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What is CPQ

Date: Oct 2022
Estimated reading time: 6 minutes
What is CPQ [One-Pager]
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Creating sales is not a simple task. To develop familiarity and interest in a product, the sales team must exert additional effort in creating persuasive product quotes. It is a time-consuming operation that will immediately affect the sales productivity of the organization. If your sales staff struggles to create quotes and complete business, CPQ could be a game-changer for your organization.
CPQ is a powerful solution that enables the sales team to create quotes and bids and complete agreements more quickly. Uncovering hidden processes and removing manual procedures improves visibility for all pricing tasks and increases efficiency. The software is packed with outstanding features that can assist in eliminating various sales obstacles and streamlining the entire process.

What is CPQ?

CPQ is a business tool that eliminates many of the complications sales representatives experience when producing quotes and offers a means for buyers to personalize products to their specific needs. Additionally, it retains all of a company's price and configuration information to assure accuracy regardless of the buying circumstance.
CPQ system is the driving force behind sales cycles for every organization that provides complicated, customized products or services. The more customizable a product is, the greater the need for a CPQ platform that spans all selling platforms to support sales efforts.
CDN and Telecom Product Configuration
It also provides ideas for cross-selling and up-selling and supports sales representatives with extra configurations. A CPQ system that contains your selling and discounting criteria can direct your agents to apply line-item or package incentives.
Without a CPQ solution, closing a sale can be a lengthy process. Managers must ensure that sales representatives do not give prohibited discounts and validate the configurations they supply, which lengthens the approval process.

How CPQ can help businesses achieve more revenue

CPQ companies primarily ensure that your proposal is client-ready. You can add a personalized touch by incorporating brand-centric themes, layouts, cover pages, and terms and conditions.
CPQ software solutions are in great demand due to the rising desire for increased productivity in corporations and industries. According to Globe News Wire, the worldwide demand for CPQ solutions is anticipated to reach a projected amount of USD3.9 Billion in 2026, expanding at an annual growth rate of 16.3% throughout the forecast period.
Here are a few reasons to get CPQ for your sales force efficiency.
Faster sales cycles
The best CPQ software the complicated sales process for both the vendor and the buyer. In the early phase of the sales cycle, buyers get access to essential decision-making data. The initial quote includes bulk discounts, packages, add-ons, and special offers based on client product configurations, saving time and accelerating the deal's progression through the pipeline.
CPQ software reduces the amount of manual labor required to generate bids. Because sales representatives can use pre-built templates and automatically draw information from the catalog, it is much easier to prepare a complex quote in less time. This expedites reaction times, hence reducing the duration of sales cycles.
Seamlessly create proposals, quotes, and contracts
The CPQ program generates proposals, quotations, and contracts rapidly while personalizing each proposal to meet the prospect's needs. A CPQ makes it simple to supply tailored sales content when most clients request it. Customizable templates lessen the likelihood of proposal inaccuracies and guarantee that prospects receive correct on-brand bids.
Integrating a CPQ solution with the best CRM software features, CPQ can automate numerous time-intensive procedures and reduce the need for your sales team to reinvent the wheel. You need CPQ strategy and effective CPQ CRM software integration to meet consumer expectations. CRM software may assist organizations in developing strong relationships with clients, increasing dialogues, and increasing revenue rates based on consumer data from numerous interaction channels.
Increase sales with artificial intelligence
The best CPQ software for small businesses streamlines the entire process, beginning with invoice creation and ending with the final procedure. The entire procedure is performed automatically, ensuring its precision. It is loaded with cutting-edge capabilities such as an Artificial Intelligence application that enables businesses to create logic, whether a payment procedure requires a particular milestone or an aggressive collection strategy. It assists your sales team in making better selections, resulting in increased profitability. This tool allows firms to customize rates based on external criteria such as competitors' prices and market trends. In addition, they can provide automatic reports to monitor the profitability and performance of sales.
Guided selling to boost cross-Selling and upselling
Guided selling is a significant component of Salesforce CPQ that enables your sales staff to comprehend customers' unique requirements. Once Salesforce CPQ has been incorporated into your business operation, you can use it to respond to client requests. If your firm offers various services and products, but your sales force cannot comprehend the customer's preferences, then this function can be of assistance. Guided Selling gives the precise knowledge necessary to identify the consumers' core demands.
Flawless design communication for optimum efficiency
Custom orders have specific requirements. The key is effectively communicating design details to the shop floor and providing the proper installation and assembly instructions on-site. CPQ software enables the generation of custom drawings with bill of materials (BOMs) shared with shop engineers and precise 3D models provided to the customer at the time of order placement. As design parameters are pre-approved, the likelihood of order cancellation is reduced.
Better customer experience
According to a survey by Customer Thermometer, 89% of clients will shift to a competitor if you fail to meet their expectations for customer service. Thus, businesses must provide clients with a feature-rich, adaptable, and highly scalable customer care platform, such as SysAid.
Clients can self-configure their items based on design criteria when CPQ is implemented. While the CPQ technology performs all administrative tasks and creates the optimal experience, sales representatives may concentrate more on the human elements of business, such as trust, communication, guarantees, and after-sales support, to make it remarkable. These factors contribute to substantial sales growth if handled appropriately, which is entirely in the control of the sales agent.

Improve revenue with CPQ software

CPQ software can be a standalone solution, but more often its an app or extension that can be integrated to the company CRM like Salesforce, SAP, Hubspot etc. to provide seamless and automated quoting process for sales reps.
Sculptor CPQ is 100% native solution for Salesforce CRM. Native mean that Sculptor is built to use standard Salesforce data model and objects without ruining your existing sales flow. This can be seamlessly integrated in your current sales flow if your team deals with Salesforce Sales Cloud.
Sculptor CPQ is a robust cloud-based application that accelerates business automation and streamlines the quotation process from beginning to end. With this tool, sales teams may increase productivity, while businesses can increase customer happiness.
Using the best CPQ software solutions can guide you in the proper direction concerning client satisfaction and sales proposition streamlining. Today, all brands are eager to utilize this new, effective instrument to increase their sales and profits. To remain competitive in the market, you must upgrade your current practice to this cutting-edge solution.

Typical benefits of CPQ implementation

The key benefit of CPQ is the functionality to configure the right products to sell simple and complex products (product bundles) to your customer, skipping a bulk of manual operations, errors and recalculations. CPQ software simplifies your every day sales routine and improves sales efficiency by guiding sales reps through the quote process using a sales playbook.
CDN and Telecom Product Configuration
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