Wednesday, October 24, 2018
CPQ is the Secret Sales Sauce
B2B, Configure Price Quote, iQ / CPQ
Written by Laura Monn Ginsburg
One of my favorite reports I’ve shared over and over with our sales team is a 2016 CPQ report from Aberdeen that beautifully makes the case for utilizing a Configure, Price, Quote solution to improve not just selling metrics, but a salesperson’s ability to be responsive and successful. When it comes to making magic, CPQ is the Secret Sales Sauce.
A few of my favorite highlights from this report include:
- “Organizations using CPQ reduce the amount of errors that occur in contracts, proposals, or quotes at 1.6x the rate of non-users (4.9% vs. 1.9%).” Errors are a fact of life and they definitely come up in quotes — but they can be greatly diminished with the use of a CPQ tool.
Take FineCal, a UK-based distributor that was frustrated by its manual way of doing things: “There was no visibility to what others were doing: quotes were going out in email attachments, price breaks and margin calculations were happening on scratch paper, and we couldn’t even report on how many quotes we were sending.” After implementing iQ CPQ: “It’s so easy to find quotes, build quotes, and send quotes.” Read more here >>
- “[CPQ’s] underlying value proposition is in ensuring that everything is in place for any sales rep, anywhere, in any situation, to be able to sell to the best of his or her own ability.” You can’t look over every sales rep’s shoulder all day long, so knowing they have the tools they need to be successful will build their confidence — and your confidence, too.
At Beracah Homes, a custom home manufacturer, they knew they needed a way to empower their team: “It became clear that we needed a solution that could guide salespeople through the quote-building process and allow for very complex configuration of custom homes where any decision can have a major impact on the price and build-out.” Post-CPQ implementation: “Quoting times were greatly reduced, approval processes were expedited, and salespeople are able to more efficiently work with customers to design their dream homes.” Read more here >>
- “CPQ can serve as a backbone for precise, clear, and actionable visibility into all relevant sales activities.” This comes back to CPQ being the ‘secret sauce’ of sales. Much like your company website being your first impression to the world, your sales quotes and overall process are your first in-depth impression to your customers.
Look at Clear View Bags, a custom bag manufacturer: “We do nothing but quote custom orders and iQ’s ability to help us send highly professional quotes, as well as collect data on every quote, is extremely important to Clear View Bag’s growth strategy.” Read more here >>
As the report points out, CPQ in and of itself is no silver bullet — choosing a solution that fits your company, your needs, and your growth trajectory is paramount. If you’re wondering about CPQ options and where they can take you, reach out for a no-obligation discussion with our team.