Benefits of Cloud CPQ Software

In order to survive and then grow, your business needs customers. And not just any customers, but satisfied and loyal ones. Retaining customers — and acquiring new ones — comes down to providing an enriching customer experience. Good experiences make for a good relationship. As such, price quotes and contracts are a key area of focus for companies that wish to maintain healthy relationships with their customers and clients.

Nailing it when it comes to price quotes is all about accuracy, personalisation, and timeliness. Clients want to feel that your offering and price for your service is personalised to their needs and circumstances. Add to all this that they want a quote quickly, and you’ve got a lot on your plate as a service provider. Staying on top of configuration, pricing, and quotes is no small task. Thankfully, you don’t have to go it alone, thanks to cloud CPQ software.

• What is cloud CPQ software?
• What is the purpose of cloud CPQ software?
• What are the benefits of cloud CPQ software?
• Cloud-Based CPQ: A Step Beyond CRM
• What should you look for in a cloud CPQ solution?
• CPQ: The Missing Link
• The Power of Salesforce CPQ

CPQ stands for “configure, price, quote.” Cloud CPQ software is built on the cloud, and therefore flexible and available on the go. Simply put, a CPQ solution is meant to make selling easier. It does this by using predetermined specifications to accurately configure requested customer product or service packages, quickly price them, and then provide a custom quote.

CPQ software simplifies the complex process of determining the price for complex contracts and services. It has also started to unify organisations and streamline what used to be the long and arduous process of creating price quotes and closing deals.

The benefits of CPQ software are so numerous that it’s difficult to name them all. At the core, though, is the customer experience. Everything a CPQ solution offers serves to better meet the customer’s needs. CPQ software quickly provides accurate and personalised price quotes to potential and current customers. When a price quote is detailed, precise, and customised, customers feel more secure. They feel valued and understood, and more comfortable about giving you their business. There are a number of key benefits of cloud CPQ software, but let’s outline just three.

The speed of CPQ software serves both customers and employees. A reliable CPQ system means sales teams no longer have to waste valuable time going through management. Amazingly, it’s estimated that only 35% of a salesperson's time is actually spent selling. The time that used to be spent going up the chain of command for clarification on pricing, discounts, and rates — depending on desired customer product or service packages — can now be spent selling more. With CPQ, customers get accurate quotes in minutes instead of days or even weeks. This means happier customers and also happier employees. A smoother process all around means loyalty from all parties. And when your workers and clients are all happy, productivity can soar and your business can thrive.

The time saved through CPQ solutions is significant. In fact, when CPQ is correctly implemented and used, most CPQ users report an average 15% increase in efficiency. That’s six hours of time saved in a 40-hour work week! Saving time and increasing efficiency frees up employees to be their best selves at work. When less time is spent on menial tasks, satisfaction and greater overall productivity tend to result.

Time is money. The saying is perhaps nowhere more evident than within a business organisation. Employees are paid to spend time working. Every minute an employee spends on a menial or time-consuming task that could be handled by a software solution hurts the organisation. CPQ software solves complex quantitative issues, freeing up employees to focus on the more human, emotional, person-to-person parts of business. An investment in CPQ boosts profits. In fact, some best-in-class CPQ users have reported a four-fold growth in profits over a five-year period.

Let’s have a word on CRM. Customer relationship management (CRM) solutions have revolutionised the way businesses understand and serve their customers. A deep understanding of the customer is important, but it’s incomplete without additional pieces. A cloud-based CPQ solution is the logical next piece to the customer satisfaction puzzle. Managing the customer relationship means delivering services and quotes in a professional and complete way. A CPQ solution can be a powerful integration that draws on the insights of a CRM and a customer’s product and service desires. It can then deliver a detailed and nicely packaged price quote, an evidence of your company’s deep understanding of their needs. Data analytics is also often tied into CPQ, which provides an even deeper view. CRM plus CPQ equals customers who feel cared for and appreciated. Those kinds of customers will stick around.

It’s clear that cloud CPQ software serves the customer and employee alike. And when those two parties are happy, your business can truly soar. But most telling is the widespread adoption of CPQ software, which is evidence of its effectiveness. The global CPQ software market is so hot, in fact, that it has been expected to grow at a compound annual growth rate of 14.53% from 2017 to 2021. But understanding the need for a CPQ solution, and knowing what to look for in one, are two different things.

1. Ease of implementation

Knowing all of the benefits of CPQ, you’ll want to get a solution implemented quickly and get the company on board as soon as possible. Find a CPQ solution that is easy to get up and running.

2. Powerful configuration capabilities

As easy as a CPQ tool might be to implement, it won’t be beneficial if it doesn’t have robust functionality. Putting together product and service bundles and determining pricing is critical to getting your CPQ to run how you’d like. That’s much easier with a solution that has robust configuration capabilities.

3. Advanced functionality

Customised pricing can get complex, particularly when discounts are involved. Find a solution that enables you to build discount tiers and price books. Getting granular is key to serving the customer in the best way. Finding the right CPQ to do so is critical.

4. Contract execution automation

That’s a fancy way to say that you should look for a CPQ offering that automatically generates contracts and makes them available for customers to sign.

5. Ease of use

Above all, your CPQ should be easy to use. After all, if a system is difficult to work with, it may cost more time than simply crafting quotes by hand. Find a CPQ integration that is as robust as it is intuitive.

A rich and cohesive customer experience starts with understanding the customer. The next step is responding to their pain points and serving their needs at every step of the journey. CPQ software helps you fill one of the most important customer needs: the need to know where their money is going and the value it will return. Accurate, quick, and customised pricing builds confidence.

To be sure, money, after all, is what keeps your business afloat. And when customers and clients feel you’re getting it right when it comes to determining how much money they should pay you, everything runs more smoothly. If you are respectful, timely, thorough, and precise when it comes to configuration, pricing, and quotes, you’ll be on your way to pleasing customers. Happy customers are more likely to be loyal. And loyal customers will keep paying you.

Salesforce CPQ software is built to help you wow customers and close deals faster. Created on the number one CRM platform, the Salesforce CPQ cloud harnesses the power of a holistic view of the customer. Closing complex deals and making smarter business decisions is easy with a powerful solution. And Salesforce CPQ helps you not only close new deals, but also keep existing customers. It’s simple when you can get custom quotes in minutes that are perfect every time. Serving your customers is key to boosting revenue, and with the right CPQ cloud on your side, the sky’s the limit. Learn more about Salesforce CPQ and take your business to new heights.