One of the essential things a leadership team can do to increase revenue is to eliminate ineffective sales processes. Administrative work consumes a lot of the time of sales representatives. This prevents them from selling and has detrimental side effects on the consumer experience. Every second a prospect must wait for a response seriously impairs the likelihood of successfully closing a deal.
By enabling your sales representatives with CPQ software, you can stop the competition from swooping in to grab your contract by allowing them to respond as swiftly as feasible.
CPQ tool accomplishes this, among other things, by optimizing operations for quotation generation. Reps can have the task of automatically matching items up done for them rather than having to go through price/product lists manually.
Your team can generate more detailed quotations in less time because practically all the manual labor involved in creating a quote has been eliminated. Reducing the response time boosts customer engagement.
Before discussing how the CPQ tool can help you improve customer experience, let's discuss what is CPQ.
What is CPQ?
CPQ (configure, price, quote) is an organization software system to generate accurate quotes for complex and configurable products.
The main objective of CPQ software is to improve your sales process's effectiveness, productivity, and success. Sales representatives have a higher chance of building a more harmonious relationship with the customer and providing a positive buying experience by expediting the product configuration and proposal process and lowering the risk of producing inaccurate quotations.
How does CPQ Software help?
Here are some key benefits of the CPQ tool that help you drive customer engagement
1. Help you generate accurate quotes.
More than generating product quotes quickly is needed to gain customers' trust. You need accuracy even in your first proposal. CPQ for SAP helps you ensure quote accuracy while sending proposals to customers.
Sales representatives can respond to a series of questions regarding each deal they are working on using the CPQ tool's product rules-based engine. To provide a quote, CPQ uses the pre-defined technique to assess the responses.
Quotes are 100% accurate since they incorporate the most recent price/product listings, leadership tactics, and transaction specifics. There is no chance that sales representatives will use outdated information or misjudge or forget the ideal product/accessory combinations.
Reps avoid the need for revisions later in the sales process and also exceed expectations after the deal is closed by giving consumers accurate quotations upfront.
2. Simplified discounting approval.
The agreement is open once a completed quote is delivered. Prospects frequently want to bargain with the representative over specific issues, most notably pricing. At this stage of the sales cycle, sales representatives often use discounting to entice leads by offering discounts from the initial price.
This poses two difficulties in real life. Management and leadership must first concern approx. Discounting, in which salespeople attempt to complete a contract by providing lower than anticipated profits. Management also mandates manual discounted approvals to stop this.
With automated approval workflows that let management establish maximum approval thresholds, the CPQ tool eliminates these issues. Discounts below the threshold offered by a rep are automatically authorized, while deals beyond the point are sent for manual approval.
Management is burdened with fewer routine administrative clearances, enabling sales representatives to maintain momentum with prospects. The leadership is also at ease, knowing that margins will be safeguarded and the likelihood of a renegade rep is reduced.
3. Keep Reps Focused on Customer Experience
Another significant advantage is that your sales agents will be more focused on the customer experience and engagement they offer leads and prospects thanks to quicker response times, automated workflow approvals, and accurate quoting.
First, CPQ frees them to concentrate on their primary duty, selling. They have more time talking to their leads since they spend less time producing quotes. Additionally, lessening the administrative workload reduces burnout. Reps are salespeople who enjoy interacting with individuals in the real world. Their attitude and zeal may diminish when forced to work behind a desk when they do interact with leads, which seeps into the experience they offer.
Summing Up:
The activities that sales representatives detest doing are eliminated or simplified by KBMax CPQ, allowing them to concentrate on selling. They may spend more time interacting with prospects and leads, feel inspired by what they do, and stay committed to offering the finest customer interaction and experience.
