Is a configure, price, quote (CPQ) solution an important part of your company’s IT infrastructure? It all depends on whether or not profits are an important aspect of the overall operation.
Good for you if profits aren’t a priority. Serving in the public sector or with a non-profit must be rewarding. If you work with one of America’s approximately 30 million companies, though, revenues are unquestionably essential, making CPQ solutions even more so.
If you’re new to the technology and just starting your study, you’ve come to the right place because we’ll tell you what you need to know about CPQ and what to look for. (Are you even using a CPQ system? This is fantastic. Contact us to learn how to get started with quote press and make CPQ work even better.
- A CRM OR ERP SYSTEM IS NOT NEEDED FOR CPQ.
CPQ can be used as a stand-alone solution, which is largely accurate. While some sales proposal automation tools are related to specific CRM or ERP applications, most can be used independently. Since it saves contact information and records, offers to monitor, and more, a CPQ system may be used as a de facto CRM system in certain companies (e.g., SMBs with just a few reps).
2. CPQ ADDITIONALLY SUPPORTS CRM AND ERP SYSTEMS
This is entirely right. Most CRMs and ERPs do not support the development, sending, or granular monitoring of professional-looking sales quotes. Just like you wouldn’t use a CRM as your main email client, you shouldn’t use it to automate sales proposals — leave it to the CPQ experts!
3. THE HEART OF CPQ IS PRODUCT AND PRICING CONFIGURATION
The ability to apply goods to a proposal using a point-and-click interface was probably what prompted the creation of CPQ in the first place. Although much has improved (for example, managing each rep’s discount permissions centrally), the creation and management of commodity and pricing configurations have remained essential.
4. CPQ’S FACE IS PROPOSAL TEMPLATES
Customers don’t see the product above and pricing setup engine; instead, they see a well-designed, tailored proposal with all of the information they need. Your CPQ solution’s “profile” to the public of prospects and consumers is decided by the models used or applied to it.
5. CPQ’S BRAIN IS SALES QUOTE TRACKING
How many quotations do you have on hand? Why can salespeople move quotations quickly? And ones aren’t? Most CPQ solutions provide market monitoring and product proposal monitoring features, which provide you with the data you need to ensure the sales team runs smoothly.
6.ONLY CPQ THAT IS FLEXIBLE AND SCALABLE
It’s no secret that sales are a seasonal industry with relentless ups and downs. The last thing you want is to be stuck with 100 licenses when all you need is ten. Ensure your CPQ service provider provides per-user, per-month pricing so you can change your spending based on your company’s growth.
7. CLOUD-BASED CPQ
Salespeople are always on the move. The state of business technology is still changing. There is no justification that we can think of for CPQ technologies (or any other market technology) to be deployed locally. The only reason you’d bring up “cloud vs. no cloud” is if you were to round out a list of nine “things to remember” to ten.
8. ASSISTANCE IS INCREDIBLY NECESSARY
Technology isn’t the same as a screwdriver. No one buys a screwdriver and says to themselves, “Boy, I hope this works like the tutorial!” This is why you can be certain that your CPQ approach assists with setup to implementation to day-to-day usage and optimization. It’s ideal for getting the right support from the right people at the right time.
9. WHICH CPQ IS THE BEST?
It is often defined by the method. Do you want a stand-alone solution? We will assist you. Contact us now.