Have you heard of Configure-Price-Quote, or CPQ, software? This is quickly becoming one of the best business programs on the market if your business deals in sales. The truth is that the sales pipeline is often much slower than it needs to be. Not only that, but mistakes and missed opportunities can be common. This software is AI-based and dramatically reduces the likelihood of problems with your pricing.
CPQ Software Definition
What is CPQ software? This program is AI-based and utilizes machine intelligence with your databases to create powerful pricing strategies to help your business succeed. Normally an associate would approach a buyer and talk to them about the product and pricing. After some back and forth the associate would create a quote and then speak with his or her manager to approve any discounts. This seems easy enough, but there are some problems here. It’s a fairly slow process and most associates miss opportunities.
CPQ software takes the process and speeds it up dramatically. It can generate quotes in a fraction of the time and makes it much easier for managers to approve any sales or discounts to get a new buyer. Not only that, but the prices can be updated immediately if anything changes. Instead of expecting an associate to remember prices, this program can be updated and the associate will only be working with the current price list.
This ensures that buyers are happy because they are secured at a certain price and the whole process is done. They don’t need to speak with the associate several time and negotiate new prices. They make the deal and everything’s finished.
Why CPQ is Important
CPQ is important for several reasons. As shown above, it can speed up quotes and ensure that buyers sign on much faster than usual. While it ensures accurate pricing and reduces any problems, CPQ software can do so much more than that. Many associates miss cross-selling opportunities that could propel your business even further.
For example, the buyer is thinking of getting a certain product. If that product has a common accessory or it’s been noted that other buyers typically get a second product to complement the first, then this could be a cross-selling opportunity. Normally you would expect the associate to bring this up, but they might forget. CPQ software will bring this up as a recommendation. This improves sales and makes buyers happy.
Keep Buyers Happy
Any good sales pro will tell you it’s not really about the right product, but about making the buyer happy. They aren’t looking for a product, they’re looking for a solution and a good experience. CPQ software helps with that. Not only does it ensure that every possible cross-selling and upselling opportunity is explored, but it also guarantees a certain quote for the buyer so that there’s no back and forth negotiating.
CPQ software also tracks how often associates connect with buyers. This ensures that the relationship remains solid and that everyone is happy in this relationship. If you can keep buyers happy and get them what they need at a price that’s good for them, then you’ll succeed as a business. CPQ software helps improve all aspects of this business relationship.
CPQ software is a powerful, AI-based program that can be updated in seconds and pays attention to what buyers and business owners need. It will recommend other products, bring up better products for business owners and streamline pricing quotes. Not only that, but it will keep both associates and buyers happy because the whole process is so much easier.