Companies have long struggled with the challenging issue of customising goods and services for their consumers while demanding the appropriate price. Very often, it’s a complicated and delicate process - how to determine a price for a product that is neither too high nor too low? Considering that the price itself tends to determine if the customer makes a purchase or not, it’s crucial for every business to get it right.
Enter CPQ Salesforce - a sales tool that gives businesses and their sales representatives the ability to rapidly and correctly build sophisticated, customised product or service quotations. It produces quotations in accordance with a predetermined set of criteria, offering error-free pricing that accounts for quantities, discounts, revisions, optional product features, various kinds of revenue, and incompatibilities.
The acronym CPQ stands for the software's three primary features:
Configure: To alter a product or service's operation in accordance with its intended use.
Pricing: To find the right pricing method, using base prices and discounts.
Quote: To utilise the knowledge gained in the earlier stages to generate quotations.
There are additional tools that are available in Salesforce CPQ to assist users in accurately pricing products and services for clients. Some of the standout characteristics are:
1. Guided Sales
First of all, the goal of guided selling is to assist potential customers in making a purchase by assisting them in selecting the product or service that best meets their needs. WithSalesforce CPQ, you are able to set guidelines for how the sales exercise will be delivered through a question and answer format that is intended to stimulate sales reps.
2. Advanced Approvals
Salesforce CPQ offers extensive workflow approval tools. A single click may be used to change a prior approver, saving the requirement to go through a separate approval procedure for the previous approver. Customers like to approve orders while they are on the go, and CPQ supports this by enabling approvals at any time, from any place, as well as email and notification setup for mobile devices.
3. Product Configuration
Systems for categorising products may be created by sales teams using Salesforce CPQ. As a result, the sales staff may rapidly create an order line with quantities and discounts by adding or removing products from a batch. Cross-selling and up-selling offers can be facilitated and pricing anomalies eliminated using product rules.
To sum up, Salesforce CPQ automates crucial steps in the quotation generating process, saving sales teams’ time and effort. Through increased customer happiness, which in turn boosts revenues, businesses are able to save money and staff. Users may be more adaptable with their clients and adhere to various industry norms by providing different revenue forms, such as subscriptions.
To encourage collaboration between the front and back office personnel, the CPQ solution allows to streamline the acceptance of sales orders and present all quote data in real-time. All of these components can aid in removing organisational barriers and fostering collaboration in your company.
If you wish to know more about the product, don’t hesitate to contact us we’ll gladly go into the details of this solution's pros and cons with you!
Aziz Benizy, Salesforce Business Analyst
