CPQ stands for Configure, Price, Quote. It’s a sales tool for companies to provide accurate pricing with any given product configuration scenario with a built-in functionality during product and packaging configuration, standard & custom pricing, and quoting.
The purpose of CPQ tools is to help increase the overall efficiency of sales in the Quote-to-Cash process.
Why CPQ Tool?
The main reason why companies use this tool is because of it’s impressive positive results in time, deal size, quote accuracy, and sales processes.
For a Sales rep to work smart and faster at the same time with greater Efficiency, This would be of great strength as Robert J. Pryor recognized 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 Want, Pryor describes the changing prospects of sales and the need to streamline the sales process.
Why CPQ is special from all the other Salesforce Standard Quoting?
This gives the reason why CPQ is better than Standard Quoting.
What can I do with CPQ Salesforce?
Product Bundling & Packaging
Products that are sold together can be “bundled” (CPQ lingo) and configured as the sales rep builds their quote. This helps the Sales rep to customize the Bundle and save time.
Robust Pricing Tools
The tool helps the Sales rep to choose the sale to the way they want it like including Discount, volume, partner, and customer-specific discounts.
User-Friendly UI and Process
The quote line editor where reps configure and build their quotes is very user-friendly and aims to guide users through many customizability. Plus, CPQ offers other objects that can truly optimize the quoting process:
Custom actions: Users can
Salesforce CPQ is compatible with the standard approval process. And it can also use the Advanced Approval package if subscribed to CPQ Plus.
So The Bottom Line!
If the company you’re running is missing a lot of Leads or You have a company that has a lot of subscribers then this might be a perfect tool for your company to have, As it saves time and makes the sales process more efficient and effective for your sales rep to run with.