Maximize your Business ROI with Salesforce CPQ Implementation
Salesforce CPQ (Configure, Price and Quote) is a highly functional cloud-based platform to streamline the sales pipeline for a business.
A business can automate the process of creating and managing quotations for their clients during the sales process. It directly and seamlessly integrates with the Salesforce CRM and can fetch customer information, product data and pricing rules in real-time as and when they are updated. It doesn’t stop with creation and management of quotes but also provides valuable insights and analytics that aids the sales team to make informed decisions. Salesforce CPQ is highly customizable and that’s what makes it highly suitable for all types of businesses. The primary industries that are likely to get the best out of CPQ are high-tech, manufacturing, healthcare, financial services and also non-profits.
How to maximize Business ROI with Salesforce CPQ
Streamline the Quote Creation Process
Salesforce CPQ makes use of smart rules and filters to automate quote creation, configuration and pricing strategy. These filters ensure that the products selected for the customer are highly relevant and suitable to the customer’s needs. You can override the automated pricing by manually introducing discretionary pricing. The sales team can easily create a professionally crafted quotation in PDF format within seconds by a few mouse clicks.
Improve Sales Productivity
One of the key ROI metrics tracked by Salesforce CPQ is the Sales Productivity. A business can measure the impact of Salesforce CPQ on it’s sales by tracking the metrics like number of deals closed, the average size of the deal and also the deal-win ratio. CPQ also goes the extra mile by offering the latest discounts by tracking the real-time pricing and this enables the team to close more deals and increase revenue.
Enhance Customer Experience
As mentioned above, CPQ offers the latest discounts with real-time pricing and that increases the customer experience and also helps the sales team to close more deals. Since the real-time pricing is provided, the quotes that are generated are more accurate and helps increase customer satisfaction. To increase your ROI by using Salesforce CPQ, it is important that you measure the customer satisfaction metric before and after implementing CPQ. You will see a significant increase in the satisfaction metric if the CPQ is properly configured. If you don’t realize a significant increase in customer satisfaction after installing CPQ, then it needs further investigation to understand what needs to be improved.
Streamline the Approval Process
CPQ not only automates the quote creation process but also it automates the quotation approval process. Everything is properly streamlined from creation to approval and this increases the efficiency of the sales department in general. To understand the real impact of the CPQ, the business should compare the time it takes for quote approval time before and after CPQ implementation. With the analytics derived from CPQ, the business can identify the potential bottlenecks that slow down the approval process.
Ensure Accurate Quotes
Since CPQ works with the real-time pricing data, it will automatically ensure that quotes generated are accurate and up-to-date. We need to measure the accuracy of quotes generated by CPQ to understand the customer satisfaction levels. To increase the overall ROI, it is important for the sales team to enforce pricing and discount rules and this will also ensure higher accuracy of the quotations that are being generated. The sales team can generate quotes rapidly and also with higher precision with CPQ. Since the quotes are highly accurate the approval process takes a negligible amount of time.
Boost Sales Team Productivity
Since the quote creation process is largely automated by CPQ, it frees up the valuable time of the sales representatives. Now they can focus their time and energy on contacting more leads instead of wasting their time in contract creation. CPQ comes with a built-in feature called “Guided Sales” which automatically filters and displays the most appropriate products and services for each customer. This enables both cross-selling and up-selling opportunities for the business and increases customer retention.
Generating Contracts and Streamlining Sales
The sales team can create complicated quotations and contracts using CPQ templates. These templates can be easily customized and can be reused for future customers also. Some of the reusable sections include header, terms and conditions, signature, etc. CPQ takes contract generation to the next level by seamlessly integrating electronic signatures. Once the contract is e-signed, then it becomes valid immediately.
CPQ easily and seamlessly integrates with the Salesforce CRM and thus data is made available easily for all stakeholders. With this in-depth integration, the complete sales process is streamlined from attracting new customers to closing deals at a rapid pace. Since the data is available across platforms, it offers a bird-eye view for the sales team to view customer data, product information, new potential opportunities and also contracts. This leads to reduced errors which in turn increase the efficiency of the sales process. Such a seamless integration increases the bottomline of the business.
Accelerate the Sales Cycle with Guided Selling
The Guided Selling is a standout feature of Salesforce CPQ which is a boon for sales reps. It offers a simple step-by-step process for the sales rep to create a highly accurate quote by answering a list of questions. The questions will be related to customer data which the sales rep can feed from the CRM integration automatically. Since this is a simple and automated feature even newly hired sales reps can generate accurate quotes within minutes by using Guided selling. A lot of time is saved and that increases the overall profitability of the business.
Choosing The Right Implementation Partner
Salesforce CPQ is a powerful solution for streamlining the sales process and driving business growth. With CPQ, sales teams can quickly and accurately generate quotes, saving time and increasing efficiency. TAFF can help you in installing and configuring CPQ and integrating it with your CRM. Once the complete system is in place, we will train your sales reps to make the best use of CPQ and maximize the ROI of your business. Get in touch with us for a detailed discussion on how we can help you improve the sales efficiency.
If you need help with any of your salesforce CRM implementations, Customizations, Consulting, etc. TAFF is here to help. Contact us today