How Configure Price Quote Software Optimizes Profits For You?

In the eyes of the customer, a salesperson's job is never done. After they've committed to buying your solution, the work has just begun.

The increasingly cutthroat nature of business-to-business trade has increased the need for highly specialized and tailored offerings. The era of ‘one size fits all’ has officially passed.

The good news for customers is that they will receive a unique item made just for them. The pricing process can become more difficult for retailers as a result.

It would be simple to set prices if all of your consumers bought the same thing. However, this is not the case for most B2B SaaS businesses. Configure Price Quote software fortunately exists.

The meaning of "CPQ."

The acronym "CPQ" stands for "configure, price, quote" and is commonly used to denote a software system used by salespeople to generate precise quotes for complicated and configurable products.

Ultimately, CPQ software will help your sales cycle run faster and more effectively. Sales agents have a higher chance of building a positive relationship with the customer and providing a positive buying experience if they can speed up the product configuration and proposal process and reduce the risk of inaccurate quotations.

If you're using CPQ software, how does it function?

It is expected that the use of Configure Price Quote software will lead to an increase in sales productivity and velocity for many companies. In further detail, let's examine the three-step method that CPQ Quoting Software uses to function.

Configure

Configuration, while talking about CPQ software, means customizing your offerings. There has been a shift toward personalized services and goods from companies. Buyers will like the added convenience, but sellers will find that this adds more work.

Not unless they use configured software, of course.

Complex product bundles can now be tailored to each customer's preferences with the help of these programmable tools. In addition, Configure Price Quote software can identify up-sell and cross-sell opportunities that salespeople might miss.

Eliminating the need for a human configurator and freeing up salespeople's time to focus on building rapport with customers are two major benefits of going the software route.

Price

Price structures tend to get more intricate when dealing with complex solutions. In "CPQ," the "P" refers to the cost of the service or product being requested. You can't have a set pricing for your products before the customers ask for them, which is great if you're offering customization options (which you should).

Independently crafted prices by sales teams might cause delays in processing orders and cost the company money.

Quoting software uses AI to learn from market data and client purchasing habits to predict the prices at which products will sell. In essence, it can let you offer a fair and customized price to customers without sacrificing your bottom line.

Quote

Once the configuration and pricing finalize, your company should provide the customer with a final, error-free quote that includes all the required information.

Customers often ask for quotations from multiple sellers, so having a quick turnaround time is a major selling point. However, this might be challenging to implement due to the complexity of accurate pricing and configuration.

Customer-preferred quotes are the specialty of using CPQ software. In addition, the salesperson can quickly evaluate the quote before delivering it to the customer and make any necessary adjustments before passing it on.

What can Configure Price Quote software do to your business revenue?

As a whole, CPQ software can help your sales team succeed since it streamlines and automates the sales process, freeing up more time for representatives to develop meaningful connections with customers. It saves salespeople the trouble of sifting through numerous spreadsheets to find data on a particular client, price point, or quote.

1. Collaboration on quotes

Many buyers will only request sales estimates from you to compare with other providers in the market. This is why efficiency matters. Configured software comes to the rescue with real-time quote generation.

No company should send customers a quote with compliance or profitability issues. CPQ software lets you work with other departments to send the best quote on the first try.

2. Integration

The good news is that CPQ software, unlike many competitors, allows for seamless integration with other applications used by various departments, including customer relationship management. Everyone involved in the process will easily access all relevant communications and guidelines.

3. Boosted sales

Sales staff can strive to focus all of their time on customers, but many tedious corporate processes have no consumer engagement. Over 70% of a sales rep's time is administrative. That leaves 30% for prospecting and customer connections.

Using a CPQ to expedite setting, pricing, and quoting frees up reps' time for customer engagements.

Closing Words-

Don't try to tackle CPQ yourself.

Only an increase in sales and profit optimization can compare to the feeling of achievement that comes from correctly setting, pricing, and quoting a product. However, the CPQ process is not one of those technologies; there are moments when you need a good provider above all.

Epicor, with its guided Configure Price Quote software, helps improve transaction workflows, provides firms with insights into the selling process, and provides a pleasant user experience. Let’s connect to learn more.