Configure-Price-Quote (CPQ) and product configurators have been on the market for roughly ten years. I think at this point, most businesses and people understand the basic concepts of CPQ software. If not, here is a quick summary.
CPQ software is designed to improve the overall sales experience with automation tools to reduce errors, rework, and time during the quoting and ordering process. In a nutshell, it helps sales professionals SELL and QUOTE quickly and efficiently. Here is how...
Driving Sales Effectiveness
Let's say that your business sells a wide variety of bicycles. With a CPQ solution or even a 3D product configurator, your sales representative can now walk the customer through the configuration and ordering process with complete confidence.
The CPQ solution empowers the sales rep to select the bicycle model and quickly recommend different accessory options available (with complete assurance for compatibility) for that specific model. Without being an expert on that model, the rep can now recommend (tire, grips, and suspension) options to take that bicycle from stock to a premium, custom design.
In this example, the CPQ tool helped the sales rep design and sell a custom designed bicycle. It quickly guided the rep through the selling stage by providing accurate, real-time pricing, and identifying appropriate product substitutions/combinations/mixes/bundles. As a result, the sales rep sold the bike with confidence, the customer designed it to their liking, and the business increased its win rate and the profitability of this transaction.
Read how HelpSystems' increased its quote generation time by 500% with Powertrak CPQ compared to its legacy system.
Improve Sales, Margins, Satisfaction & Efficiency
There's no question that a Configure-Price-Quote system is a strategic asset to a business. It not only streamlines the quote-to-order process but it also increases sales, and improves margins, efficiency and customer satisfaction.
CPQ Software encompasses configuration, pricing, quote, and contract management. Image courtesy of Gartner.
In fact, Powertrak has taken customer satisfaction to a whole new level by incorporating visual and interactive functionality to the Configure-Price-Quote process. These two features add a psychological advantage for customers and partners to totally immerse themselves in the buying process. With Powertrak 3D Product Configurator, users visually see the product and have tools to build, design, quote, and buy it - all in one fell swoop.
Discover the variety of CPQ functionality offered by Axonom's Powertrak solution (guided selling, product configurator, visual and interactive configurations).