9 Reasons to Add CPQ to Your Sales Tech Stack
There are so many reasons to integrate CPQ into your sales process, so we’ve compiled the top 9 that will change the way you do business. If you’ve been looking for sales transformative tools that improve your sales process, this is the list for you.
If the average salesperson is only spending 32.5 percent of their time actively selling, that means they’re spending a lot of time on other things like creating quotes and managing the approval process. By automating many inefficient processes, CPQ solutions can increase sales rep efficiency and productivity, freeing up more time to nurture customer relationships.
Part of developing a better connection with customers is improving the customer experience. The CPQ workflow makes this possible by streamlining the quoting process, cutting the time to generate quotes from hours or days to just minutes.
There are many challenges that cause delays in the sales process, but one common issue among organizations is the approval process. Long manual approval cycles can cause unnecessary delays, leaving customers frustrated or worse—seeking service elsewhere. Using CPQ, you’ll be able to automate the approval process, so sales teams are able to automatically approve deals within their authorized band.
Many B2B products require assembling or configuration of products and services, which present challenges of their own. Organizations have to invest a lot of training time to acquaint the sales team with configuration options and many errors still occur due to the lack of familiarity with products and related options. CPQ can help eliminate these embarrassing errors that can cause your team to lose time and credibility with your customers.
AI has become a buzzword in the industry today and many people are familiar with personal assistant chatbot systems such as Siri and Alexa, but many people don’t understand the practical applications of AI or its benefits in the B2B world. AI technology can be infused in a lot of different software to automate common tasks and provide users with insights that can accelerate the decision-making process. In CPQ software, AI technology can help sales teams accomplish the following:
• Provide personalized product recommendations that customers are most likely to buy
• Make fast and sound decisions by aggregating and surfacing analytical insights about customer opportunities and quotes
CRM software can be extremely valuable in organizing and managing customer relationships and opportunities, but according to IBM, the average CRM adoption rate is only 47%. Low adoption by sales teams can be linked to a variety of factors including lack of training, usability, and unclear expectations. Many organizations are requiring that sales teams put a lot of time and effort into populating data into the CRM but salespeople aren’t getting tangible returns from their hard efforts.
• Using a tool that automates manual quoting functions such as proposal generation.
• Getting personalized recommendations that enable them to consistently close deals faster at higher rates.
• Getting real-time insights on the impact of every quote decision on their journey to meeting their quota.
7. Sell More Products in Your Catalog
Enterprise businesses have many products and services, which can be a challenge for sales teams that want to accurately speak to all their offerings. If they are familiar with just a handful of products, they may stick to those products, leaving other valuable offerings behind.
The more you sell and the faster you sell, the more revenue you’ll generate; however, many salespeople sacrifice speed for profitability. They rely on their gut instincts and employ over discounting methodologies that trim the take-home profits for every deal.
When businesses launch a new product, there’s considerable work that goes into marketing it, adding it to the catalog, choosing accurate pricing, and training your teams. With CPQ, your product teams can streamline this process for a faster go to market process. With CPQ, your product teams can:
• Update necessary configurations
• Make price adjustments that can be deployed to the sales teams immediately
• Provide sales workflows that make it easier for salespeople to sell products and services
• Offer bundles and promotions for their products
Make Your Sales Teams’ Lives Easier with CPQ
Overall, adding CPQ to your sales stack makes life easier for sales teams, which in turn drives revenue and profitability for businesses. By fostering stronger face-to-face relationships through AI-powered insights, automation, and customization, you can take your sales performance and your enterprise to the next level. Learn more about how you can accelerate your sales with PROS Smart CPQ.
About the AuthorMore Content by Loretta Faluade