If your business sells highly customisable products, has multiple sales channels, or struggles to produce accurate quotes quickly, Configure, Price, Quote (CPQ) software could be a powerful investment.
CPQ software centralises all price data to enable sales specialists to quickly produce accurate configured quotes for customers, ditching the need for complex matrices or manual price lists. CPQ solutions also take account of factors that influence prices, such as applicable discounts, competition, or economic fluctuations, and utilise artificial intelligence to accurately predict how much a customer is prepared to spend on a product.
If your business is yet to engage with Configure, Price, Quote technology, what are the CPQ benefits?
1. Improved Accuracy
Inaccurate quotes are a nightmare for customers and suppliers alike and may give a business a bad reputation. Mistakes are particularly common when products have many optional extras or customisations, as a ‘one price fits all’ strategy simply doesn’t deliver a healthy return. CPQ software allows you to easily calculate prices for customisable options, so that prices can be tailored for each customer, with no manual checking required.
2. Lower Costs
With CPQ software, you can benefit from reduced costs and a fast return on your investment. CPQ tools enable you to produce quotes more quickly, resulting in better productivity and a higher conversion rate. Faster time-to-quote means customers are more likely to agree terms instead of pursuing leads with other suppliers, raising your turnover while improving operational efficiencies that deliver tangible cost savings.
3. Faster Sales Cycle
Any wasted or misspent time in business is costly. Poor levels of productivity stunt business growth and put an artificial ceiling on turnover and profits. CPQ software eradicates the causes of a sluggish sales cycle, such as outdated prices or product information, quoting errors, and approval bottlenecks. With more time to focus on attracting customers to your business, your sales team will win more orders and be able to create more profitable relationships.
4. Enhanced Customer Service
Being forced to wait for quotes to arrive is frustrating for customers and a poor reflection of your business’s customer service. Customers will naturally seek quotes from multiple suppliers, so being able to respond quickly, with a competitive price, will increase the chances of securing lucrative orders. CPQ will improve your business’s responsiveness which will make higher conversions more likely.
5. Facilitate Business Growth
Finally, a CPQ solution will increase your business’s revenue and profits, improve cashflow, boost your organisation’s growth, and make expansion more achievable. With these benefits in mind, it’s difficult not to be persuaded that, with CPQ, competitive advantages are within your business’s grasp.
Overhaul Your Business’s Sales Strategy With CPQ From Quintadena
If your business needs to streamline the way quotes are generated, please get in touch with Quintadena today.
We can design and install an effective CPQ solution that will help you to transform the quotation process, and we can provide ongoing training and real-time support that keeps your business competitive and responsive. Call us today on 0121 827 1582.
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