POLITICO, a media company devoted to all things politics, had a business model that was growing rapidly — too rapidly for its sales team to keep up with the increase in products and quotes. Sales managers were manually reviewing all quotes, working in multiple systems, and ultimately slowing down the process. They knew it was time for a Configure-Price-Quote (CPQ) solution that would automatically and accurately generate quotes, allowing the sales team to spend more time engaging with customers.
After implementing CPQ, POLITICO saw a 17% increase in revenue within six months.
Is it time for CPQ at your organization? Read on to find out.
- You have someone who manually reviews all quotes.
Having a person or desk look over sales quotes to ensure accuracy for product configuration may work today, but it’s not a long-term solution — it simply won’t scale and it adds unnecessary time to every deal. Plus, having dedicated resources doesn’t solve the most common quoting issue: human error. Your reps will generate quotes more quickly and accurately by automating pricing, tax, currency, and terms & conditions required for each new customer. There’s no need to take the risk, especially when CPQ software is readily available to automate the process and improve accuracy and speed.
- You are sending inaccurate sales quotes to prospects.
Whether due to incorrect pricing or incorrect configuration, sending inaccurate quotes to prospects and customers is unacceptable, not to mention risky and potentially very costly. When starting a relationship with a new customer, mistakes can jeopardize revenue, customer satisfaction, and ultimately, your customer’s loyalty. Automation via a CPQ solution is the best way to eliminate errors and ensure the right prices, terms, and components make it into every quote.
- You are using Word or Excel to produce sales quotes.
If you are using Word or Excel (or similar legacy software products) to configure products or create price quotes, it’s time to move on. By using these, you risk errors, waste time, and produce non-standardized sales documents.
- Your sales team spends a lot of time on the road.
Sales teams are doing more and more work away from their desks, which is why 79% of companies are focused on improving reps' abilities to work from a mobile device. They need the ability to generate accurate quotes and proposals anytime, anywhere, on any device. With a mobile CPQ app, sales teams can be more productive, more competitive, and close more deals from wherever their work takes them.
- You plan to grow, expand, and scale your business.
If your company is planning for growth, you need to close more deals and accelerate productivity — making you a prime candidate for CPQ. As your business grows, so will the number of quotes you generate, the regions in which you do business, and the time your team will spend generating those quotes. CPQ solutions focus on streamlining the sales process and can provide extra time for your sales team to land new and expand existing customer relationships. In today’s digital economy, outdated processes is no longer an excuse for your customers or your employees. A CPQ solutions helps remove the friction today and positions you to compete and win.
Once you’ve realized it’s time for CPQ, what comes next?
Download our PDF full of preparation tips and things you can do right now to prepare for a move into CPQ.