18 Apr How does Salesforce CPQ benefit your bottom line?
Digital technology has brought about enormous changes in the sales industry over the last 15 years. 55% of IT decision-makers feel they need to forge digital inroads quickly before suffering financially and competitively. In today’s fast-paced digital market, it can be challenging for companies to define the cost of goods accurately across a vast and ever-changing scope of variables such as customer behavior and expectations, new economic realities, societal shifts (e.g., aging populations), industry disruption, and emerging digital technologies. One crucial component to dialing in on these variables and staying ahead of the curve is Salesforce CPQ.
Salesforce CPQ will not only give your sales team the ability to quote quickly, eliminate human error, and increase growth at a more rapid rate; it will also empower your team to create a tailored sales experience for each client.
Salesforce CPQ provides sales teams with many valuable benefits. Let’s go over a handful of them.
Time and accuracy
Contracts are meant to be binding agreements between two parties, based on accurate information, providing both parties with some level of comfort. If the information in the contract must be changed or modified due to human error, this could result in a loss of confidence by the client. While your customers might be willing to forgive a minor mistake, they will not be so quick to overlook pricing errors made by your sales team. In a survey conducted by Ovum, 76% of consumers stop doing business with a brand after only one bad customer experience. Salesforce CPQ takes human error out of the equation, delivering accurate, dependable quotes every time.
By automating the process, Salesforce CPQ eliminates the need for salespeople to spend hours poring over quotes and drafting contracts, checking and double-checking accuracy. With just a few clicks, quotes and contracts can go from taking days to finalize to taking minutes.
In today’s age of e-commerce and social media, clients have become accustomed to receiving personalized service from the companies they do business with. A good sales rep takes into account all of the unique factors that affect your client and their business to build a custom quote for them. This can be a time-consuming process.
Salesforce CPQ significantly increases the ability to quickly and easily see all aspects that go into considering a quote. It will provide sales reps with critical insight into which of your products or services any particular client might be interested in. Over half of all customers report they are willing to share valuable personal data with companies that are willing to personalize sales quotes.
By automating the right mix of products and services for each client and providing accurate quotes and contracts, Salesforce CPQ allows your team to focus on customer relationships. Sales reps can spend time servicing existing customers and contacting their next lead, rather than getting bogged down with data entry and paperwork.
Further, the analytics portion of the CPQ software tracks and records customer preferences and purchases, allowing the sales rep better opportunity to cross-sell and upsell as well as creating more accurate forecasting.
The most significant benefit, and the one all businesses are ultimately hoping to gain from using CPQ, is increased revenue.
Most companies gain 80% of their revenue from 20% of their customers. Guided selling features provided by Salesforce CPQ software can have a significant bearing on average deal size. According to research by The Aberdeen Group, companies that use a CPQ solution have an average deal size 105 percent greater than companies that aren’t implementing a CPQ solution.
By providing the framework for improved selling, increasing deal size and matching customers up with the correct products and services, Salesforce CPQ creates greater revenue for your company as well as a better buying experience for your customers.
Salesforce CPQ can help you build and maintain a competitive edge in today’s digital market by streamlining your sales process. It will empower your sales team with accuracy, bring efficiency into your processes, and—most importantly—increase your revenue while increasing customer satisfaction.