Introduction
It's well known that Salesforce is the world's #1 CRM that serves businesses very well in every aspect of sales, marketing, support, team management etc. And Salesforce CPQ product is here to enhance the efficiency of the sales and marketing team.
The first big challenge for any business is to get a lead but what's more important/bigger challenge is the conversion of lead or reaching the lead to the end of the sales cycle. To fuel up the journey from getting leads to conversion, we must ensure to keep all our steps or processes to be fully optimized to closing the lead.
According to one research, Proposals, quotes, and approvals are what sales teams spend over 60% of their time creating. And here one of the biggest time-saving features introduced by Salesforce is – Salesforce CPQ which will help to advance the journey of sales and marketing and also helps to close the deal quickly.
This blog will help you understand the benefits of Salesforce CPQ for your business.
What is Salesforce CPQ?
Salesforce CPQ is a cloud-based platform which helps companies of all shapes, sizes and industries create, configure, price and sell their products through the use of cloud computing. This configuration and product information management (CPM) solution has been used by numerous businesses across a variety of industries.
CPQ means Configuration, Pricing and Quote.
Why do Businesses Need Salesforce CPQ Software?
As a business owner, you might have tried many ways to attract more customers. However, it appears that despite all the efforts and hard work, your efforts are not moving your business forward in achieving its goals. This is where Salesforce CPQ software will help you out by rectifying all the issues related to your sales and marketing management.
A salesforce CPQ software is a sales & marketing product management system that helps businesses gain complete control over the entire revenue cycle. It provides efficient and effective insights that help businesses build and manage the processes related to pricing, orders and quotes.
Salesforce CPQ software is a perfect fit for sales and marketing teams to enhance their process.
Also, read – Salesforce CPQ Implementation Guide
Benefits of Salesforce CPQ Software for Businesses
1. Increase Sales
An increase in sales is a common benefit of Salesforce CPQ. By offering a wider range of products and services, you can increase the number of customers you acquire and the amount they spend with your company.
While there are many ways to increase sales with CPQ, one way is by increasing customer satisfaction. When customers are happy, they're more likely to stay with you longer and refer others to your business. As such, it's important that they feel valued throughout their purchasing experience so that they keep coming back for more—and telling their friends about what makes them happy too!
You can also use Salesforce CPQ to help boost both repeat purchases and lifetime value (LTV). This means getting more money out of each customer through upselling or cross-selling as well as making sure clients come back again once they've purchased something from you once before–a win-win situation all around!
2. Get Flexible
In a world where every customer has different needs, flexibility is key. Salesforce CPQ helps you deliver the right product to the right customer at the right price by enabling you to configure products in many different ways. You can create complex products with multiple options and quickly build variations of them based on your customer’s specific requirements.
For example, you might offer a bike lock in three colours: black, blue and red. If a customer wants to buy this product but doesn't care about colour, they don't have to pay for one they don't want!
In addition to being flexible for customers, this customizability also gives your sales team more control over what they're selling—and how much profit they generate from each sale.
3. Up-Sell and Cross-Sell Products
Salesforce CPQ aids in the rollout of new products and allows for cross-selling. The sales leader can modify the quote in the CPQ software, and a new product will appear as a result. It also encourages customers to upsell and cross-sell.
One of the primary advantages of cross-selling is that it aids in the development of stronger client relationships. As an example, if a customer sees an upsell as an opportunity and certain products appear, and if it seems a better product, they are more likely to attract you and gain trust, and loyalty, which might lead to more sales in the future.
4. Improve Accuracy
Salesforce CPQ is the most accurate, easy-to-use, easy-to-learn, and easy-to-implement solution on the market. With Salesforce CPQ you can easily create new products and services that are perfectly aligned with your customer’s needs – regardless of how complex or simple they may be.
Salesforce CPQ is a robust cloud solution that offers real-time visibility into all aspects of your business. It delivers features like product creation and management, quote building, price calculation and more – so users have everything they need in one place.
Salesforce CPQ makes it possible for users to build quotes in a fraction of the time compared to other systems while ensuring accuracy every step of the way by modelling variation across multiple product lines or even multiple companies.
5. Get Instant Insight
One of the best things about Salesforce CPQ is that it provides instant insight into the sales pipeline. It enables you to see which products are selling, what price points they're being sold at, and whether the company has a lead or a deal status. With this information at your fingertips, you can make decisions quickly that will help your business grow. With Salesforce CPQ, there's no need for manual reporting or guesswork; instead, you get an immediate view of what's happening with each opportunity in real-time so that you can move forward confidently with all of your deals without any delay.
6. Improve Team Performance with Reporting & Analytics
Reporting and analytics are key to sales success, but they can be cumbersome and difficult to manage. To make the most of reporting and analytics, you need a system of record (SOR) that gives your team access to accurate data.
To get reporting and analytics working for you, look for:
- Software as a service (SaaS) solution offers end-to-end CPQ functionality from quote generation through order capture.
- A platform built on Salesforce technology with integrations into other third-party applications such as Microsoft Dynamics 365 or SAP in order to provide contextually relevant information on everything from product availability to pricing trends based on competitor activity.
- Advanced reporting capabilities that enable you to dig deep into customer behaviour so you can improve product offerings.
- Data visualization tools that allow users across departments—including operations managers responsible for managing inventory levels—to see how their decisions impact the bottom line
7. Maximize Profitability & Efficiency
Salesforce CPQ is a single, flexible solution that can be used by any business to increase sales efficiency and cost savings. Salesforce CPQ helps businesses maximize profitability by increasing their sales while also reducing costs associated with low-value tasks such as manual approvals or manual quotes. By automating workflows and processes, organizations can streamline their operations and reach new levels of profitability on every deal they close.
8. Team management
You can manage your sales processes by creating teams, assigning members to those teams, and setting up the stages in which they'll be working. You can then assign specific tasks to each individual team member based on their roles in each stage. You can also assign the same task to multiple team members with different statuses.
Salesforce CPQ gives you a lot of flexibility when it comes to assigning tasks to your team members because it allows you to separate different stages with different statuses. This means that if you have a large account and need multiple people working on it at once, Salesforce CPQ lets you easily assign tasks so all parties know what they're supposed to be doing next and when they're supposed to complete them.
9. Fuel up Sales Journey
A sales process is a step-by-step guide that can help you and your team build on each one of the most important steps in your sales process. A sales process map will help you understand what needs to be done, who is responsible for doing it, when they need to get it done, and how long each step should take.
A well-defined business process ensures that everyone knows their role in executing a specific task or activity. It also helps reduce errors and confusion about what's expected of them throughout the entire cycle.
10. Close Deals Quickly
Salesforce CPQ is a cloud-based platform that helps you close deals faster. It works by giving your sales teams a single, unified way to create engaging, interactive proposals based on customer data and digital assets.
Closing deals faster means that you can spend less time on repetitive tasks and more time working with customers in person or by phone. That’s why Salesforce CPQ is so popular with businesses who want their reps to be able to focus their efforts on closing more deals than ever before!
Closing Words
Salesforce CPQ – best option for customer engagement with enhanced sales activities. Salesforce CPQ enhances customer responsiveness at each stage of the sales process across the functions. It is also suited for your growth. So choose Salesforce CPQ and experience flexibility and reduce complexity in your business processes.
If you plan to choose salesforce CPQ then it is important to take advantage of Salesforce consulting services to get in-depth knowledge of its implementation process and cost.
