In the CPQ Success Secrets video series, DealHub CRO and Co-Founder Eyal Orgil answers real questions from our clients about CPQ. In video 1, we defined CPQ and how it benefits today’s businesses and in video 2, we shared tips for selecting the right CPQ for your business.
In our third video in the CPQ Success Secrets series, Eyal explores important factors in determining the right time to consider a CPQ solution and how to implement CPQ successfully. Check it out below.
The Right Time for CPQ
There are preconceptions on when is the right time that organizations should be considering CPQ. Many times organizations think they have to reach a certain number of salespeople before it’s the right time to look at CPQ or that they need very complex pricing or configurations and only then is CPQ right for them, when, in fact, there are many reasons why organizations need to look at CPQ.
CPQ Pro Tips to Select the Right CPQ
There are a number of factors that influence when you should consider CPQ? One of those is how much time are your salespeople spending on generating quotes? If you find a great deal of their time is spent outside of sales activities, especially when they are generating quotes, CPQ may be the right thing for you.
If you are increasing your sales team, how long is it taking you to get your salespeople ramped up? How much time until you get the value out of those reps. CPQ can generally help in that area, too. How fast are you able to get back to your customers? Today, response time is super important and you have to get back to customers with your pricing. They’ve gone a long way into the sales process before they ever reached out to you and you’ve got to get back to them quickly. And if you are getting stuck on generating your quotes, you may be want to be looking at CPQ.
Governance is another area that you want to consider. If your reps are out there putting in their own discounts and you have no understanding of what’s going or you are not able to track your quotes because the quotes aren’t actually going back into your CRM, you may want to take a look at CPQ as well. Of course, CPQ integrated together with your CRM.
And of course, what are the costs of errors that are incorrect configurations or incorrect pricing that your salespeople are sending out? These are all factors, regardless of the size of your organization, that you should be considering to determine if CPQ is right for you.
A CPQ Myth Dispelled
If these issues resonate with you, then don’t fall for that final misconception about CPQ. CPQ projects do not have to be long and costly.
I hope you found this video informative and that you gained insights into how to select the right CPQ for your business. If you did, I’d love to hear your thoughts and any questions that you may have on CPQ. If you would like to learn more about DealHub or CPQ, we invite you to schedule a demo to see how CPQ can streamline your sales processes and reduce the sales cycle.