What Is CPQ? Why is it a Good Choice?
The high competition in B2B sales requires customized and specialized products. Sales representatives are required to give each product more attention as buyers love to patronize brands that put these into consideration.
If you run a manufacturing company and have a problem dealing with pricing, CPQ software for manufacturing companies is what you need! What does this software do, and why is it a good choice? Let’s find out below!
CPQ for Manufacturing: Definition of CPQ
The simple definition of CPQ is Configure, Price, and Quote. It describes a software system sellers use to create correct quotes for highly complex and configurable products. CPQ is efficient in creating a more prosperous, productive, and efficient sales cycle for your business.
Generating accurate quotes and improving the proposal process and product configuration for your customers is an excellent way to build a good relationship with your customers. That will, in turn, increase sales since customers will encounter a good experience while patronizing your business.
Reasons for Owning a CPQ Software
1. Quick and Efficient Product Configuration
Regardless of how complex your product is, CPQ software helps to simplify it. It also helps in getting rid of errors from incompatible options.
2. Hastening the Sales Process
For preparing an order that usually takes a long time, CPQ software can complete all the requirements and take them to production after a few minutes.
3. Regulating Pricing
CPQ software helps to eliminate any worry your sales team may have about regulating pricing structures. New employees are not overly burdened, and their training process is quicker.
4. Boosting Customer Satisfaction
With CPQ software, customers can see samples of 2D and 3D products before their order to understand the product they want to purchase fully.
Who are the Major Benefactors of the CPQ Software?
A significant benefactor of the CPQ software is the manufacturers. Therefore, CPQ for manufacturing poses a lot of benefits for the customers and the manufacturers. Here are the advantages of CPQ software to your company and your customers.
Benefits to Your Company
1. CPQ software provides an improved speed for your company. It can assist your sales reps in quickening sales, creating more room for more customers.
2. Your sales team can better understand the sales process with CPQ software. It will enable them to train new employees to garner a more profound understanding, thereby increasing sales.
3. Since your employees will have a deeper understanding of the sales process, they will be able to train new employees. It will save you the cost of hiring experts to train them.
4. CPQ software helps your sales team to upsell and upgrade orders.
Benefits to Your Customers
a. It gives your customers a better experience as they purchase from your company.
b. It creates several customization options for customers
c. The 2D and 3D visualizations give customers an idea of what the finished product looks like before buying it.