To accurately define the price of the products, businesses have to define the optimum price for it. The strategy of price optimization is a great way to keep the customers bound to your business. CPQ (Configure, Price, Quote) is software that helps businesses to hit the exact price of the specified category of the customers. Across a huge and constantly changing spectrum of variables, CPQ software solutions provide an opportunity for businesses to segregate the customer base and smartly configure the products’ pricing according to the competition and local economic factors.
Benefits to boost your profit
Contracting the sales cycle
CPQ software offers a great benefit for B2B companies that is shortening a sales cycle. It helps you to significantly pace the sales process and reducing the sales cycle to modify timely by streamlining the product configuration and automation of quoting process.
- More quoting productivity
The sales reps have to dig through product catalogs or Excel spreadsheets to provide customers with accurate quotes. The CPQ software cuts off their invested time to invest in the core processes. A study says CPQ software increases the quoting productivity by 33%.
- Enhanced sales performance
Vistaar offers advanced CPQ software solutions that help sales reps identify lucrative cross-sell and upsell opportunities on the spot. As a result, CPQ software enables businesses to have 12% more sales. Additionally, it provides an easy ordering process that makes customers complete their orders, increasing conversion rates, and boosting sales team performance further.
- Increased adequacy
The sales reps spend most of their time in selling and advertising. However, if the business is equipped with multiple systems to manage, relationships to track, and manual tasks to complete, that is a rare case. The sales team must utilize their time for higher-value tasks to generate revenue for the company. The best cost estimation software empowers the core team of any business.
- Aligned orders and reduced quoting errors
A business includes a lot of products and services that bring complexities to deal with. The manual errors stretch the sales cycle and have the possibility to impact your customers’ engagement. CPQ software is equipped with advanced rules and validations engines that don’t permit orders that fall outside of any company’s capabilities.
- Save time spent on training
For the sale of complex and configurable products, the sales reps have to be trained for weeks and months that hampers the other processes of the businesses. With CPQ software, the sales team is capable to sell the products without any specific training. The software helps them avoid awkward sales conversations and expensive configuration mistakes more effectively than weeks of extra training.
- More prop volume