Every sales team in a business has to deal with lots of quotes on daily basis for their products according to market needs. Salesforce CPQ in this regard can sure help the sales team in setting the right price and quotes. This could be a definite game-changer for every business in the current era. Moreover, Salesforce CPQ helps you out to set a specific price quote for the prospects by considering their needs. Hence, you can close more deals using this software much faster and also generate more revenue day-by-day.
Before going deeper into this Salesforce CPQ blog, you should know about this software in brief.
What is Salesforce CPQ
Salesforce CPQ or Cash, Price, Quote is a software and among the important tools available for Salesforce Sales Cloud. It is highly efficient software that enables enterprises to eliminate errors and make accurate quotes for business. This software also helps to generate new business, contracts, and their renewals, the latest changes to them, etc. Further, it eliminates the additional time that consumes the productivity of the business processes and makes it a boring one. Salesforce CPQ software can aid in informing you of the latest and customized quotes for your prospects. This might include special offers, discounts, and other price slabs to provide.
Moreover, adding native Salesforce CPQ to the Sales Cloud will help to optimize prices, configure quotes, etc., and also share a branded quotation. It is useful to address the different pricing models, key pricing for customers, volume-based subscriptions, etc. Hence you can move on through huge sales deals with this software using accurate data for the sales pipeline.
This is in brief about the Salesforce CPQ and further, we will see the most valuable features and benefits of using CPQ for the sales team.
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Salesforce CPQ features
Today there are many CPQ products available in the market that run externally and need to integrate with Salesforce software. The following features are available for Salesforce CPQ that makes some difference from other CPQ products.
Configuration features
It enables product configuration by developing product bundles through features and options. Here features denote the categories and options as bundle components. The software works as a real-time processing engine that helps to add or hide components dynamically while being bundles configured.
Further, the CPQ software helps to configure complex sales deals much faster and easier to handle. It offers a step-wise configuration wizard that allows salespersons to choose the right and exact products & services. Also, it helps to make brand quotes, streamline complex sales cycles through perfect rules, pre-defined pricing, and discount models to deal with unclear sales quotes.
Quoting features
The quoting features of Salesforce CPQ include a combined quote document producer, meets the integration levels with e-Sign tools, etc. Also, it has ready-made quote templates that include header, footer, line items, etc.
Productivity features
When it comes to productivity features it includes guided selling and custom product search.
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Pricing features
There are different pricing features available for Salesforce CPQ such as block-based pricing, contracted pricing, and cost+markup-based pricing. Other than this, a real-time price simulation is also available.
Hence, there are some other valuable features of Salesforce CPQ that include the following. :-
Grow customer base
Salesforce CPQ software helps to grow the customer base by getting the price from old quotes to streamline the continuous business. It helps to provide complete insights into the customer-purchased assets and other subscriptions. All this is available at a single place that empowers service agents to work more simply.
Also, it streamlines the process upgrades for easy cross-selling and up-selling of various products. It helps to send the renewal of quotes to the clients proactively.
Minimize financial risks and burdens
The sales reps are the people who bring the benefits in terms of leads to the company by selling products. It must be ensured that the sales reps use the automatic guidelines and other features to finish the quote and meet compliance solutions. They must add the product-centric terms along with customers’ to avoid complexities in contracts. The CPQ software helps to build an automated cross-functional approval policy without slowing down the sales cycle. Also, it enables to use of a single pricing format or app to end up the disruptions of price related to orders, invoices, etc.
Customer lifecycle automation
The automated customer lifecycle helps to divide quotes into different orders based on location and time for complex orders. It helps to automate onetime invoicing, making amalgamations, collecting usage-based fees for timely cash collections. Further, it provides simplified ERP solution combinations with exact customer data and revenue plans.
Moreover, it helps to improve more electronic payments to minimize manual efforts in processing and saving time.
Provide better insights
Through the introduction of AI, it becomes easier to analyze the latest trends in pricing discounts across geographical locations, sales teams, and products. Using real-time KPIs that help to handle the continuous growth of revenue will give better insights to management. Also, it is useful to bring an acceleration of the sales cycle growth avoiding any bottlenecks within quoting processes.
Understanding price and product rules
Salesforce CPQ helps businesses and sales reps to better understand the price and product rules. It helps the salespeople to put the products together every time to get an improved sales experience. Also, it is useful in preparing perfect sales quotes by combining the product rules. All this brings in delivering high-level customer service for their purchasing experience.
The product rules define the process of transformation of a product going directly to the market from packing of products & prices. All this puts together to result in how the sales reps sell products finally.
There are different types of product rules that increase the quote’s accuracy and the sales experience. The following are the types of product rules-
Validation, Filter, Selection, and Alert rules.
Moreover, when a sales rep(s) delivers the right product on time to customers, he receives an appreciation for delivering value to them. This helps to improve the sales reps’ productivity. All it helps clients to get benefit in the long run through the perfect integration of tools and processes.
Managing orders and approvals in advanced
With the use of Salesforce CPQ, there is no need to re-submit the quotes for approval. This is in case a quote approved by the appropriate authority fails at a later stage. The sequence is followed through the software that remembers it well. So, advanced approvals remain this case if the sales reps find no concerned authority present to approve his quote. He can pass it to others for approval as this requires visibility in the type of approvals.
This helps customers to like the approvals on the go anytime, anywhere that CPQ offers to them. Also, it helps to set the required emails and notices on mobile gadgets.
Advanced order management also helps in enhancing the revenue and bring growth to the business. The key features here include-
Faster delivery of orders - CPQ helps to produce quotes from the order and make faster deliveries by renders quick services on products.
Flexibility- It helps to manage orders much flexibly by dividing the quotes of the multiple orders for the future.
Connecting the orders - To fulfill the order management it helps to link the details to the backend ERP software. It keeps the records of the multiple orders to manage them on time.
The overall benefit of this type of order management is- quick and timely delivery of products & services to customers, deliver a clear view of operations of the happenings, and enable the service team members to deal with SLAs with fewer efforts.
Benefits of using Salesforce CPQ
There are numerous benefits of using Salesforce CPQ to the sales teams of any organization. Ultimately, it provides clear benefits to the clients by delivering their needy products on time and brings much revenue to the business.
The following are the most valuable benefits of Salesforce CPQ. :-
Making process automation
Salesforce CPQ is designed for sales professionals that allow them to build clear proposals through various high-end templates. Some people may find difficulties in their processes and generating quotes that don’t use CPQ. It may affect their productivity to some great extent and makes delays in deliveries.
Smarter sales
Using Salesforce CPQ, a sales representative can get a guiding approach through his processes. It comes very handy to develop a bunch of questions that can easily capture customer data. Moreover, the responses he gets from the customer makes it easier to produce a perfect quote for his client.
Great accuracy
Through the use of Salesforce CPQ, sales reps can prepare accurate quotes for their customers. This tool undoubtedly provides the guarantee of the perfect and desired level of pricing. All approvals made through automation only that save processing time. Also, the software helps to prepare exact documents of quotes matching with the collaterals submitted by the customer. It can also include an e-Signature for making enhanced purchases.
Productivity enhancement
CPQ tool helps sales reps to improve their productivity and also lower the lead time with exact quotes. It helps to make sales quotes much perfectly with customized and optimized processes. The tool is much useful in producing real-time quotes with accuracy and flawlessly. Hence, annoying navigation needs are reduced to move to and through the whole application while the process. It helps to close deals with a smooth approach and also streamlines well.
Boosts sales with smart quotes
Salesforce CPQ helps to leverage the automation process in an effective way. It holds the responsibility of the sales cycle beginning from invoicing to the ultimate closing. Everything here is done through automation and most accurately.
The platform is enriched with modern AI technology including high-end features. It helps in the decision-making process well. This tool also helps business enterprises with customized pricing aspects.
More valuable deals
Any business whether big or small wishes to boost its revenue through more valuable deals and get more profits. Salesforce CPQ allows them to do so by providing greater functionalities and features through high-end performance. There are many companies that use CPQ for producing exact reports through boosting sales deals more than average.
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Reducing Sales cycle
Using Salesforce CPQ software users get much time benefit that they spent earlier. This software helps to minimize the sales cycle by automating the quote process and cutting the downtime held in producing contracts. This results in generating more quality lead for sales reps in a nominal time.
Offering customer satisfaction
By using this CPQ tool it becomes easier for sale reps to produce more accurate quotes in less time. This makes the clients and customers satisfied through the service got. Preparing high-end quotes easily makes the sales reps much productive. Customers also feel happy and interested to share many handy reports personally with interesting quotes.
Hence, these are some of the benefits that companies/sales teams get through the use of Salesforce CPQ software.
Upgrade Salesforce CPQ
With the passing of time, everything needs to get updated and work accordingly. Similarly, Salesforce CPQ also upgraded to the latest version of v228. To adopt this change from v224 or v226, the client needs to have a PSL license to activate it. Without having such a license, it prevents them to access the latest changes in the software.
Endnotes
I hope you got the basic idea of Salesforce CPQ and how it benefits the sales team of any business enterprise. The sales team needs to foster their product sales in order to reach the target assigned. It needs to deal much faster in a smart way which is possible through the Salesforce CPQ tool. This tool gives new energy to the sales team by boosting the selling process from quote generation to order processing. All the process goes through automation and makes it accurate. There are more updates to come in this regard, hence stay tuned. Get more practical skills through Salesforce CPQ Online Training from industry experts at ITGuru.