Is it time you invested in CPQ?
11 signs you need CPQ
October 15, 2020
Manual tasks and tracking orders consume your days.
Your customers aren’t satisfied with the speed of your quotes. And your profits are lagging well below their potential.
It could be time to start thinking about a Configure Price Quote (CPQ) application.
If you’re considering whether the solution is the right fit for your business, start by checking over these 11 common signs you need CPQ.
1. You’re sending out inaccurate quotes
Simple mistakes can derail your deals.
Quotes littered with errors and inaccuracies slow your sales cycle, undermine your credibility and make you difficult to work with.
2. Your sales cycle is slow
How long does it take to send out quotes? Hours? Days? Months?
Amazon set the bar – your customers expect nothing less than lightning-fast service.
In fact, it’s so important to customers that 52% would pay more for a speedy and efficient customer experience.
So if your sales cycle is slow and you can’t close deals quickly, it’s time for a change.
3. You rely on spreadsheets and legacy systems
You’re pulling quotes together from spreadsheets, composing emails with multiple attachments and manually tracking orders.
If you’re using google sheets or excel to configure and send your quotes, errors and version control problems will soon rear their heads. CPQ can offer you a better, easier and more efficient way.
4. Your sales reps aren’t spending their time selling
If your sales team is inundated with manual mundane tasks, they have less time to actually sell.
By incorporating CPQ with your Customer Relationship Management (CRM) software, you can get rid of the exhaustive processes that consume 66% of sales reps’ day.
5. Your product catalog is growing and you have inconsistent pricing
If your product portfolio is bursting at the seams or you offer subscriptions, it’s difficult to manage your pricing and your renewals.
And it’s tough to keep track of external factors that influence the prices you should charge.
By using an automated system, you’ll have all the information you need in one place to assign the correct pricing to each customer and complete the renewal process fast and easy.
6. You’re providing lackluster customer experiences
9 in 10 customers will switch to the competition if you don’t meet their expectations.
With CPQ you can revitalize your cx with speed, personalization and accuracy.
7. You’re not taking cross and upsell opportunities
Cross-sells and upsells mean more revenue.
They also offer more value to your customer.
CPQ can reveal opportunities to upsell, cross-sell and bundle at the configure stage of the sales cycle relieving the strain on your sales reps and boosting your revenues.
8. You have plans to grow your revenue
If you’re hoping to grow your business, you need to send out more quotes and close more deals.
By investing in CPQ you can close more deals faster and free up your reps’ time.
You’ll see your profits accelerate with accuracy, up-sells, cross-sells, a shortened sales cycle, time savings, and improved customer service.
9. You have poor visibility of customer and commercial data
A clear view of accurate data is essential to any business.
Without it, you can’t make the most opportunities in the present or forecast for the future.
When integrated with your Customer Relationship Management (CRM) software, CPQ gives you all your customer and product information in one place – accessible and visible.
10. Your reps are prone to heavily discount
When your sales reps are putting a quote together, it’s likely they will apply some discounting to negotiate the deal.
But heavy discounting to close deals will cost you long term.
CPQ keeps your discounts in check and uses automation to discount customers, partners and distributors accurately and efficiently.
11. You still use face-to-face approvals
Face-to-face approvals are inconvenient and problematic. They are also prone to errors and take up your time.
Thankfully, you now have the option of automation that provides a more efficient and convenient approval process.
So is CPQ on the cards for your business?
If you’re struggling with any of the problems we’ve run through, you’re also missing out on revenue and profit.
A CPQ application can help.
With the right CPQ solution, you’ll improve your sales cycle, take some weight off of your sales team’s shoulders and boost your customer satisfaction
Before you know it, you’ll be configuring, pricing and quoting your way to more sales and a better cx.
To take a deeper dive into CPQ – from its core capabilities and benefits, to finding a future-proof solution – check out our free Definitive Guide to Configure Price Quote here.