-1.svg){kind=icon}
In today's fast-paced business world, speed and efficiency are crucial for success. Manually navigating complex product and service configurations takes a significant amount of time. And require too many experts, revisions and delays to be fast and flawless. The result? Pricing errors, selection mistakes, and risk.
Enter Guided selling with CPQ software, your secret weapon for transforming lengthy sales expeditions into quick, winning trips. In this blog we'll look at the impact of traditional quoting methods on sales and customers. And share how automated selling with the right tools, drives more successful customer interactions to close more deals.
What is Configure Price Quote (CPQ)?
Configure Price Quote (CPQ) establishes an automated sales process designed to help you navigate an increasingly complex product stack and pricing portfolio and build custom quotes.
- It can be Seller-Centric: Built-in rules and expertise guide you in building the right solution at the best price. You delight your customers and close deals faster.
- It can be Customer-Centric: Built-in rules and expertise guide customers through the decision and buying process. You save time and increase your revenue.
That’s the revenue-generating power of automated selling. It makes you easier to buy from.
The Manual Selling Challenge
Customers have a barrage of questions. Everything from part compatibility and performance expectations to pricing options and discounts. Manually configuring and pricing each request takes time. So does chasing down experts to check on solution compatibility and dependencies.
Mistakes naturally creep in, requiring corrections. Resulting in approval delays that frustrate customers and erode trust. Or worse, send customers fleeing into the arms of your competition.
Traditional quoting methods trap you in a frustrating cycle of errors and revisions. Leaving little room for strategic thinking and personalized customer interaction and quoting.
- Tedious Data Entry. Entering product details, service costs, and project estimates eats away at your time. Time you want to spend building customer relationships.
- Limited Configuration. Spreadsheets struggle to handle complex product configurations, service bundles, and project-based pricing structures. This limits your ability to have customized solution conversations with customers.
- Repetitive Tasks. The drudgery of manual data entry and calculations takes a toll on mental energy and motivation. It steals focus from the strategic aspects of sales.
- Error Prone Results. Manually configuring and calculating price, tiered discounts, and volume-based adjustments is prone to errors. Errors lead to revisions that delay quotes and erode customer trust.
- Version Control Chaos. Multiple versions of spreadsheets drive confusion which drives risk. For example, putting outdated or inaccurate info in the hands of your customers.
- Limited Expertise. Complex quoting scenarios require expertise, especially for bundles, pricing structures and discount rules. Relying on experts takes time, limiting your ability to showcase value and position yourself as trusted advisor.
Benefits of Guided Selling
Imagine this: A customer calls to buy solar power for her farm. CPQ helps you quickly understand her needs and tailor the right system size for her organic produce business. A few seconds later, you have the right price, with a savings up to 70% on her electricity bill! Within the hour, your client receives her quote - including financing options.
Just like a GPS provides route-specific distance and detour information. Guided selling provides customer-specific configuration and pricing options. Plus, value-add information that boosts customer confidence in you.
Now, you can streamline the sales process in six crucial ways:
For your Sales Team (The Quoting Masters)
- Effortless Quote Generation. Automate the nitty-gritty configuring and pricing tasks for error-free quotes. From manufacturing to energy, CPQ guides you through complexities to deliver personalized, error-free quotes in minutes, not days.
- Confident Conversations. Armed with the knowledge of the perfect solution for each customer, you can confidently navigate complex conversations. Helping you showcase value, upsell and close higher value deals faster.
- Improved Efficiency. Effortlessly track quotes and changes for easy reference, or identifying patterns and optimizing strategies. With CRM and ERP integration, seamlessly transfer accurate customer and quote information to your invoicing system.
For your Customers (The Return Buyers)
- Tailored Solutions. Customers receive quotes that reflect their specific needs. Seeing a clear and accurate breakdown of costs fosters trust and increases their confidence in the value proposition you’re offering.
- Fast Transparent Quotes. No more waiting for days or weeks to receive a quote. Facilitate quick turnaround times, respond promptly to customer inquires and keep the sales momentum going.
- Convenience. Empower customers and partners to configure products and receive instant quotes online. By catering to their demands for convenience, you instantly become easier to buy from.
The Win-Win Business Impact
The world of sales is constantly evolving, and the need for efficiency and a seamless customer experience is crucial. CPQ equips you with the GPS-like precision you need to effectively navigate complex conversations and quoting scenarios. It streamlines your process, empowers your customers, and ultimately leads to a transparent, thriving pipeline.
From manufacturing and energy and renewables to government contracting, configurators act as powerful tools for business growth. In fact, industry research demonstrates how automated selling delivers:
- Increase win rates by 10-20% (Forrester)
- Reduce cycle times by up to 50% (Aberdeen)
- Increase in customer face time and subsequent likely customer retention up to 50% (Forbes)
Why do global businesses trust Xait to accelerate their quoting process?
“At the end of the day, faster quoting means one thing: More quotes can be produced per employee, without losing quality.” - Tony Serratore - Head of IT at Penlon
Ready to Delight More Customers?
It's time to stop chasing customers with inaccurate, generic quotes that get lost in the pile. Equip your team with a powerful service and product configurator and start quoting to win:
- Effortless, error-free quote generation
- More confident conversations that build customer trust
- Close more deals faster for increased win rates
- Reduce delays and operational costs
- Data-driven insights into behaviors and preferences
- Improve customer satisfaction and repeat business
Today's savvy buyers demand speed and efficiency. If they don't get it form you, they'll find someone else. Guided selling with configurators has emerged as a powerful tool for fulfilling customer needs and expectations faster than ever before. Time to transform your quoting process from a hurdle into a smooth and transparent advantage.
