The Configure Price Quote tool comes packed with numerous benefits for its users. CPQ has commendably proved its expertise by putting guardrails that ensure that the sales team is selling only on the prices which are approved and will only avail the discounts as per the rules.
Is this the only use of a CPQ tool?
Well, CPQ is not only used for making the internal reps efficient and effective, but it is also an impeccable part of a successful multi-channel selling strategy. With the help of CPQ, you can avail full control over product information or pricing which your groups, partners, or channels can access, allowing you to manage exclusive discounts, pricing and shipping fees, or revenue share.
How to start?
To unleash benefits of a CPQ tool, you need to understand the way it’s supposed to be used. I won’t say there’s any rocket science behind successful implementation of the tool, but yes, it isn’t less than that.
This means that learning the way to use isn’t easy, but the benefits you receive after that are like achievements and accolades received after a successful rocket launch. After all, the tool can exceptionally boost your business’s productivity.
Wondering how to evaluate a CPQ tool? Here’s how:
- The cost of CPQ solution.
- Is your CPQ vendor availing what you need?
- Configuration capabilities you need and what you are getting.
- The pricing capabilities you require.
- Available integrations for CRM and ERP packages.
Once you are done with this checklist, it’s time to implement and use the tool effectively. Here’s how to use the CPQ tool:
- Stay prepared for changes: When we talk about CPQ tool, things aren’t the way you perceive. It isn’t as easy as replacing an old software with a new one. Bigger you are as an entity, the more complicated its implementation becomes. You first need to check if your management and sales team are prepared for this change. The reason for that is soon after the implementation, the working will change drastically in context to geography, market route, and line of business. You first need to evaluate and identify the difference in the line of work. Once you do that, it’s time to rationalize them. Any glitches in the execution of the same may lead to unnecessary complexities in your software, eventually impacting its capabilities.
- Automating: Let’s keep it simple, numerous quotes often result in lenient analyzing from the approver’s side. Eventually, most of the quotes will come unchanged after their approval process. Subsequently, you’ll end up adding a little to no value. Smart and planned shortcuts are always appreciated. Automating the process can help you in streamlining the quoting process to a great extent. The CPQ tool can be asked to alert the authorized approver to review and approve the quote as and when you require.
- Add extra power: Keep the CPQ limited to people. You don’t have to pile on with the people in quotes process. Instead, you have to keep it limited to your sales team, which has been working closely to sell your products and to keep your customers happy. Allow your sales representatives to prepare quote by self. Giving them the power to build quotes by themselves won’t let them act like intermediaries any more. This can be done with the help of a CPQ tool. It empowers your sales team to enhance their productivity and use their skills to make better decisions. This eventually won’t just save their efforts but also save their time, which can be further utilized to do other productive activities.
At Standav, We create and delivers business and technology solutions focused on the CRM and Quote-to-Cash space that fit customer needs to drive the results they want.Our solutions help customers improve sales effectiveness and scale quickly