What is Salesforce CPQ - Why Does Every Business Need it?

Introduction

Business statistics prove SDR spends time on creating proposals rather than closing deals.

It is apparent that the sales management process becomes insignificant when your SDR is focussing on trivial tasks such as quotation generation, writing proposal documents, and proofreading sales decks. 

And that is where CPQ can be the best solution by helping you streamline your sales management process. 

But why Salesforce CPQ?

With the implementation of CPQ, organizations can accelerate the efficiency of their sales and reduce pricing errors. Beyond that, there are other key benefits of Salesforce CPQ. Keep reading to know more.

What is Salesforce CPQ?

To simplify, CPQ is an acronym for Configure, Price, and Quote. It is a sales tool by Salesforce to generate and share precise pricing information quickly for orders. The dominant feature is that you can customize quantities, discounts, and several other optional features while creating estimates, allowing your sales reps to quote the price quickly and accurately.

Configure - It is customized by asking questions to the customer about their product requirement.

Price - Based on the configuration price is generated automatically, including discounts. The sales representative doesn't have to do the math, well CPQ does it for you!

Quote - As a final step of your sales process, a pdf with all the basic information and quote details is generated, which can be sent to your customers directly.

Don't forget to check out: Product Rule Vs Price Rule Salesforce CPQ

See, how easy is that?

Now the question is, how do you choose your product bundle? 

Salesforce CPQ follows the central concept of bundle, where collective features of several products are combined together as a single product. This feature provides the facility to configure different types of product offerings and services using their unbelievable features.

What Are The Types Of Product Bundles

In simple words, a product bundle is a combination of different sets of products and services which is sold to the customer as a single package. A product bundle is a combination of multiple options and configuration attributes. The three types are-

1. Static bundle- it is a traditional bundle, in which the products are predefined and you have no scope of customization after configuring.
2. Nested bundle- here, the product bundle consists of a group of other elements as a sub-set from which the user can select the option according to their convenience.
3. Configure bundle- as the name suggests, it adds a scope to configurable products and can be customized to meet the unique needs of the customer. 

Why should your business invest in Salesforce CPQ?

The Salesforce CPQ offers incredible benefits for sales reps and the overall organization in several ways. Listed below are some of the advantages-

1. Create quotes quickly- CPQ provides exceptional templates that you can integrate with the process of sales and other applications. You can create multiple quotes swiftly and effectively, which will enhance the overall productivity of your sales team.
2. Track and automate- It is easy for you to track your customer information from the CRM. In addition to that, you can solve your organization's challenges by streamlining and automating the complicated pricing strategy.
3. Make tailored contracts and sales quotes- Simplify and optimize your sales process with the help of CPQ-guided selling. In this feature, you have to enter the unique needs of your prospect and it will generate packages based on the information provided.
4. Eliminate error- you can avoid the errors of manual filling by using a reliable data source that will autofill the fields. Since Salesforce CPQ stores all the data about policy and price changes, you can be sure about the accuracy of the data.
5. Make better-informed decisions- It is not about the great product but providing the right product to the right customer. Salesforce CPQ is the best for drafting the right decision regarding discounts, special pricing, and terms. You can track your customer preferences which will help you understand and provide accurate suggestions for products and services. Besides cross-selling, you can also build a customer database.

Check out an amazing Salesforce infographic here: Salesforce CPQ, AI for Smart Selling

The right time is NOW!

CUBE84 has years of experience implementing CPQ for different business verticals. We understand your specific industrial needs and help your business advance to the new business model. We have a CPQ certified expert team who understands and guides your sales team in configuration and setting up price rules based on varying discount quotes.

Visit CUBE84 for more information talk to our experts now!