Of late, the Salesforce community is celebrating the success of its new software, the CPQ (Configuration, Price & Quote) model. Why not! It has established itself in such a manner that many organizations are contacting their Salesforce consulting partner just to install the given sales tool. Is there any reason for its high popularity? Yes, there is as it makes sales procedure more organize so to offer a quote for the prices of the products that can be utilized by the customers efficiently.
The given sales tool has come as a boon for the customers and partners alike. Why so? The reason is that organizations now have the power to deliver enriched buying experiences just at the doorstep of the people. Also, there are numerous products in the marketplace that includes the Salesforce CPQ solution to build perfect native apps to meet the requirement of the clients of an organization in the most effective way.
Now, a question arise – ‘Why Salesforce CPQ is most after-sought sales tool among the sales reps? It is because it offers a 3600 view about the buying aspect of their clients. What’s more, they assist them in providing the latest update in every stage of revenue in their sales voyage.
Here, we are presenting a quick overview of some of the crucial features of the Salesforce CPQ software that will assist the customers to implement it in numerous circumstances in the quoting procedure.
A. Product Configuration Features
Customers have multiple choices to buy an array of products, but they come at a cost. The sales reps offer a variety of products for their clients but there is a possibility that they will offer a quotation for those products that are just not needed at that time. Thankfully, the arrival of Salesforce CPQ has made the working of sales reps quite easy. How?
Simply, by providing product bundles whose main function is to make the selling of complicated products easy. Moreover, they can also tweak as per the requirement to create accurate quotes in the perfect time. Now, what are product bundles?
They are a group of products that includes all the related products that are then sold together in the market. They are of three types:
- Static Bundle: Same products with same quantities
- Configurable Bundle: Customized bundles with some limits
- Nested Bundle: Bundle within a bundle
By configuring bundle products, Salesforce implementation services create some important records so that they can be customized and present with multiple options as per the needs of the customers. Furthermore, they come with features that come in categories for bundles and their components are options. Some of their following aspects are given below:
- Options are an integral part of bundles that supports cross-sell and up-sell situations
- Wide support for the inclusion and exclusion rules
- Follow real-time processing rules to support dynamic hiding/ addition of the configured components of the bundle
B. Product Pricing Features
Salesforce CPQ offers several pricing options for sales reps so that they could apply them to define their quote lines. So while quoting the product, the given sales tool quote list price from the product and place it in the given price book.
Besides, it also offers support for multiple pricing options through various software tools that make the whole process successful. These tools are:
- Block-based Pricing: Support for pricing of products based on quantities and also maintaining its flexibility
- Cost+ Markup-based Pricing: Support addition of value on top of the cost associated with the given product
- Contract Pricing: Support for account-based contract pricing for either individual products or various product categories
- Real-time Price Simulation: Support pricing for solution bundles for the shorter period
- Option Pricing: Supports replacement of the product’s price when it inside a bundle
C. CPQ Quoting Features
When Salesforce CPQ is at work, one gets flexibility in the creation of quotes for the products. You can add or remove the products, focus on applying discounts and even calculate prices for the product’s quote. Another important trait about the given sales tool is that there is automatic updating of the quotes after configuration is done by the customers about their orders. Due to it, there is a creation of faster quotes with great accuracy within seconds.
It comes with notable features such as:
- Presence of quote templates that can be configured from numerous sections like header, footer, and even a few sections such as quote line items and quote terms
- Capability to integrate various new services for customer’s care such as e-signature tools
- Successful integration of the quote document generator that enriches the software with aspects such as multi-language and multi-currency options
D. Productivity Features
Besides several features, there is some productivity pieces present in Salesforce CPQ that make it famous across the world of the cloud. A few of them are:
- Guided Selling: It is a tool that assists sales reps as well as customers by guiding them in developing a set of questions and zero in towards attainment of the best possible fit in the form of the product. In this way, customers experience enhancement in their purchasing power. Moreover, it also helps management to increase their customer retention rate manifold.
- Renewal opportunity with CPQ: An automatic option to perfectly manage and track contract and its renewals, and even managing the product’s pricing. It happens due to presence of new features such as renewal forecast and quote that automate the whole process and offers much-needed visibility as per the client’s needs.
- Existence of customizable product search that also takes into account custom fields and makes the life of the customers easy by decreasing the searching time for their specific products.
E. Other Value-Added Features
In addition to the above-given features, there are some more additional features offered by Salesforce CPQ that makes every Salesforce consulting service envious of it. Some notable features that enhance the value of the given sales tools are:
- Making the product available for the customers by the inclusion of modern Salesforce Lightning user experience
- The offering of wide support for communities to provide easy access to CPQ functionality for the customers and their partners
- Use of renewal opportunities for automatic generation of quotes so to help sales team for timely follow-up and even driving pipeline projection with great efficacy
- Software is equipped with an advanced rule engine that flushes out any flaws associated with bundling, calculation, product combination, and even pricing
- Effective integration with other automation systems (CRM & ERP) to offer real-time visibility and thus ensures the creation of quotes that fulfill business needs and customers’ requirements
- Wide support for a multi-platform interface that allows sales reps to access orders, pricing, and quotes on any mobile-friendly platform
Summary
So, the given blog uncovers some of the exclusive Salesforce CPQ features that we’re working behind the veil to make it more appropriate for the sales team and customers. Even Salesforce consultants can vouch for it to provide benefits to organizations they are working with.
Eventually, Salesforce experts now believe that CPQ is now the most preferred tool in the present scenario. Now if the people want to better understand the needs of their consumers and want to act quickly; then this is the tool that they can’t ignore at any cost.
There is a quick overview of product configuration, product bundles, and their types with different types of pricing. Furthermore, the way of creating and editing quotes using pricing and discounting options has also been explained precisely.
Besides, the viewers have also got to know the integration of CPQ with other automation systems has made it cost-effective, faster, and easy with a high level of transparency at real-time value. Thus, a better way to project the given sales tool in front of the clients!