Fast Cars and Fast Quotes: How CPQ Gets Things Done
Formula One racing is a complex game. To many outsiders, it’s just a simple race, with a certain number of laps around a road course, and the fastest car wins. To those on the inside, it is much more strategic, involving an entire season of races, making numerous adjustments to the vehicle along the way, all while striving for the ultimate win, the FIA Formula One World Championship.
In sales, it’s not always the best price that wins the deal. Sometimes the win goes to the first supplier to present a price quote that fully satisfies the client’s needs. Creating a price quote is often an iterative process of discovery and consultation, with the price quote being adjusted several times along the journey. It is a very strategic effort combining communication, incentives and optimized pricing, enabling the salesperson to present the very best quote at the very best time to secure the deal.
For industries with complex products, services, and channels, CPQ can be game-changing. First, CPQ picks up where CRM ends by making your complex product, pricing, and business rules available to sales reps and partners in real-time. As a result, they always have the information, guidance, and tools they need to quickly and accurately configure, price, and quote a deal. CPQ also directs the behavior of reps and partners to achieve stronger business outcomes.
Finally, CPQ uses machine learning and artificial intelligence to actually make your sales organization smarter. With CPQ, your business is freed from the time and errors of manual processes. But more than speed and accuracy, CPQ can give you the power to dramatically impact your topline.
5 Roadblocks That Slow Sales
You need your Sales Teams to sell more in less time. As much as 50% of sales wins go to the vendor that responds first so taking too long to create a quote impacts your win rate, your rep’s ability to achieve quota, and ultimately your company’s top line.
Here are the 5 roadblocks that can slow sales, and how CPQ eliminates the slowdown:
1. Difficulty finding current and complete product information: CPQ provides a centralized location for all product and pricing information that is easily navigated, updated and scaled globally.
2. Confusion around which products the customer needs: CPQ combines guided selling with a user-friendly interface making it simple for sales reps to find and configure the right products for their customers. Even complex products can be sold with ease thanks to the powerful configurator in CPQ.
3. Inconsistent product guidelines and discount rules: a built-in rules engine prevents erroneous product combinations and invalid discounting before the customer even sees the quote.
4. Chasing down approvals: CPQ provides automated approvals that take real-world situations into account, like non-sequential approvals and unavailable managers.
5. Manual quote creation: CPQ allows you to race through automated quote creation with email delivery and eSignature integration.
It’s Not Always Just About Speed
Just like in Formula One racing, when it comes to CPQ, speed is critical, yet agility and strategy are equally important. F1 teams need to consider variables like track conditions, weather, competition, and course attributes – and adjust the race car accordingly. Constant monitoring and adjustments are needed to produce the best driving car in order to be competitive. For CPQ, having a robust configuration engine that can address multiple variables gives your company a competitive advantage and enables quotes to be generated faster.