Do you sometimes feel that you are losing prospects more often than your competitors? The reason behind this is that organizations slack the rope in the last moments. They tend to lose their grip over their prospects. This is where a Salesforce CPQ quoting tool can be beneficial.
Interestingly, the Salesforce CPQ tool has been a boon to businesses globally. Why a business loose sales after doing all the marketing strategies is the big question here? This write-up will cover how the CPQ quoting tool will speed up the sales process of any business.
First, let’s understand in detail the Salesforce CPQ.
What Is Salesforce CPQ?
CPQ stands for Configure, Price, and Quote, and the tool deals with these aspects of the sale. If you are an organization, you would definitely be aware of the importance of these terms. CPQ provides a cloud space for your sales team to automatically generate quotations, price alterations, and discounts based on each configuration. The best part is that the CPQ quoting tool is directly linked with Salesforce CRM, which initiates impactful decisions.
Salesforce CPQ allows the sales team of any company to utilize this software on any device. Due to its cloud-based nature, it is hosted in the Sales Cloud, giving your sales team access to the CRM for better decision making.
Now as we have discussed the basic concept of the CPQ tool, let’s switch to the top 10 Salesforce CPQ benefits for your business.
In the next section, we will see how Salesforce CPQ quoting tool will overcome common business challenges.
Top 10 Challenges Overcome By the Salesforce CPQ Tool
Contraction In Sales Cycle
Probably the best feature of Salesforce CPQ is guided selling. Now, what it does is lay out a step-by-step guide to finalize a sale process. This will help your sales team to structure a market plan effectively and quickly. Therefore, your organization would not take much time in closing a deal with a prospect.
Apart from that, the Configure, Price, & Quote in Salesforce CRM will eliminate quotation errors and enhance accuracy. This will again help your organization in the contraction of the sales cycle.
Generate High-Quality Proposals
When it comes to business, first impressions are more important than the actual proverb. Therefore, you need a high-quality proposal before contacting your lead.
Salesforce CPQ architecture will take that responsibility very well. With customizable templates inbuilt into the tool, you can create a high-quality proposal. What you need to do is understand the requirement of the prospect, and you will find a suitable template in the tool.
Customer Service Like Never Before
Imagine your customers getting instant solutions to their cost-related issues, quotations, updated prices, and many more. Definitely, they will feel welcomed, relaxed, and valued. All this with merely a single tool, Salesforce CPQ.
Coupled with Salesforce CPQ benefits, personalized quotes have their own. With personalized quotations, customers would not hesitate much in sharing their personal data with you.
Increase your business ROI up to 50% in quote-to-cash with the Salesforce CPQ Tool.
When you have a streamlined sales process to follow, things can hardly go wrong. Additionally, you have an automated query check and quote generation. So, you can simply focus on the productivity of your organization.
Apart from that, your team will be less focused on the sales plan. Therefore, they can simply work on another lead generation at the same time. This would provide your organization with an upper hand in terms of productivity.
Note: Many businesses use DocuSign for Salesforce to generate Quote. However, with the new update on January 31, 2022, Salesforce will not use DocuSign for managing the CPQ package. If you need assistance help for this, consult with the Ksolves experts regarding DocuSign for Salesforce CPQ.
The automated quotes produced by the Salesforce CPQ are highly accurate. They are formulated on the basis of the organization’s policies and offered discounts.
Moreover, your customers will be able to witness personalized quotes for every configuration present on the website. As soon as there is a bit of alteration in the policies, discounts, and configurations, CPQ is quick enough to reflect the same.
Therefore, the sales process is efficient and free from errors with the configuration management quotes technique in Salesforce.
Synchronizes Collection Policies
You will meet a varied category of customers while running an organization. It would not be wrong to say that some of them might not be comfortable when it comes to collection.
Now, one of the highlights of the benefit of the Salesforce CPQ quoting tool is Einstein Automation Tool. This will help you to synchronize the collection policies from moderate to aggressive. Therefore, you do not have to worry about the collection process anymore.
Sometimes, in order to enhance sales, you need to regulate the price with your competitors. And the worst part is that they are doing the same. So, it is all about quick moderation and better service. This is where, again, the Einstein Automation Tool of Salesforce CPQ makes comes into the picture.
The tool will allow you to moderate the pricing as per the competition mentioned by you in the tool. So, the process will be automated and you will have a chance to provide better pricing than your competitors.
When it comes to the Salesforce CPQ benefits, better revenue generation enhances the value of the tool. However, how to inflate revenue for your organization?
CPQ tracks a customer with his/her preferred choice. The tool will then sort the products according to the customer’s preference. What it will do is fulfill customers’ requirements and generate better revenue. Moreover, this will attract new customers to your website.
There is one more technology a business must know about. The Salesforce Revenue Cloud brings CPQ and billing together. It helps organizations take control of their revenue growth and it makes the buying process faster and easier.
Allows Performance Check-Up
Salesforce CPQ offers a quick analysis based on the percentage of your profit and loss. With this analysis in front of your eyes, you can plan the next move and rectify it accordingly. The generated report will also help in analyzing potential customers and finding better leads.
As we discussed earlier, the last moment is when organizations tend to slack the rope. Therefore, the Salesforce CPQ quote tool would not allow you to do the same. The execution process before and after the deal will be smooth and efficient. Well, the reason behind this is the automated execution process.
Use CPQ as a Subject Matter Expert
Salespeople of any company try to negotiate with customers by identifying their issues and offering them answers that go beyond what they are looking for.
No matter how prepared they are, Salespeople may not have the same level of product technical expertise as an SME (Subject Matter Expert). The SME may use the Salesforce CPQ quoting tool to define rules as well as package and pricing combinations, giving clients a wide range of possibilities. These would be available to vendors at all times, requiring them to serve as experts.
Therefore, with the CPQ, any employee can become a subject matter expert in the tool, as it is very smooth, flexible, and easy to use the software.
To Sum Up!
We started with ‘what is Salesforce CPQ?’ and proceeded with the challenges it overcomes for a business. Now, you must have gotten an idea of what the Salesforce CPQ quote tool has to offer for your organization. Considering the usage of this amazing tool, if you want it to elevate the sales structure of your business, contact Ksolves immediately! We are an experienced, passionate, and performance-driven organization with the best Salesforce development services to offer for your business!
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Frequently Asked Questions
1. What is CPQ Software?
CPQ (Configure, Price, Quote) is a sales tool in Salesforce that helps companies to generate accurate quotes. It ensures error-free pricing in the generated quotes and helps in increasing business revenue by up to 50%.
2. What is CPQ’s main advantage?
Sales reps have to generate time quotes based on the right pricing rules. They have to dig down hundreds of sheets to get the accurate right pricing rule for creating the quote. With the CPQ quoting tool, the sales reps can create a proper quote with customized templated in no time.
3. What is Salesforce Revenue Cloud?
With the Salesforce Revenue Cloud, any business can take control of its revenue growth on multiple channels. It brings together the capabilities of billing, B2B Commerce, CPQ, and PRM (Partner Relationship Management).