CPQ, otherwise known as Compare Price Quote, improves customer experience and engagement in several ways:
- Drive customer engagement with automated quoting
- 100% accurate quotes
- Streamlined discounting approvals
- Keep sales Reps focused on customer experience and engagement
- Subscription management
- Ease of Adoption
Drive Customer Engagement with Automated Quoting
Sales reps spend a lot of time on administrative tasks. Not only does this keep them from selling, but it also has negative knock-on effects for the customer experience. Every moment a prospect needs to wait for a response causes immense damage to the possibility of closing a deal. Eliminating inefficient sales processes is one of the most important things leadership can do to achieve higher revenue.
Research shows that the first company to deliver a quote wins the deal 50% of the time. Giving your reps a CPQ empowers them to respond as quickly as possible, preventing the competition from swooping in to steal their deal.
One of the ways CPQ does this is by streamlining quote generation workflows. Instead of manually going through price/product lists, reps can have the work of matching everything up doing for them automatically.
By eliminating almost all of the manual work that’s needed to create a quote, your entire team can generate more complex quotes in a much shorter time frame. That increases customer engagement by minimizing the amount of time prospects need to wait for you to respond.
100% Accurate Quotes
Generating quotes quickly is not enough. CPQs also improve customer experience and engagement by ensuring quote accuracy.
DealHub CPQ is the best example. Our next-generation guided selling playbooks allow leadership to input their strategy into a rules-based engine. Sales reps then answer a series of questions about any deal they are working on. DealHub CPQ analyzes their answers using the pre-defined strategy in order to generate a quote.
Because quotes combine current price/product lists, leadership strategy, and deal characteristics, they are 100% accurate. There is no risk that sales reps will work off of old information, or mismatch/forget the correct product/accessory pairings.
By providing customers with correct quotes up front, reps both minimize the need for corrections later on in the sales process, and also meet expectations after the deal is closed.
Steamline Discounting Approval Workflows in CPQ
Delivering a finalized quote is not the end of the deal. Prospecs often want to negotiate with the rep on certain points–especially price. Discounting is a common tactic used by sales reps at this point in the sales cycle, and they will often try to lure leads in with the promise of reductions off the original price.
In practice, this creates two challenges. First, management and leadership must worry about ‘rogue’ discounting, where reps try to close a deal by offering discounts that undercut expected margins. Second, management tries to prevent this by requiring manual discounting approvals–something that can significantly slow down negotiations.
DealHub CPQ eliminates these problems with automated approval workflows that allow management to set maximum approval thresholds. Any discount a rep offers that is below the threshold will be automatically approved; discounts above the threshold are routed for manual review.
This empowers sales reps to keep up the momentum with the prospects, and decreases the amount of routine administrative approvals management must handle. At the same time, leadership has peace of mind that margins will be protected and the possibility of a rogue rep is minimized.
Keep Reps Focused on Customer Experience and Engagement
Quicker turnaround times, automated workflow approvals, and accurate quoting add up to another huge benefit: Keeping your sales reps focused on the customer experience and engagement they provide leads and prospects.
The customer experience is about the holistic way a rep treats leads. There are huge benefits to freeing reps from the mundane, repetitive tasks that they hate.
First, CPQ frees them up to focus on the core of their function, which is to sell. The time they spend creating quotes gets freed up to be spent communicating more frequently with their leads. Second, reducing the administrative load decreases burnout. Reps are salespeople–they like to be out in the field engaging with other human beings. When they are stuck behind a desk, their outlook and enthusiasm can suffer. That leaks into the experience they provide when they do interact with leads.
DealHub CPQ eliminates or streamlines the things sales reps hate to do, and empowers them to remain focused on selling. They can devote more time to prospects and leads, be energized by what they do, and remain focused on providing the best customer experience and engagement possible.
Subscription Management
CPQ improves customer experience and management beyond single contracts. Subscription management creates a number of problems for sales teams, including the scope of services, payment terms, and long/co-term discounting.
DealHub CPQ’s advanced guided selling playbooks, automated workflows, and margin protection give sales leadership everything they need to manage subscriptions properly. DealHub CPQ ensures that long-term deals are standardized and for similar pricing and bury personas, create product bundles that maximize the revenue opportunity, and control discounting so that it lines up with strategy.
Customer experience and engagement is easy to provide when you can manage even the most complex deal quickly, efficiently, and accurately.
Ease of Adoption
No technology solution implemented by management will achieve actual revenue impact if sales reps don’t adopt it. In most sales teams, adoption is a huge problem. It’s not unheard of for reps to have to work across ten or more technologies to do their job. Against that backdrop, any CPQ placed into that already full sales technology stack must earn its place.
Reps don’t like adopting technology when it is difficult to use. DealHub CPQ’s next-generation technology creates an excellent user experience that reps love. Our GUI has been completely reimagined from the traditional CPQ model in order to graph onto the way reps like to sell. Instead of forcing people to work for the technology, DealHub CPQ puts technology to work for the people that use it.
The results speak for themselves, with leaders reporting back to us that 100% adoption was achieved within just a few weeks of onboarding.
DealHub CPQ has been selected as a Top-50 Sales Product by G2 and recognized as a leader in the CPQ Momentum Grid. We have innovated the next generation of CPQ to empower teams to connect their tech and their teams to send their revenue to new heights today and in the future.
The post How does CPQ Improve Customer Experience and Engagement? appeared first on DealHub.
