Introduce to CPQ Solution
What is a CPQ Solution?
CPQ stands for configure, price, quote, and it helps customers easily customize products that they want manufacturers to make, and it also makes it easier for manufacturers to accurately bill and support customers. It’s one of many great examples of software designed for small businesses and large, enterprise organizations alike. Whether you’re the small business owner of a custom vehicle shop, or you’re running a small business along with your sales team to deliver custom shirts or other clothing items, CPQ software can speed up your sales process and help you improve customer relationships.
Any business owner should know the importance of using a reliable CRM system to support customers, and one of the best things about CPQ software is that it enables integrations with your other digital solutions. Modern CPQ software lets your sales team take their solutions with them on their mobile devices, so your company can reap the benefits at all times. Speaking of benefits, here are just a few of the main reasons your business needs CPQ and some of the most important features.
You can offer better products.
Every small business has to be competitive to survive, and one of the best ways you can stand out in the manufacturing market is to offer your customers more options and provide them with better products than the competition. In years past, customers were used to just accepting what was on offer, but the digital age has made modern customers used to convenience and choices. Just as they expect to be able to customize their experiences at home with smart technology and streaming services, they expect manufacturers to provide options that fit their exact needs.
CPQ lets you easily support your customers’ desires for custom parts and products. An intelligent, rule-based system and dashboard lets customers easily make changes to desired products using the provided parameters. Even better, the pricing for each change is updated automatically, so customers see instant feedback on even the most complex configurations. This keeps customers satisfied and lets your sales reps speed up the approval process for all orders.Here is some basic concept of CPQ Solution.
Pricing is easier and more accurate than ever.
Naturally, offering complicated customization options would normally mean that the process of pricing and quoting invoices would be equally complicated. Fortunately, with a reliable CPQ solution, you can rapidly quote accurate prices for all configurations across all market segments and channels. Even better, you can adjust your pricing based on predetermined criteria, such as your production costs, product features, and even who’s making the order. Providing discounts to loyal customers, and accurately reporting the revenue, has never been easier.
As a bonus, the quote features will even draw up a professional invoice for you, ensuring that everything is laid out and easily understandable the first time around. Visualizations also help customers remember their exact configurations and how each price point is factoring into the equation, so you can move through approval with ease.
You can take your business online immediately.
We live in the age of e-commerce, and it’s only getting more popular with projected e-commerce revenues expected to hit $6.54 trillion by 2022. Online markets can be especially great for small businesses since they allow you to run your store from anywhere instead of necessarily having a brick and mortar location.
Buyers expect self-service options whenever they shop online, and your CPQ software can make you uniquely prepared to deliver. You’ve already worked out how to display all the customization options to customers and figured out how to price them. Your transition into the online market will, therefore, be as smooth as possible.
Of course, providing a better service also means that you’ll be able to secure a better contract, and advancements in artificial intelligence continue to improve CPQ. You’ll no doubt discover even more benefits using one of these programs on your own.