LOWER RISK
As we have already talked about, CPQ is designed to improve the quote and pricing accuracy for your business. The possibility of making a mistake by quoting wrong prices, products, or incompatible product configurations will be minimized. This is necessary because you would possibly lose money and time, or the purchasers could leave on your competition because of the mistakes that had been made in the course of the sales process.
FASTER SALES CYCLE
Time is money. For a business, this implies that any wasted time will also lead to losing money along with it. With CPQ software there won’t be any more delays caused by outdated pricing, outdated product/service information, handbook errors, or approval backlogs. Not only will this improve the possibilities of winning the order since you can get back to the customers quickly, however it will also release the time for your sales group so they can sell more.
INCREASED DEAL SIZES
CPQ software may present more opportunities to up-sell and cross-sell at the numerous stages of the configuration cycle. For instance, by also stating one other product that a customer might need or perhaps to bundle the two products together for a less expensive price. To conclude, CPQ provides you the opportunity to increase your average deal dimension with the help of up-sell and cross-sell suggestions that will align with the choice of your customers.
QUICKER INTRODUCTION OF NEW PRODUCTS, CONFIGURATIONS AND PRICE CHANGES
CPQ makes it quicker and simpler than ever to replace the present products and to introduce new ones. All the modifications will be updated in real-time and through your whole business, ensuring that the sales staff has the most up-to-date product catalog and price list. Additionally it is attainable for the CPQ to keep a history of the adjustments so you possibly can revert them when it’s necessary. CPQ may allow you to keep track of the current stock of products, show completely different price/currency in line with the location of the client or to use discounts to certain quantities and specific customers.
IMPROVED CROSS-CHANNEL VISIBILITY AND MANAGEMENT
By analyzing all of the information that’s gained throughout the sales process, we will determine what part of the process is working well and what isn’t. Analytics can even help us to better understand the demand for specific products or product configurations, to get the visibility of real-time activities of your sales reps, to flag the quotes that stray away from the established rules for additional evaluate, and more.
BETTER CUSTOMER SERVICE
Customer support can make or break a business. After all, the welfare of a business relies on its customers so high-quality customer service is necessary to keep your customers happy and your business running. You don’t need your clients to get their quote a month after they needed it or containing mistakes, as that will make them dissatisfied and your competition would possibly seal the deal within the meantime. That said, CPQ will be sure that your clients get their quotes quickly with minimal probabilities of error which will, in turn, make it more likely to transform them into an precise customer.
BUSINESS GROWTH/EXPANSION
Perhaps the perfect reason to consider getting CPQ is that it will contribute to your business growth. Since CPQ will help you bring more revenue and profits, it will increase the overall development of what you are promoting, permitting you to develop it further.
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