Improve Sales Workflows with CPQ Software
Configure, Price, Quote (CPQ) software is used in many sales departments because it not only helps sales representatives create a better case for potential customers with additional product information and custom pricing on complex configurations, but can also allow customers to ‘self-serve’ reducing the overall time required by the sales department.
A CPQ system helps businesses overcome long sales cycles that may cause distress to potential customers and reduce the waiting time for quotes.
By presenting the prospects with rich product information in real time, and digitising expert product knowledge, organisations eliminate doubt and deliver unique customer journeys and better deals. Instant product pricing also increases the level of trust and creates a transparent relationship between suppliers and customers.
The workflow in a CPQ system is more efficient than a traditional sales cycle because it provides advanced search capability and automated evaluation of each offering based on financial rules, costs, market trends, competition and product compatibility.
The Stages of a Traditional Sales Cycle
1. Prospecting refers to targeting and identifying individuals or businesses that have a potential to buy a product or service.
2. Setting the Appointment is the time that marks when salespeople use channels like the phone, email, in-person visits or social media to get a meeting with the prospects.
3. Qualifying can happen from the initial contact or to the appointment stage when the target or prospect has certain characteristics to qualify into a lead.
4. Making the Presentation is as important to inspire the potential customer with confidence that you understand their needs and have a solution that will benefit the business.
5. Proposal is where you provide the opportunity with a solution supported by sufficient content and information to give them the confidence they are making the right decision.
6. Handling Objections is the time to provide additional information or benefits that give the customer the confidence they are making an informed appropriate investment.
7. Closing can be an easy or difficult stage in the sales cycle. It can refer to purchasing, signing a contract or it can be the start of the next cycle which is Delivery.
8. Getting Referrals is a positive outcome in the sales cycle because it cuts down at least one stage in the cycle.
Shorter Sales Cycle with CPQ Software
Build a streamlined configuration faster and more efficiently. With PreSalesAdvisor (PSAT) you can create verified configurations of your products and services by making combinations between the two with features that best fit your customer’s requirements and budgets.
Our advanced pricing systems allow customers to see special offers, bundles, sector specific, volume pricing and discounts. The pricing process is now truly optimised to deliver instant, accurate, business driven pricing as well as creating upsell opportunities.
In the proposal stage, there can be many iterations as the customer changes their mind based on costs and requirements. PSAT allows the customer or the sales person to try different options immediately, without going backwards and forwards for re-quotes.
Streamline your sales process and improve current relationships with your suppliers and customers. PSAT is the pre-sales platform that makes it easier and faster to price and quote verified technology configurations.
Book a Demo today.