Buying and selling processes have become much simpler over the last decade, and with many used to flexible offerings and seamless online experiences, customers expect transactions to be easy.
However, payment types can vary depending on the business's services, with some offering flexible payment terms. However, a swift and reliable solution is needed to ensure a smooth transaction, which is where Salesforce CPQ comes in.
Here we share our knowledge of what Salesforce CPQ is, the benefits of the software, and how you might benefit from becoming a CPQ Specialist.
Before we jump in, let’s look at what CPQ software is and its capabilities
CPQ software has been around for decades, but innovation in Salesforce CPQ software was seen as the next big thing in sales optimisation.
Companies can use Salesforce’s Configure, Price, Quote (CPQ) tool to provide accurate pricing for various scenarios. By covering the end-to-end functions of an organisation’s sales activity, this unified quote-to-cash process enables reps to quote efficiently and accurately.
Salesforce CPQ applications often integrate with other platforms & programs such as Salesforce Revenue Cloud combining product/service configuration, pricing, quote creation, billing, and ordering processes creating a seamless experience for both sales representatives and customers.
In Salesforce CPQ software, quotes are automatically generated based on a pre-programmed set of rules, considering quantities, discounts, customisations, optional features, multiple revenue types, and incompatibilities.
Instead of having to manually work out payments such as specific quotes or payment plans, Salesforce CPQ can deliver the information effectively and on time.
Three advantages of Salesforce CPQ
Sending and customising quotes with ease
Most companies that don’t use CPQ software have a sales process that’s slowed by the time it takes sales to deliver accurate quotes. Before the introduction of CRMs and CPQ, those delivering quotes would need to find the right pricing rules in spreadsheets when offering options, configurations, or prices to customers, adding unnecessary time to the process.
By clearly defining and using pre-programmed rules, Salesforce CPQ avoids this with the customer and within the company. You can specify every possible configuration, price, discount, and scenario in a CPQ application, making and customising product quotes and prices with ease.
Increase Sales with quote accuracy
Let’s say the sales team is closing on a new customer and a quote is required to take it over the line. To calculate the amount, all the information is spread across different sheets and platforms which can make the process confusing. The quote is sent and looks good until an error is noticed and the quote is wrong.
This isn’t a rare occurrence and can happen at any time but misquoting a potential or loyal customer can backfire more than you think. A survey found that 76% of customers will leave a business with just one bad experience.
Using CPQ software brings all the information together to provide a swift and accurate quote, taking out the time and confusion from using multiple platforms.
Accessed across the business
Within an organisation, different departments have different processes, such as manufacturing, legal, sales, and finance, and through Salesforce CPQ, these departments can communicate seamlessly.
Many companies are considering Salesforce CPQ Software because of its functionality and potential return on investment In conjunction with CRMs and ERPs, CPQ adoption will grow as companies see the benefits.
Enterprise Resource Planning CPQ can be integrated with enterprise resource planning (ERP)systems, for example. Sales can check out delivery statuses, executives can look at sales processes, and operations can look at trends.
Become a CPQ specialist
Not long after the acquisition of Steelbrick CPQ back in 2016, Salesforce launched the CPQ specialist certification, designed to ensure those who implement the CPQ software are prepared to deliver complex requirements and business models.
The CPQ certification exam has no prerequisites, so technically anyone can take the exam. However, we advise that having some prior hands-on experience or understanding of sales/CPQ will be highly beneficial to completing the exam. By taking this Salesforce Certification, you will demonstrate to others that you have the knowledge and skills needed to implement and roll out the CPQ package effectively. To pursue additional Salesforce CPQ projects, this certification is essential for customers and partners who want or have already implemented CPQ.
