As technology continues to evolve and change the way the world does business, staying ahead of the curve can mean the difference between staying in business or losing out to your competitors. For many businesses, Configure-Price-Quote software, or CPQ software, is a way to get an edge on the competition.
CPQ software is an efficiency tool that allows businesses to streamline sales processes, which results in more accurate sales quotes, the ability to close sales faster, happier customers and more revenue.
According to an Aberdeen Group’s Research Report on Configure-Price-Quote solutions, it identifies three compelling statistics that will make you want to add CPQ software to your business’ sales arsenal:
1. CPQ software can increase quote productivity by 33%.
Generating quotes is extremely time consuming—especially when your business offers customizable, made-to-order, or complex products. CPQ software stores and organizes critical data, which allows sales reps easier, more accurate access to the information needed to create a comprehensive quote.
"[CPQ software] helps reps stay up-to-speed on multiple product lines and what’s needed to gain new accounts,” says Nancy Nardin, president at Smart Selling Tools. “It also ensures that you get the most value from every proposal and from every account with appropriate up-selling and cross-selling.”
Simply put, CPQ software speeds up the quoting process without sacrificing accuracy, which allows sales reps to get in front of more customers and generate more sales opportunities.
2. CPQ software can reduce the number of quote versions by 13%.
As part of that critical data piece, CPQ software gets sales reps access to the most up-to-date pricing information, which means they can deliver the most accurate quote possible and reduce the number of times a quote needs to be revamped before closing the sale.
3. CPQ software can shorten your sales cycle by one-third.
Because reps are able to generate those quotes more quickly and accurately, they’re able to close deals faster. According to research, the average sales cycle for non-CPQ software users is 4.68 months. For those sales reps who use CPQ software, that sales cycle drops to 3.42 months – about a 33% decrease.
The bottom line is that CPQ software offers an efficiency solution that can take your business to the next level. If your company is introducing new products, hiring more reps or expanding, CPQ software can help fuel that growth.
Learn more about what CPQ software can do for your company by getting in touch with us today.