There’s a better way!
It’s time to ditch the quote chaos and amplify your sales performance with CPQ (Configure Price Quote) software.
Agile CPQ can be the game-changer your sales team craves. Imagine a world where quotes fly out the door, error-free, while your reps focus on closing deals and building relationships. Picture happy customers who get exactly what they need, fast.
That’s the power of CPQ! Read on to explore how CPQ can streamline your sales process, boost accuracy, and ultimately amplify your team’s results.
5 benefits of Agile CPQ for your sales team
- Turbocharge quote creation
Agile CPQ software attracts attention for its ability to accelerate the quote creation process, transforming what was a tedious, time-intensive task into a swift operation. Traditionally, sales reps would spend hours, if not days, assembling quotes, which delayed interactions with potential customers and bogged down the sales cycle. The automation that CPQ provides completely changes the playing field.
With CPQ, quote generation and product configuration are automated, drastically reducing the time required to generate a quote—from days to minutes. This acceleration allows sales reps to respond to customer inquiries with lightning speed and freeing them from the clutches of spreadsheets. As a result, reps can manage more customer interactions within the same timeframe, boosting productivity and potentially increasing sales opportunities and revenue.
Take, for example, a tech company that implemented CPQ. Before CPQ, it typically took days to generate a quote due to manual data entry and slow approval processes. After shifting to CPQ, the time required dropped to just 8 minutes. The reduction in the sales team’s workload increased productivity and allowed for more engagement with prospects, leading to a significant increase in sales volumes.
- Goodbye pricing errors
In sales, pricing accuracy is not just a detail—it’s the backbone of trust between a company and its customers. Pricing mishaps can jeopardize deals and tarnish a company’s reputation. Agile CPQ software tackles this dangerous issue head-on by automating compliance with pricing rules and configurations, ensuring every quote is up-to-date and precise.
This automated system substantially reduces human errors, bolstering the integrity of the quote process and solidifying customer trust. For example, consider a scenario where a sales team often encountered discrepancies in pricing due to outdated spreadsheets or miscommunication. Before implementing Agile CPQ, errors in manual entries led to frequent pricing inaccuracies that required time-consuming revisions and, in some cases, lost sales. After adopting Agile CPQ, the company noticed an immediate improvement: pricing errors dropped notably. This marked improvement was possible because CPQ automatically applies the latest pricing rules and promotions, eliminating the need for manual entry.
CPQ tools improve quote accuracy and build customer trust by providing a personalized experience. This helps sales teams confidently close deals and creates positive customer interactions. These tools turn pricing precision into a competitive edge.
- Upselling and cross-selling made easy
CPQ software also enhances revenue through strategic upselling and cross-selling. These techniques are vital for maximizing deal value, but spotting the best opportunities often requires sophisticated tools. A recent survey by ZS involving over 190 commercial leaders explored their use of AI for sales enablement, specifically focusing on guided selling. The findings revealed that 72% of respondents intend to implement AI-guided selling solutions to enhance sales performance. The primary benefits identified include improved win rates and deal sizes, accelerated sales growth, and enhanced overall seller effectiveness.
CPQ utilizes guided selling features, which aid sales reps by recommending additional products or services that align well with what the customer is already considering. For instance, consider a software company where reps primarily sell core products. After implementing CPQ, the system suggested add-ons, like an advanced analytics module, based on customer input and purchase history. In a standout case, this suggestion led to a remarkable increase in deal size when the customer saw the added value of the recommended module.
This functionality leads to an increase in revenue and also transforms sales representatives into trusted advisors rather than mere order-takers. By offering relevant, value-adding products or services, reps enhance the buying experience and build deeper, more profitable customer relationships, fueling both immediate and sustained revenue growth.
- Streamline approvals and shorten sales cycles
Lengthy approval processes for quotes are a major source of frustration in sales operations, often leading to lost opportunities as potential customers might turn to more responsive competitors. CPQ software addresses this bottleneck by automating and streamlining the approval workflow, significantly speeding up the process.
With CPQ, quotes are automatically checked against business rules and swiftly sent to relevant stakeholders for approval, reducing what could take days into mere minutes. This efficiency dramatically shortens the sales cycle and boosts customer satisfaction by ensuring timely responses.
Reducing cycle time increases the likelihood of closing deals and improves the buyer experience. Customers value the expedited process, enhancing their perception of the company as efficient and responsive—an essential trait for maintaining a competitive edge.
- Data-driven insights for smarter selling
Data plays an indispensable role in achieving sales success. CPQ software empowers sales teams with critical insights and analytics that foster strategic selling. This access to real-time sales data allows reps to make informed decisions swiftly and adapt their approaches based on current market trends and customer behaviors.
CPQ’s analytics capabilities enhance the understanding of sales dynamics, enabling teams to optimize their processes. For example, by analyzing data on the most quoted products and their success rates, reps can identify offerings that are more likely to close and pinpoint products that might benefit from promotional strategies to enhance sales.
A tangible example of these benefits can be observed in a company that harnessed CPQ’s analytics to prioritize high-value deals and refine its sales strategy. The data indicated that certain product bundles consistently resulted in successful upsells. With this knowledge, the sales team strategically shifted their focus to these bundles early in the negotiation process, significantly increasing their revenue.
These insights are invaluable; they transform each sales interaction into a learning experience that continuously improves the team’s effectiveness. Harnessing real-time data doesn’t just elevate individual performance—it steers the course of sales operations, ensuring that teams are hardworking and smart-working.
Justifying Agile CPQ implementation
The return on investment (ROI) from implementing CPQ software is clear and substantial, impacting several key aspects of sales operations. First and foremost, sales efficiency sees a significant boost—teams have reported a considerable reduction in the time required to produce accurate and compelling quotes. This translates into more time focused on sales activities and less time wasted carrying out administrative tasks.
Additionally, Agile CPQ dramatically reduces errors in the sales process by automating pricing and configuration tasks. Companies implementing Agile CPQ software often see a significant decrease in errors, leading to reduced risk of revenue loss from incorrect proposals and improved customer trust through consistency and transparency in deal terms.
From a revenue perspective, Agile CPQ directly enhances the bottom line. Businesses often see an increase in deal size by 10-15%. Moreover, the software’s ability to shorten the sales cycle enables quicker deal closures, thus accelerating revenue generation and improving cash flow.
Wealth.com’s Transformative Journey with DealHub CPQ
Wealth.com, a leader in estate planning, faced growing pains with its manual, offline quoting process due to an increase in field representatives and a surge in contract volume. They partnered with LeanScale to identify and implement a suitable CPQ solution to address this issue. After some deliberations, DealHub CPQ was chosen for its superior integration capabilities and user-friendly interface, enabling seamless interaction with Wealth.com’s existing Salesforce CRM.
The implementation of DealHub CPQ was like hitting the turbo button for Wealth.com’s operations, achieving 100% adoption by the team and slashing quote turnaround times by 60%. The enhancement increased their sales process efficiency and improved their ability to manage growing demand, leading to better operations and quicker customer response times.
Tim White, Chief Growth Officer at Wealth.com says “DealHub has been one of our favorite technology implementations in the last few years at Wealth.com. It has enabled our sales team to get quotes out to valued future customers efficiently and intuitively. The DealRoom has been a complete level up for our proposals that are going out the door to match the high standards we have across our organization in providing the best digital estate planning services to the market.”
With DealHub, Wealth.com transformed its operations, making its process smarter, faster, and way more streamlined. For them, it wasn’t just about keeping pace; it was about setting the pace, ensuring they stayed at the forefront of the estate planning industry.
Keep your competitive edge with DealHub CPQ
DealHub CPQ is an essential tool for sales teams looking to optimize performance and stay ahead in the competitive sales arena. It transforms the sales process into a strategic, high-performance engine that drives growth.
A key feature of DealHub CPQ is its seamless integration with existing CRM and ERP systems, ensuring smooth data flow throughout all sales stages. This integration eliminates data silos and increases visibility, empowering sales teams to make quick, informed decisions. DealHub CPQ also features a user-friendly interface that simplifies the configuration of complex products and pricing structures. This ease of use allows sales reps to quickly generate compelling quotes, accelerating the sales cycle and reducing the cognitive load on the team.
Another significant advantage is the software’s dynamic pricing functionality. It enables sales teams to adjust pricing and apply discounts in real-time, responding agilely to market conditions and customer needs. This flexibility helps secure deals with competitive pricing and maintain profitability by following pricing guidelines and approval workflows. The platform also includes robust analytics tools that offer deep insights into sales performance and customer trends, equipping sales leaders to refine strategies and better anticipate market shifts.
DealHub CPQ is more than just software – it’s a strategic partner that arms sales teams with the necessary tools to maintain a competitive edge. By streamlining the quote-to-cash process, enhancing data integration, and delivering powerful insights, DealHub CPQ significantly boosts your team’s effectiveness, ensuring you not only meet but exceed your sales targets.
