lean sales process if reps can’t figure the right prices quickly.
To avoid this, CPQ can anticipate different scenarios and streamline the process to quote accordingly. Salesforce CPQ user Dexter + Chaney saw 30% higher quote accuracies after implementing the software, highlighting its effectiveness. By quoting efficiently and accurately, you can build trust with customers and possibly even increase deal sizes.
2. Identifies specialisations, add-ons, and upsells.
Whilst most sales people have extensive experience in their relative industry, they may not be well versed in technical specifics and complex product offerings. When a subject matter expert (SME) isn’t always an option, CPQ steps up and fulfills the role with pre-programmed product specifications helping customers find the adequate solution.
This helps sales reps ask the right questions to offer specialisations, add-ons and secure bigger deals.
3. Saves time and speeds up processes.
Automation is at the forefront of digitising business processes and CPQ is no different. It allows you to scale your business seamlessly by automating contract amendments, renewals and usage pricing. It provides a holistic view of the sales process with visibility of subscriptions and entitlements. According to Salesforce, companies such as Domino Printing Science have seen 80% faster quote delivery with Nimble Storage seeing a 34% increase in approval time. Decreasing time spent on manually configuring quotes for complex product offerings allows reps to spend more time on selling which can only increase business revenues.
Various departments such as manufacturing, legal, sales and finance are often separate entities within an organisation which require unique processes. CPQ helps unify these departments to allow for seamless communication.
1. Enterprise resource planning (ERP)
By integrating CPQ with enterprise resource planning (ERP) systems for example, you can streamline entire processes. It allows sales to review the status of deliveries, executives to review the sales process and operations to review trends in anticipation of new deals. This allows for better data driven decisions to be made to satisfy customers’ needs.
2. Customer Relationship Management (CRM)
Combining CPQ with your existing CRM system results in increased profitability, both in revenue and efficiency. Salesforce CPQ customers are seeing a substantial return on investment with companies like Mitsubishi seeing a 50% increase in ROI in quote-to-cash.
How Ignyto can Help
Different companies have different needs. We understand that unique business processes and sales teams require unique solutions. Salesforce CPQ and Revenue Cloud are not one size fits all products and often need a robust implementation process to exactly meet your requirements. That’s where Ignyto come in.
At Ignyto, we have proven success with a wide variety of customers, both big and small, with their Salesforce implementations. You can rest assured that your project is in expert hands as our extensively experienced team of fully qualified and Salesforce certified consultants can leverage the Salesforce platform to build a robust, tailored solution for your business.
Don’t just take our word for it, hear from our wide range glowing customer testimonials who’ve revolutionised their processes and achieved substantial growth through our expert service and experience. Contact us today to find out how we can help you, like we’ve helped so many others.