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To consistently achieve their goals, a sales team must invest in the right strategies to connect with customers and encourage them to make a purchase. This includes identifying the right customer, successfully implementing marketing tactics, generating compelling quotes and proposals, offering 24/7 customer support, and more.
Generating impactful quotes is crucial, especially if your business is dealing with high-value products. However, creating these quotes manually is a time-consuming task considering the complexities involved in determining the pricing structure, choosing the right product configurations, finding eligible discounts, and more. This impacts the efficiency of the sales team, leading to a significant delay in submitting quotes and closing deals.
A Configure Price Quote software (or CPQ software) eliminates the hassle of manually generating quotes, allowing your sales team to spend less time preparing quotes and more time closing deals. It helps you automate and scale the quote generation process to provide competitive quotes and error-free proposals to customers and keep them engaged with your business.
In fact, it is proven that CPQ software can eliminate up to 40% of human errors. Additionally, businesses using a CPQ tool have seen a 17% growth in lead conversion rate since they started using this exceptional tool.
In this post, we will understand how CPQ software can help the sales team save time and increase their efficiency to close deals faster.
5 Ways CPQ Software Solution Increases Sales & Saves Time
1. Generate accurate and automated quotes
Intuitive CPQ software helps sales teams accurately generate complex quotes without relying on team members to manually write quotes for each lead. It automates the entire quote creation process with its intelligent data processing engine to create impressive quotes that provide crucial product and pricing information.
Eliminating the need to maintain complex spreadsheets and Word documents, CPQ software combines product or service information, customizations, quantities, discounts and more to create error-free, personalized quotes for your customers. Since CPQ solutions reduce the time it takes to write quotes, they lead to an increase in quoting capacity. In other words, your sales team will be able to produce more quotes without compromising on quality.
A CPQ tool prevents your sales team from making quoting errors, helping you close deals faster and scale your business.
2. Allows you to write clear proposals for client inquiries
A robust CPQ solution offers an excellent means of writing impressive proposals for client inquiries. These proposals contain compelling product or service details along with the necessary service contracts, add-on products, additional training, and more to address all customer questions and provide satisfactory answers.
With the help of built-in templates, you can customize these proposals with custom fields, content placeholders, images, and more. All required data can be placed in the document without any manual intervention. This speeds up the entire proposal creation process and ensures that your prospects are never disconnected from your sales process.
Personalized proposals differentiate your business from your competitors and provide a positive impression of your brand to your prospects and customers. It presents the desired information in a well-designed layout that is likely to grab the customer’s attention at the right time and ensures zero misunderstandings.
CPQ software speeds up the productivity of your sales team by allowing them to spend time closing deals instead of manually creating proposals.
3. Integrates with CRM to optimize the customer experience
Most CPQ software can be integrated with customer relationship management (CRM) platforms to transform sales processes and achieve maximum productivity. CRM software provides sales professionals with deep insight into customers and their behavior to help them better navigate their sales journey and present personalized offers. It helps them conduct in-depth research with crucial customer data and present your business as a trusted advisor.
By integrating product catalog, pricing attributes, and customer information into a centralized platform, sales professionals can minimize the time required to create proposals and quotes. With one-click access to all the required information, sales professionals can discover the right products and adopt a customized strategy to sell them to customers, thereby accelerating the overall sales cycle.
The CPQ-CRM integration helps the sales team identify great up-sell opportunities to cross-sell and upsell customers to drive sales and generate additional revenue.
4. Collaborate with other departments seamlessly
CPQ software offers a brilliant solution to the sales team to streamline the process of generating and managing quotes, thus increasing the efficiency of the process. Additionally, this tool helps multiple departments come together and work to achieve your company goals. It makes accurate information readily available to all teams, helping them get their work done faster and more efficiently.
With the help of the right CPQ tool, departments like sales, customer service, finance, and marketing can work collaboratively to close deals. By introducing transparency into the entire process, your team members can learn more about leads, customers, and inside sales strategies. Motivate the entire team to create custom quotes and proposals that match the needs of clients and prospects.
5. It enables you to make better business decisions
CPQ software helps you build a more efficient sales process by giving your sales team more visibility and control to improve customer relationships. With the right CPQ tool, sales teams can deliver accurate quotes and proposal documents to customers at the right time and speed up their buying process. Eliminate delays caused by closing deals due to the manual quote generation process and improve team productivity.
The sales team can also take advantage of the automation offered by CPQ applications to speed up workflows and increase process efficiencies. For example, you can rely on an automated approval process for key stakeholders to review and approve quotes before sharing them with customers. The CPQ tool will automatically send an approval request to the desired team member as soon as a quote is generated. This will reduce the number of manual administrative tasks and the time it takes to complete them.
In addition to automation, CPQ software gives you great data insight through its intelligent reporting and analytics tool that helps you monitor key performance data which, in turn, helps you make better decisions.
For example, a CPQ tool can monitor market trends and the latest pricing structures using artificial intelligence to suggest the best pricing model for your offers. By identifying the best sales opportunities, the CPQ app helps you focus on selling efficiently. You can leverage intelligent insights into sales performance and profitability to improve your sales efforts and increase revenue for your business.
Robust CPQ software can speed up your entire sales process by increasing quote generation efficiency and saving time. By empowering your sales team with the right information at their fingertips, you can empower them to generate accurate quotes and proposals to convert leads and close sales deals faster. It brings transparency to your sales processes and encourages better team collaboration.
Considering the various ways a CPQ tool helps the sales team to improve their performance, you can count on this tool to transform your sales processes and grow your business.
Hazel Raoult is a freelance marketing writer working with PRmention. She has over 6 years of experience writing about business, entrepreneurship, marketing, and all things SaaS. Hazel loves to split her time between writing, editing, and hanging out with her family.
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