Posted by Kristina Fine, SteelBrick Practice Manager
This is the fourth installment in a five-part series that looks at the Configure, Price, Quote (CPQ) process and outlines the fundamentals of CPQ and how to get started with a CPQ solution.
The good news is product demand is high. The bad news is customers are seeking a wider range of product customization than ever before. These demands can create challenges that your current system can’t handle and can affect your profit margin.
A CPQ solution can help you configure product and order options that your competition can’t. The software provides accurate price quotes and a rapid response time allowing your company to win more orders and build stronger customer relationships.
Configure, Price, Quote (CPQ) software provides the tools you need to:
- Offer sales reps intuitive software training
- Intuitive training simplifies the training process and helps sales reps learn best practice approaches
- Generate automated personalized quote documentation
- Automated document generation streamlines the quote and sales process
- Offer step by step order consultation process
- Step by step consultation helps to quickly validate what the customer wants
- Provide your customers with a wider range of product choices
- The software supports a wide range of product configurations and options
- Reduce or eliminate product shortages with ERP integration
- Product planning will be closely matched with product demand
- Simplified administrative changes and set role based security
- The software eliminates the need of IT support for product configuration and makes price and discount changes secure
A CPQ solution offers your customers viable product configuration options and ensures product quotes are right the first time. This will result in rapidly speeding up order fulfillment which will result in an increased ROI on the software investment and enhanced sales for a greater profit margin.
With a CPQ solution, your company can differentiate your brand from your competition in three specific ways:
- Great service
- High quality products
- Innovative solutions
Superior customer service increases the number of satisfied customers who will buy your products, refer your company to others, and become repeat customers. Execute your brand strategy and strengthen your company’s standing with these three selling concepts.
A CPQ solution gives your sales team the tools they need to provide great service, guide your customers through the sales process, and shorten the quote to delivery time. Integrated software eliminates the tedious process of scanning catalogs for the products needed and puts the product pricing and discounts at the fingertips of the sales rep. With customized CAD models, a CPQ solution gives sales reps the tools to allow customers to visualize their products during the quoting process, eliminating surprises at the time of delivery. The software saves time and money by eliminating manual data entry of quote and order information, maintaining accurate data for each order, and eliminating duplicate order information.
CPQ software allows your company to meet your customers changing needs and offer them a competitive advantage and improve your brand’s reputation. Your sales team will be better able to make informed decisions, streamline quote and order processes, sell smarter, increase your profit margin and deliver an extraordinary customer experience.