Producing accurate, professional quotes can be more difficult than many new B2B business owners think. CPQ, or Configure, Price, Quote software make it much easier to quickly produce accurate quotes, which makes it easier to attract new customers and build brand loyalty. Read on to find out about the three main components of CPQ software.
C for Configure
Sales quotes must be configured to each buyer’s unique needs. B2B companies that offer quotes to clients need to offer a diversity of product and service combinations to broaden their client pools and remain competitive. If they can’t offer exactly what the client needs, another company will.
CPQ software allows sales force members to configure offerings to the customer or client’s unique specifications without creating inaccuracies. This can be difficult for those who are new to sales or aren’t familiar with modern CPQ software, though. The best way to avoid issues with implementing new software within the sales force is to provide Infor cpq training.
P for Price
Just like every customer or client’s needs are a little different, the pricing on each order will likely be a little different. Some businesses provide volume discounts or bundle pricing, while others attract more business with special offers. All of these factors can make it difficult to determine accurate pricing for each individual quote.
CPQ software or training makes managing pricing for different customers much easier. It allows sales personnel to keep track of current prices, apply discount and bundle pricing, and set advanced pricing rules for volume discounts, subscriptions, partner pricing, channel pricing, and pre-negotiated contracts. This not only avoids the potential for incorrect application of discounts damaging the company’s bottom line but also avoids embarrassing issues like misquoting prices to potential customers. In many cases, accurate pricing can make the difference between landing the contract and losing it, so don’t underestimate how important this point is for the business’s bottom line.
Q for Quote
Customers or clients will never see what goes on behind the scenes in terms of configuring and pricing, but they will get a copy of the final quote. Sales personnel devote a lot of effort to getting potential customers or clients to the point where they are ready to request a quote, so it’s important for them to be able to finish up this essential part of the process quickly and accurately.
A professional quote won’t just provide an accurate estimate of how much the project will cost. It must also represent the business in a positive light and may even include a portfolio or examples of previous work. CPQ software provides a quick, simple solution by using templates and automatically pulling in configured product and pricing details. It even allows sales personnel to include e-signatures to increase the impression of professionalism and close the deal without having to schedule an in-person meeting. Sales personnel who must compile all of the customer’s information by hand and put it together into a professional-looking document wind up wasting a lot of time. Following the CPQ process conserves time and energy so that employees can devote more of their personal attention to prospective clients or customers.
The Bottom Line
Providing customers or clients with accurate, professional quotes as quickly as possible makes it easier for sales personnel to turn prospective leads into loyal customers. Once business owners and employees have learned how to use the CPQ process, they’ll never understand how they got by without it.
