Salesforce CPQ implementation automates cumbersome everyday tasks like preparing pricing spreadsheets manually and lets your sales professionals focus more on selling. Streamlining some communication channels and the pricing approval process becomes easier.
How to solve sales challenges by implementing Salesforce CPQ?
- Train new team members
- Retrain existing staff as needed
- Keep up with Salesforce upgrades and new releases
- Update sales goals monthly, quarterly, and annually
- Ensure system data is accurate and complete
- Check in with clients for quote satisfaction
- Run reports from the system
- Do benchmark and strategic planning
- Provide updates to senior management
Which Salesforce CPQ is right for You?
Salesforce CPQ is (obviously) completely native to Salesforce and offers excellent speed and fantastic flexibility. It can handle large deals with ease and offers the ability to add on to existing contracts, upsell for the following year, offer multiple discount thresholds, and a lot more.
What are product bundles in Salesforce CPQ?
- Make sure that before proceeding you have CPQ installed. ...
- Go to the Products tab
- Click the New button. ...
- Click the Save & Add Price button. ...
- Create some additional products that will be the products that make up your bundle. ...
How does CPQ transform the sales process?
- Slow reaction times
- Erroneous pricing
- Overlooked discount opportunities
- Overlooked bundle, add-on sales opportunities
- Unprofessional quotes
What is CPQ guided selling?
Guided selling implemented in CPQ is a tool that asks questions about the needs of the customer based on the product selection available. It is done by creating a prompt that asks sales reps about the types of products they want to add to the quote and their specifications, just like an experienced sales rep does.
Which is a benefit of Salesforce CPQ?
Salesforce CPQ is a native Salesforce tool, designed for sales teams to create more accurate and highly personalized quotes. It provides centralized access to all the products, services, available prices, and customer data of your company, allowing a notable increase in productivity.
How does Salesforce CPQ improve customer experience?
It helps in identifying the best possible up-sell and cross-sell opportunities that further assists sales reps to increase the volume of their average deal size. In short, Salesforce CPQ Software facilitates a quick and easy-to-use ordering process that encourages customers to complete their orders.
How Salesforce improve sales?
How Salesforce can improve your sales processHow Salesforce can improve your sales process.Conduct marketing. The first step in the sales process is gathering leads. ... Organize and work leads. ... Manage opportunities. ... Account management. ... Logging and analyzing data.
What does your organization most frequently use CPQ software for?
CPQ software helps shorten sales cycles and will prove beneficial throughout the sales journey for several reasons. Flexible, scalable, enterprise-ready configuration capabilities allow new products and features to be introduced more quickly.
Why do we use CRM and CPQ?
And with CRM CPQ integration, your company can improve efficiency, free up sales reps to focus on selling, limit costs, drive revenue growth and ultimately satisfy your customers. In order to take advantage of CPQ's full potential, it's important to have an effective CRM system.
How good is Salesforce when used in sales?
According to the Salesforce website, companies that use the software see average increases in a variety of areas, including an average 27% increase in sales revenues, 32% increase in lead conversion, 34% increase in customer satisfaction and a 56% faster deployment.
How do sales reps use Salesforce?
Salesforce can customize, manage, and analyze virtually limitless customer data points, making it easy for your team members to refine and optimize the sales funnel. Finding the right content for the right prospect at the right time can be challenging for even the most experienced salesperson.
How do you use Salesforce for sales?
0:031:47Salesforce Boost Sales Productivity Demo - YouTubeYouTubeStart of suggested clipEnd of suggested clipThen with one click reps can send a follow-up email log a call and convert another lead automatingMoreThen with one click reps can send a follow-up email log a call and convert another lead automating busy work they can even send their available meeting times from their calendar.
Features of Salesforce CPQ Solution
Before you head out to know why you should integrate Salesforce CPQ, count on getting a brief insight into the features of this solution. It will help you better relate to the reasons and benefits of integrating it into your brand’s sales process. The features include:
The Evident Reasons to Integrate Salesforce CPQ
You might have a great sales system running seamlessly for your company’s profitability. But isn’t it better to upgrade it to an even proficient sales execution ideology? If you want to give it a shot, then Salesforce CPQ is here to assist you in the process. This solution by Salesforce is a master tool for the sales representatives of any company.
Conclusion
These are the reasons that explain the potential of Salesforce CPQ in the modern-day business world. This solution by Salesforce is being utilized by the sales team of big established companies. And the trend has now reached small and start-up companies as well. The brands are now willing to utilize this new tool for improving sales standards.
What is Salesforce CPQ?
To ensure a smooth deployment of Salesforce CPQ, IT and SMEs should oversee the customization of the rules and options for configuring. Once deployed, CPQ should be implemented with plenty of training and support for the sales staff, who will learn to use CPQ for upselling and cross-selling. Implemented correctly, CPQ will help sales save time, increase quote accuracy, and land bigger deals.
How does CPQ help sales?
CPQ reduces wasted time. In order for sales organizations to be profitable, they need to work smarter and more efficiently. A way to do so would be to take a look at lean manufacturing principles, such as eliminating waste in the production process and applying it to sales tactics.
Why do we spend time going back and forth on configurations and quotes?
Spending time going back and forth on configurations and quotes because information is missing wastes both the sales person’s and the buyer’s time, indirectly decreasing confidence in the company. As Pryor maintains, unnecessary waiting time is a barrier to the lean sales process. process. If your sales force has to manually research and write each quote, they are spending their time needlessly.
Why is it important to have a quicker sales process?
A quicker sales process is key to the new landscape of selling. Pryor commiserates with sales people who think they’ve landed the deal only to realize unforeseen circumstances will stall or even kill it. Sales people may realize, says Pryor, that the planned budget is no longer available, requirements have changed, reorganization is imminent, or the decision maker has left the company.
How to deliver value to customers?
Part of delivering value to the customer is in consulting with them to solve their problems. Every sale should be led by a Subject Matter Expert (SME), a guru in their field with the knowledge to solve problems and awareness of which solutions will be most efficient to implement. To increase sales, Ian Altman suggests coming up with a list of potential and current clients who might be facing a problem your SME has experience. “Then,” suggests Altman, “task [the SME] with speaking to a small number of those clients to see how common those problems are, and how they are currently solving them.”
Is waiting time a barrier to lean sales?
As Pryor maintains, unnecessary waiting time is a barrier to the lean sales process. process. If your sales force has to manually research and write each quote, they are spending their time needlessly. Don’t risk a deal becoming weaker because your sales reps can’t configure the right prices for the customers’ needs.
Does Pryor believe lean principles will improve sales efficiency?
Pryor admits there are several “gaps in thinking” that make it hard to compare manufacturing processes (which take place without the customer) to selling processes (which must be customer-centric.) However, he maintains that the comparison can be made and that lean principles will improve sales efficiency.
What is CPQ in Salesforce?
CPQ Salesforce, or Configure, Price, Quote Software by Salesforce is a sales tool for companies to provide accurate pricing with any given product configuration scenario. CPQ applications take into account optional features, customisations, quantities, and discounts, allowing sales reps to quote prices quickly and accurately. Salesforce CPQ gives your sales team easy to use software, available on any device due to it’s cloud based platform. Hosted within the Sales Cloud platform giving you a direct link with your CRM to make the most impactful sales decisions.
How can CPQ increase the bottom line?
While many companies don’t have CPQ software yet, those that do are seeing impressive positive results in time, deal size, quote accuracy, and sales processes.
How to be profitable in sales?
In order for sales organisations to be profitable, they need to work smarter and more efficiently. A way to do so would be to take a look at lean manufacturing principles, such as eliminating waste in the production process and applying it to sales tactics. Robert J. Pryor recognised this new-era selling mindset in his book, Lean Selling: Slash Your Sales Cycle and Drive Profitable, Predictable Revenue Growth by Giving Buyers What They Really Want, Pryor describes the changing landscape of sales and the need to streamline the sales process.
Why do we spend time going back and forth on configurations and quotes?
Spending time going back and forth on configurations and quotes because information is missing wastes both the sales person’s and the buyer’s time, indirectly decreasing confidence in the company. As Pryor maintains, unnecessary waiting time is a barrier to the lean sales process. process. If your sales force has to manually research and write each quote, they are spending their time needlessly.
Why is it important to have a quicker sales process?
A quicker sales process is key to the new landscape of selling. Pryor commiserates with sales people who think they’ve landed the deal only to realise unforeseen circumstances will stall or even kill it. Sales people may realise, says Pryor, that the planned budget is no longer available, requirements have changed, reorganisation is imminent, or the decision maker has left the company.
How to deliver value to customers?
Part of delivering value to the customer is in consulting with them to solve their problems. Every sale should be led by a Subject Matter Expert (SME), a guru in their field with the knowledge to solve problems and awareness of which solutions will be most efficient to implement. To increase sales, Ian Altman suggests coming up with a list of potential and current clients who might be facing a problem your SME has experience. “Then,” suggests Altman, “task [the SME] with speaking to a small number of those clients to see how common those problems are, and how they are currently solving them.”
Does Pryor believe lean principles will improve sales efficiency?
Pryor admits there are several “gaps in thinking” that make it hard to compare manufacturing processes (which take place without the customer) to selling processes (which must be customer-centric.) However, he maintains that the comparison can be made and that lean principles will improve sales efficiency.
Why is Salesforce CPQ useful?
All said and done; Salesforce CPQ can be useful for companies of all sizes to enhance their overall functionality, enabling them to generate larger ROIs. This is why interest among contemporary companies of all sizes to adapt CPQ software has increased significantly over the globe.
What is CPQ in sales?
CPQ helps the sales reps have greater exposure all through the sales cycle, through any device, from anywhere. It enables sales reps to offer deals by revenue aim, legal aspects, pricing structures, etc. Moreover, it enables them to deliver quotes, generate reports, and access the dashboard, instantly. 6.
What is the importance of CPQ?
The interesting aspect about the CPQ is that it can enable the sales team to replicate all aspects of selling, including the recruits. It saves a significant amount of time that would have been wasted to train and make the team members proficient.
What is Salesforce CPQ?
Salesforce is a leading CRM platform that helps in marketing, sales, service, and keeping IT teams working from anywhere to keep their customers satisfied and happy.
Which is better, Salesforce or CPQ?
There are other CPQ apps also available in the market, but the Salesforce CPQ is the best sales tool. It helps to provide advanced sales, which is much better and easier to perform than the traditional CPQ apps.
What is CPQ tool?
This CPQ tool helps you to get transparent results and reports from different areas and can analyze them easily. You can check what is relevant for your sales department and updates needed to execute. Get detailed and meaningful insight into each quote generated for different products and proposals. Also, you can verify the sales reports and visuals to make the difference between the most profitable and superior customers. Along with this, you can also look into the different optimal pricing strategies.
What happens if you don't release a quote in Salesforce?
If you’re not able to release the precise quotation, then it will put on bad impression on the sales part. The customer may not understand the product offerings well, and it will lead to loss of the deal. Salesforce CPQ will help you to produce accurate and exact quotations by eliminating the differences between the CRM operations and quotations. A wrong sales quotation may lead to minimizing the marketing results for the product within a company.
How does CPQ work?
This sales tool is not only robust but also delivers accurately by minimizing errors in quotes and prices. The CPQ technology lefts the sales team with no errors in quotations by producing automatically optimized error-free pricing. It will include all the contract terms like discounts, subscriptions, pre-defined contracts, etc. So, in this way, it reduces human-made errors with great accuracy in results.
Does Salesforce CPQ integrate with CRM?
Sometimes, data that you collect from different sources may be inconsistent and not relevant for sales. But Salesforce CPQ easily integrates with CRM and ERP systems. This helps to streamline information throughout the entity and can be accessed by relevant people within that. It will also improve decision-making, making quotes, authorization, conducting analysis, etc. Thus, all the people within the sales department will have the same information access. And it will minimize the errors and misrepresentation of data.
Can Salesforce CPQ approve special pricing?
With the help of AI, Salesforce CPQ can make approvals relating to special pricing automatically. Through this process, the sales team can put the request for special pricing, and they can offer discounted prices while closing a deal immediately. It really reduces the time for them to take the approval for any special price quote back from the office. They can make spot decisions with this AI-based tool.
1. Time Utilization
Believe it or not, sales teams spend a lot of time on understanding products/services, generating prospective leads, and carrying out administrative tasks such as scheduling appointments. In fact, they are not able to focus on selling due to dependency on several departments and this causes delays in sales tasks dearly.
2. Customization
Did you know that at least one out of every three customers indicates that they would like to receive personalized products and look for this feature when shopping?
3. Accurate Quotations
Sales teams have a difficult time staying up to date with the latest pricing, discounts, and sales bundles. This process becomes even more tedious if they need to perform all the tasks manually and send outdated proposals that are not in sync with the latest company offerings.
4. CRM System Enhancement
If you are using Salesforce’s cloud CRM system, your sales teams may be able to track a lot of activities and help prospects to move through the sales cycle smoothly. However, it doesn’t always equate to providing robust functionality for crucial information about the offerings.
Wrapping Up
Salesforce CPQ implementation automates cumbersome everyday tasks like preparing pricing spreadsheets manually and lets your sales professionals focus more on selling.