Hello everyone, and welcome back to our “Give me 5!” series, where we share five useful eCommerce tips that will help improve your strategies and get you on the road to success.
In this episode, Lorraine Marquis, 2Checkout (now Verifone)’s Head of Digital Sales for Americas, will talk about how integrating with a CPQ solution will help your B2B business thrive.
CPQ, or Configure Price Quote, is a sales tool that companies can use to quickly and accurately generate quotes for orders. This tool is designed to help you build a buyer-centric experience for your prospects and clients. CPQ applications often work in tandem with CRM platforms, ERP programs, and other business technology, to help ensure that data is accurate and well-integrated. In addition to that, CPQ allows sales reps to deliver quotes faster thanks to a streamlined quoting process, while also providing flexible pricing, service, or product configuration.
Let’s dive deeper and check out these five benefits of using a CPQ solution for your B2B:
1. Increased efficiency in client offer negotiations
When using a CPQ solution, your sales teams can move much faster with a deal and provide more quotes within the same allocated time.
When your clients request a quote, they usually expect to get it fast, and if they don’t get it as quickly as they want, they are more likely to look elsewhere for other solutions. They might even approach your competitors in the process.
By providing real-time accurate quotes, CPQ software supports your sales teams to streamline the acquisition process, even for custom proposals, and take advantage of automated ordering and fulfillment in closing more deals faster.
2. Close more deals, faster
The biggest motivation of a salesperson is to close as many successful deals as possible. A great help in that department are the CPQ tools. They can drive sales productivity in two important ways, by enabling your sales representatives to:
- Form stronger relationships with clients.
CPQ software can reduce the administrative tasks of your sales reps, allowing them to focus their time on engaging with and satisfying more clients.
- Close higher-quality deals.
CPQ automates the identification of targeted upsell and cross-sell opportunities and can help your sales reps increase their productivity by maximizing the value of every deal.
3. Greater accuracy and fewer errors
Sales teams usually have a substantial number of proposals and contracts to manually manage. Unfortunately, this sometimes results in paperwork with a couple of minor errors, such as wrong dates, missing signatures, or misspelled names. Other times, even major errors can occur, such as selling out-of-stock products or even mispriced items. These types of mistakes can lead to longer sales cycles, a potentially negative experience for your clients, or even worse – damage to your company’s reputation.
Tools such as CPQ can automate pricing and quoting, without any human errors in the process and fewer required quote revisions, ultimately streamlining your quote-to-order-to-cash processes.
4. Automated reporting in your CRM solution
One of the most important features of CPQ software is its reporting capability. You get real-time visibility into the KPIs that matter, by merging sales process data with back-end order and subscription metrics and statuses, which allows for faster business decisions and more flexibility for custom deals. The tool allows you to see if and where clients give up their order process, which customizations they prefer, if your discounts are successful or not, and other crucial insights for your business.
It also captures the client’s feedback directly within the CPQ environment. This way, your sales teams get instant notifications on any updates and have direct access to an archive of interactions with the clients.
These insights can offer you the chance to make significant improvements to your sales process, which then will lead to an increase in successful orders and client satisfaction.
5. Increase in total revenue
Ultimately, the goal of any sales team is to increase profitability, and there are a lot of examples of how CPQ software will help you boost your revenue.
For instance, given that the sales cycle is shorter, administrative time and labor will decrease due to fewer quote revisions required, and certain manual operational costs will be eliminated.
Through reporting, you will be able to get a clear understanding of what is working and what is not in your sales process, thus eliminating costly inefficiencies.
You also gain the ability to perform the sales process anytime, anywhere, and from any device. Being able to close deals faster, you will have more time available to drive sales and gain more opportunities to upsell and cross-sell your products.
Now that you have a better understanding of how CPQ solutions can improve your B2B business, it’s time to start integrating it in your commerce platform, boost your sales, increase your sales rep productivity, and, ultimately, make your customers happier!
Thank you so much for watching! If you have any questions or suggestions, feel free to drop a line in the comments section.
Want to get extra tips on how to choose the right digital commerce platform for your business? Then make sure to watch our dedicated “Give me 5!” episode here!