5 Things You Should Know About CPQ
Configure Price Quote, or CPQ, software is one of the strongest weapons in your business arsenal. If your business is involved in selling, then there’s currently no other system that comes more highly recommended. This will show you why CPQ is so strong and why your business needs it right now.
Understanding the System
Many people wonder what is CPQ? This software is an AI-based program that enhances your ability to quickly sell products, land clients and get contracts signed. Normally your agents would reach out to other businesses, negotiate prices and quantities, get the contract signed and then the deal is finished.
It’s that middle part about negotiating prices that is typically problematic. Your agents must confirm any discounts or prices with managers, which can take too much time. There’s also a chance that they will misquote prices. CPQ software is a consistently updated, AI-driven program that ensures quotes are done quickly, efficiently and with minimal interaction.
While CPQ software helps your sales team on the surface, it’s major benefit is enhanced customer satisfaction. Few things anger business owners more than hearing that they have to spend more than expected. Perhaps the only thing worse is an incompetent salesperson who misquoted them and keeps coming back for more negotiating.
CPQ software cuts down on these issues. Since prices are dynamically updated and managers can easily give approvals over the computer, this ensures that negotiations are quick, prices are correct and the deal can go through with ease. This makes your clients happy and lets them get back to managing their businesses.
Almost every product has cross-selling and upselling opportunities, but your representatives might forget about these associated products and services.
Since CPQ software is AI-driven, it pays attention to what similar clients have bought and suggests other products. Not only does this make the client happy because the products work with their order, but it improves your profit because you’re selling more with little effort.
Segmentation and Willingness
Customer segmentation is the best way to tailor your selling approach to each specific client. This helps you understand exactly what that single business needs and eliminates the guesswork. CPQ software not only creates a dynamically updated profile for each client, but it also judges their willingness to buy with pinpoint accuracy.
The program can help you determine when a client is most likely to buy and what they need most. There’s is nothing stronger than approaching a client at the right time with the right products at the right price. Nothing gets you closer than CPQ software.
Balance Complex Products Catalogs
Every business will offer new products. This is part of staying in the game and ensuring that people continue to buy from you. The problem is that a complex and large product catalog can become difficult to manage. Even your most experienced salespeople might forget about certain products, which means they don’t move like they should.
CPQ software doesn’t just determine the best price for every order. It can help your representatives push the newest products and to manage the whole catalog with ease. It does this by suggesting relevant products for each client, which ensures the largest orders and best profit.
These are just five things you should know about CPQ software. The truth is that this is the best software for any business involved in sales as it can dramatically push your profitability.