The Beginner's Guide To Salesforce CPQ
If your sales team is bogged down by all the manual tasks they have to do for each new quote, it might be time to invest in a CPQ tool. On average, it takes non-CPQ users 73% more time to produce a typical quote or proposal than those with a CPQ tool.
As we move into the post-pandemic era, it is more important than ever for B2B companies to embrace change and become more efficient. Tools that can automate internal processes can help free up your team to focus on strategic advising, rather than simply taking orders.
What is Salesforce CPQ?
If you're looking for a software tool that can help you create accurate, custom pricing quotes based on product specifications, then Salesforce CPQ (Configure, Price, Quote) is worth checking out. It is hosted within the Sales Cloud platform giving you a direct link with your CRM to make the most impactful sales decisions. This makes it easy for sales teams to generate cost estimates on the fly that reflect the specific needs of each customer.
Why is CPQ important?
As technology advances, many companies are still using manual processes for quoting. This can be time-consuming and inefficient. By automating your processes, you can improve your speed, accuracy, and overall quote performance.
Salesforce CPQ is not only a streamlined quote creation process, but also offers your company insight into all sales operations. This makes it an invaluable tool for any organization. CPQ provides transparency into which deals have been closed and which ones are in progress, empowering companies to make data-driven decisions that will benefit the organization and its stakeholders.
Salesforce reports Sales reps spend just 34% of their time actually selling, and research shows that part of a sales team’s non-selling time is spent generating quotes, proposals, and gaining approvals. When CPQ is deployed and used correctly, users have reported:
- 10 times faster quote generation
- 95% reduction in approval time
- Two times faster moving from quote to cash
- 30% quicker ramp for new reps
How Salesforce CPQ Can Benefit Businesses of All Types
Salesforce CPQ is an excellent choice for B2B industries that need to simplify complex order requests. Its ability to quickly adjust prices, products, order sizes, customizations, and SKU numbers makes it ideal for fast-paced sales environments. Additionally, Salesforce CPQ can help:
- HLS manufacturing
- Plastic fabrication
- Automarket and afterparts
What are the benefits of Salesforce CPQ?
Now that you have an understanding of CPQ, you may be wondering about the advantages it offers. Here are the five key benefits:
- Improve accuracy and boost sales performance
Salesforce CPQ can help your organization streamline and automate its pricing strategy and execution lifecycle, making it easier to overcome tough business challenges.
- Quickly create quotes and proposals
Salesforce CPQ has a great selection of templates that make it easy to connect your sales process with other software applications. This can help improve sales productivity and make better business decisions.
- Increase deal size/up-sell and cross-sell
With Salesforce CPQ, you can take your customer engagement to the next level by tracking preferences and suggesting the right mix of products and services. This way, your sales team can cross-sell, upsell, and attract more customers easily – ultimately helping you to build a bigger, better customer base.
- Eliminate errors in pricing and contracts
Salesforce CPQ is the perfect tool for sales reps who need a step-by-step process to follow, with training provided throughout. All the information about policy and price changes is also stored in Salesforce CPQ, so accuracy is improved.
- Guided selling
Salesforce makes selling simpler and more efficient with guided selling. With this feature, sales reps can enter customer data into a tool to generate the best product package for their specific needs. Guided selling streamlines the sales process and helps ensure that customers get the perfect solution for their requirements.
If you're looking for a CPQ solution that's tailored to your specific selling needs, then CloudPulse 360 is the perfect partner for you. Our Salesforce CPQ experts will work with you to develop a custom solution that meets all your requirements, from product catalog development and promotions/discounting strategies to output documentation and approval/renewal process flow. So don't hesitate to get in touch today and see how we can help you take your business to the next level!