Top 5 Profit-Boosting Advantages of using Configure Price Quote Solutions

Are you offering complex products? If yes, do you want to sell your products efficiently?
Are you spending hours on administrative work? If the answer is affirmative, it is time to use a CPQ tool that is designed to accelerate your quoting process.

Configure price quote software, better known as CPQ comes into picture when you have to create highly configured quotes. Configuring complex products and then quoting it is never easy through manual processes.

With Excel sheets, you will face too many challenges while quoting complex products. You will have to focus more on manual activities such as quote generation. As a result, the quote-to-sales ratio drastically drops when you use Excel sheets for quoting.

Here's how you can increase profits using a CPQ software:

1. Boost Quoting Productivity

Want to quote faster and streamline the quoting process? The answer lies in using CPQ platform that will enable you to configure and quote complex products quickly. According to one study, you can create more quotes by a whopping 49%.

While Excel sheets will slow down your quoting, a CPQ tool will allow you to create a large number of quotes despite selling complex products. According to Aberdeen Group, a technology and marketing service, there is a 33% increase in quoting productivity by using CPQ software.

2. Improve your Sales Performance

Every sales rep has an assigned target for a specific duration of time (week, month, quarter, year). This target is not easy to achieve through manual methods of quoting.

On the other hand, achieving targets (sales quota) is never an issue with this quote generation software. Sales quota is something your team doesn't have to worry about when using the CPQ tool.

Studies have shown that sales reps that employ CPQ for quoting are 26% more likely to reach their designated targets. Hence, when you want to achieve your sales quotas without any hassles, select this software tool.

Also, you don't have to search for upsells/cross-sells manually while creating quotes. The software automatically suggests these options during quote creation. Without taking any efforts you can quickly add upsell/cross-sell opportunities to your quotes.

3. Drastically Reduce your Sales Cycle

A lengthy sales cycle will compel your customers to move to your competition. Make your customers wait for quotes and they are sure to go somewhere else and do business with your competitors.

Want to shorten your sales cycle drastically? The key is to expedite up your quoting process, which you can easily achieve with this software tool. With the configure price quote application, you can create some of the most complex quotes in a few minutes.

CPQ tools ensure that you complete a sale in a minimum amount of time. You not only speed up your sales cycle but also build a strong rapport with your customers.

4. Increase your Conversions

The key to boost quote-to-sale conversions is to submit the quotes at the earliest. The earlier you send the quote, the better the chances of winning the deal. If you don't submit your quotes on time, your customers are unlikely to even view your proposals.

Companies that use configure price quote solutions show a dramatic improvement in conversion rate. Various reports have confirmed that organizations that incorporate CPQ tools have shown 17% increase in conversion rate.

5. Zero Quoting Errors

Try quoting complex products using Excel sheets and the number of errors you will make will be endless. Quoting with Excel sheets is tiring and prone to errors. Data being scattered in Excel sheets, users tend to make errors in configuring/pricing quotes.

With a CPQ quoting tool, all the data is available in one place. Moreover, the process is automated, leaving no scope for any sort of errors. CPQ applications are designed to create error-free quotes, irrespective of their complexity.

So if you aim to create accurate quotes exactly as per customer requirements, it is necessary to incorporate a CPQ system into their business.

On the whole, there is little doubt that the usage of CPQ software will maximize your chances of converting quotes into sales. Incorporating it into your business will lead to higher customer satisfaction and encourage repeat business.

To increase business profitability, it is necessary to spend more time selling and less on quoting. When your sales team has access to CPQ software, they get more time to interact with prospects. They can focus on higher-value tasks, which automatically translates into
an increase in sales.

Also, CPQ tools are easy to use and understand, which means your team doesn't have to spend weeks to learn the software application.