Configure Price Quote (CPQ) is a powerful tool for companies that are focused on increasing revenues, profits and customer satisfaction levels. CPQ automates the order to quote process and ensures that the most accurate price is quoted for products. Implementing CPQ positively impacts several functions within the business. Here are 3 major reasons why CPQ might just be the boost that so many organizations are looking for:
1. Shorter Sales Cycles: CPQ software can reduce your sales cycle by a third. Using CPQ, sales representatives can generate quotes faster without sacrificing accuracy. This allows them to close deals faster. The average sales cycle for a non-CPQ enabled companies is 4.68 months* which is reduced to 3.42 months* (33%) using CPQ.
2. Increased Deal Values: CPQ software can help sales representatives with cross and up selling suggestions during the quoting process. By recommending customers to purchase additional items like add-ons or accessories, CPQ helps increase the deal size. Product configurators within CPQ display customizations, add-ons and accessories for the customer to easily choose them. This gives the sales representatives more chances to up sell without being too ‘pushy’. According to research*, this results in 57% greater margins than the companies who do not use CPQ.
3. Better Customer Satisfaction: CPQ can help sales representatives with their CRM objectives. For example, they can receive alerts when its time for a contract renewal or product upgrade. These alerts serve as advance notices of opportunities to cross or up-sell. CPQ can then assist the sales representatives in recommending the best products, services or bundles to the customer. The speed and accuracy that CPQ brings to the table results in a higher degree of customer satisfaction and retention.
Configure Price Quote is an efficient solution that can transform your business and take it to the next level. CPQ can especially be used to fuel the growth of companies that are expanding and return the highest level of ROI in the technology solutions space.
About Accelalpha CPQ
Accelalpha Inc. is a premier IT consulting firm that specializes in implementing packaged software solutions. It provides services across a breadth of industries including Retail, Hi-Tech, Oil & Gas, Accelalpha’s unique CPQ implementation approach is aimed at:
• Providing superior user experience to ensure client satisfaction
• Reducing up-front investment through accelerated implementation plan
• Utilizing scalable design practices for long-term success
Have a question or want to learn more about CPQ? Write to us at firstname.lastname@example.org and let one of our CPQ experts get back to you.
* Data from the Aberdeen Group’s Research Report