Configure, Price, Quote (CPQ) is a category of software that helps create accurate, professional sales quotes for prospects. Here's everything you need to know.
CPQ—or Configure, Price, Quote—is a fast-growing category of software that helps sales create accurate, professional sales quotes for prospects. According to the recent Forrester report titled, The Forrester Wave™: Configure-Price-Quote Solutions, Q1 2017, CPQ “improves the B2B buying experience by selling the right products, at the right price, to the right customer, at the right time, and in the buyers’ preferred channel.”
The report also explains the operational benefits of CPQ—and this is where the larger sales app ecosystem, including Sales Performance Management (SPM) software, CRM and Contract Management come in. No one would deny that each of these solutions used in isolation makes sales teams more efficient. But when you combine these forces, they become infinitely more effective.
By integrating these technologies, the partnership of the CIO, the CRO (Chief Revenue Officer), and the CFO is realized in tools that provide complete analysis and reporting on every stage of the sales funnel—from the first customer touch, to the quote to the contract, and then to the commission check.
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Moreover, shortening the timeline for each deal makes it possible for more deals to get done faster—a win-win for the sales rep and company, alike. In addition to more effective selling and better customer service, this integration also has the ability to improve sales rep engagement and results.
For example, reps can model how every change to a quote can alter their compensation, steering them to configure the best possible deals. They can then seamlessly generate proposals, contracts and invoices—often times all through one easy-to-use dashboard. In tandem, the company can track how every dollar of compensation aligns with their desired sales behaviors, allowing them to optimize their spend, and drive performance that aligns with larger corporate objectives.
This all adds up to better sales efficiency across both front and back processes; resulting in more effective selling, shorter cycle times, and a better experience for reps and customers. Want to see how all these applications come together with a neat signature on the dotted line?
