Companies that sell complicated goods or services need CPQ solutions so that their sales teams can quickly and correctly quote clients and keep more of their money. CPQ automates the process of making proposals and contracts. This gives salespeople more time to focus on finishing deals and building customer relationships.
As businesses continue to change to become more digital, CPQ tools have become even more critical. How businesses work has changed dramatically since the rise of e-commerce, social media, and smart devices. Keeping up with the latest tactics is essential to improve your team and make a plan for 2023. This article will discuss how CPQ has changed in a world that is no longer digital and how it affects the future of sales.
Getting past work problems
At first, CPQ was done by hand using spreadsheets and human knowledge to set up complicated goods and services, figure out prices, and make quotes for customers. That’s only the beginning.
When bidding for customers in the past, sales teams had many problems. They had to collect customer information by hand and then spend a lot of time entering information about products and prices into files or templates to make personalized quotes. This process had to be done by hand, which took a lot of time and could go wrong quickly, which cost money and made customers unhappy. Salespeople relied on their understanding of the product to make accurate quotes, often leading to price mistakes or missed cross-selling chances.
Also, making quotes in real time was hard because the system wasn’t automated or connected to other systems. This made the sales process less efficient overall. Also, sales teams couldn’t make quotes on the go because CPQ tools weren’t readily available on desktop or laptop computers. These problems made it clear that the process of making quotes needs to be simplified and automated.
Here are some of the problems that CPQ had to deal with before it went digital:
What makes change happen
As a result of these business problems, the need for more speed, automation, and better customer experiences led to the rise of digital transformation. CPQ products were changed in a big way by combining digital technologies, data analytics, and automation. Businesses had to rethink how they sell things because of changes in the market, new technologies, and the need to stay competitive.
How digital development has changed CPQ in revolutionary ways
companies have changed a lot in this age of digital transformation, and CPQ solutions have changed to meet the needs of these new companies. CPQ options like DealHub work well with other programs like CRM, marketing automation, and e-commerce platforms. This integration allows businesses to learn much about their customers and develop accurate pricing choices. DealHub is an excellent example of a CPQ system that gives businesses advanced tools to make their sales processes more efficient and improve customer engagement.
The rise of e-commerce has also changed the CPQ environment, changing what customers expect from the buying process. CPQ tools have adjusted well to this change by making it easy for customers to buy things online. Nowadays, customers can easily customize goods online and get quotes immediately, giving them the power to make intelligent buying decisions without talking to a salesperson directly. This smooth connection between CPQ and e-commerce sites gives customers more freedom and makes buying more manageable.
CPQ tools have also changed to keep up with the growth of mobile devices. Salespeople can now use their phones to access CPQ tools, which lets them work from anywhere. Because of this, it’s easier for sales teams to work together with customers, and the time it takes to go from quote to close has gone down.
How to get the most out of CPQ in today’s work world
Since the world went digital, CPQ has become an essential tool for sales teams that want to make their sales processes more efficient and get more done. Here is a list of some of the good things that CPQ does:
More quickly making quotes
CPQ solutions make it easy to get quotes by automating the process of setting up complicated products, pricing them, and giving discounts. This speeds up the process of making quotes, shortening sales cycles, and bringing in more money.
Better use of sales resources
With CPQ solutions, salespeople can focus on making sales instead of doing routine work that takes a lot of time. This makes sales more effective because teams have more time to talk to customers and close deals.
Getting more accurate
By automating the process, CPQ solutions eliminate mistakes and inconsistencies in pricing and settings. This makes things more accurate, which lowers the chance of losing money because of wrong prices or configurations.
More clear vision
CPQ solutions let sales managers see the sales flow in real-time to find bottlenecks and change resources as needed. This makes things more visible, which generally speeds up the sales process.
Getting along better
CPQ solutions give sales teams a single source of truth that helps them work together better. This makes it easier for people to work together, which makes the sales process more efficient and effective overall. You can use valuable sales tools to help your team work together.
Personalized service for each customer
CPQ solutions let sales teams make unique plans and quotes for each customer. This creates a customized experience for each customer, which makes them happier and increases the chances of making deals.
In this world, after the digital revolution, CPQ solutions help sales teams in many ways. CPQ solutions help sales teams improve their sales processes and get more done by making things like creating quotes faster and giving each customer a more personalized experience possible.
CPQ trends to keep an eye on
The CPQ landscape is changing a lot because of the shift to digital, which is better meeting the needs of sales teams and users. The newest CPQ trends, like the ones that came before them, are all about using technology to improve sales processes, make them more efficient, and give customers great experiences. Let’s look at some of the most important trends that are affecting CPQ now that the world has gone digital:
1. Computer-based intelligence
With the addition of artificial intelligence (AI), the CPQ scene is changing significantly. AI-powered CPQ solutions are changing how sales teams work by using customer data analysis, pattern recognition, and intelligent decision-making to improve things. With these AI-powered tools, sales teams can tailor their contacts with customers, making them more interested and increasing sales. AI is important for sales because it makes things more efficient, which lets sales teams reach new heights of success.
2. Adding to real life
The latest improvements in Augmented Reality (AR) technology mean that adding AR to CPQ solutions could change how sales are done and improve the customer experience. In this exciting new development, customers can experience products in realistic, immersive settings, giving them a complete picture of how the product looks and works in their place. CPQ solutions that use AR improve the customer’s ability to visualize, which helps them make better buying choices and builds a stronger connection with the product.
3. Based on the cloud CPQ
As more companies allow employees to work from home, cloud-based CPQs have become much more critical. These solutions are the most flexible and scalable compared to standard on-premise options. In addition, cloud-based CPQ options are cheaper and offer a higher level of security to keep sensitive data safe.
4. The ability to connect to CRM and ERP tools
To make correct quotes and proposals, sales teams need to be able to access customer data and information about what’s in stock. When these systems are connected to CRM and ERP systems, sales teams can immediately see this information. This makes quoting go faster and more accurately.
5. More customized options
Nowadays, people expect personalized encounters all the time. CPQ solutions have grown to meet these needs. Technology has made it possible for sales teams to provide quotes and offers that are highly customized and meet the needs of each customer. This level of personalization makes the experience better for the customer and makes it more likely that deals will be closed and relationships will last.
6. Using your voice
Voice activation technology is expected to be added to CPQ solutions as voice assistants become more common. The sales team will be able to use voice commands to handle the CPQ solution, make quotes, and get information without using their hands.
The good times ahead for CPQ
CPQ has a bright future ahead of it with exciting new ideas. As CPQ systems change and add new technologies, sales teams can expect their sales processes to be even more accurate, efficient, and customer-friendly.
CPQ will continue to change in the future by adding new technologies like AI, cloud-based solutions, and interaction with existing ones. More efficiency, personalization, and game-changing sales methods are on the way.
As companies deal with the constantly shifting world of digital transformation, they must use CPQ solutions to stay ahead of the competition and meet customer needs. To succeed, you will need to simplify sales processes, make accurate quotes, and give customers a personalized experience.
As you think about CPQ’s history and how it has changed how sales are done, think about how your company can use these new technologies. How can using CPQ products help your business move forward in a world that has gone digital? How will you use technology, data analytics, and personalization to grow your business and go above and beyond what your customers expect?
There is a lot of great promise for CPQ in the future. If you embrace it, you can help your business reach new heights.
