In recent years, the pressure to streamline the buying process has dramatically increased. In response to this, Salesforce CPQ (Configure, Price, and Quote) has emerged as one of the best solutions.
The product enables sales teams to be more efficient and effective, it can eliminate confusion, and it comes with many more benefits. If your company has spent time, money, and other resources rolling out Salesforce CPQ, it is now time to leverage these benefits to grow your revenue.
In this article, we’ll talk about what you need to focus on to ensure you’re taking full advantage of the product, and we’ll tell you how you can use it to increase your revenue growth. Read on to find out more!
What Is Salesforce CPQ?
Essentially, Salesforce CPQ is a sales software tool that assists organizations in providing the most accurate pricing, no matter the product configuration scenario. The software considers various aspects, such as optional features, discounts, personalization or customization, quantities, and more. This allows the sales team to create quotes with high speed and accuracy.
The application is hosted on the Sales Cloud platform and is available on any device.
Factors To Consider After Implementation
After you roll out the product in your organization, you may expect it to just start working in your favor immediately. Unfortunately, nothing in this world is that easy. There are a few important steps to take before you will really see any benefits. Below we detail some essential factors to consider after you have begun rolling out Salesforce CPQ in your organization.
It may seem obvious, but it is worth mentioning. Your system won’t work unless your employees are working with it. Learning new systems and software can be tedious and tough, but it will be worth it in the end. As such, you have to ensure that the transition to new applications and software is smooth.
Consider providing training, noting usage metrics, and asking for employee feedback.
Another thing you can do here is, have a look at all the features that the software comes with. Once you’ve identified the features, spend some time learning to use each one and pinpoint which people will use or benefit from each individual feature. This will facilitate the learning process.
In order for your software and systems to work well, you need to ensure that the data you’re feeding it is good. This means your data must be clean and accurate. There should be no duplicate or incomplete data. You may need a dedicated team to get this sorted out.
Adding Salesforce CPQ to your list of systems and software will mean that workflow is likely to change and shift. You must stay on top of these changes.
Most companies have a wide variety of software that they use to remain on top of their game. Often, these pieces of software need to be integrated in order to get the best results. You need to ensure that you understand which pieces of software are able to integrate with Salesforce CPQ so that everything goes your way.
4 Ways Salesforce CPQ Can Be Used To Grow Revenue
Let’s get to the part that you really came here for. How to use Salesforce CPQ to grow your revenue. Increasing revenue is the goal of every organization out there. And, if you have the right software on your side, you should use it to your advantage. Here’s how this software product can help you to reach your revenue goals:
1. Effective Use Of Time
Creating quotes and proposals can take up an enormous amount of a sales rep’s time. Especially when they’re trying their best to be as accurate and reliable as possible. This, however, means that a lot of their time is spent on administrative tasks, rather than on actually selling products, which in the end means you’re making less money.
With Salesforce CPQ, the task of creating accurate quotes is much easier. It can be done quickly and efficiently, giving your reps more time to focus on what really matters – sales. In the end, all of this saved time leads to an increased focus on sales, which will grow your revenue.
2. Condensed Sales Cycle
Salesforce CPQ allows your team to configure products and services quickly and easily. As we mentioned, quotes are generated quickly too. This means that reps can send off quotes in a matter of minutes, instead of taking a few business days for routine approvals and other administrative activities. This means the time between the beginning of the opportunity and the sealed deal is shortened. Quicker deal cycles = quicker wins = more revenue.
In addition to this, the features of the software can direct reps to make better sales. For example, reps can select the relevant products for customers, and they will be able to note which items they can cross-sell and upsell. Again, this can reduce the length of the sales process, bringing you closer to your revenue goals in the long run.
3. Valuable Insights
One of the major benefits of Salesforce CPQ is the insights that you can draw from it. The software gives you an in-depth view of your sales processes and can show you clearly what you are doing well and what you need to work on. Furthermore, the software can give you information on which customers bring you the most revenue, which of your products or pricing models are the best, and so forth.
You can use all of this information to make better business decisions to improve your revenue growth.
4. Reduced Churn Rate
Salesforce CPQ software can also decrease your churn rate through more time spent on sales activities. We have said it before, but the software reduces the time your sales team spends doing administrative tasks and busy work. They now have the ability to give more attention to customers. In other words, they have the capacity to give buyers the attention and support that they need. When customers feel as though they are being served fully, they are less likely to take their business elsewhere. As such, you can reduce your churn rate and increase your revenue.
Where revVana Comes In
At revVana, we believe that revenue visibility is imperative to bettering your revenue growth. By automating the generation of revenue forecasts, you can plan ahead, predict customer behavior, and much more. In the end, the information drawn from forecasts can help you make decisions that will grow your revenue.
With revVana Plan, you can instantly forecast revenue from your Accounts and/or Opportunities in Sales Cloud and from Quotes in CPQ. revVana’s flexible revenue scheduling engine automatically creates forecasts at any level in Salesforce and keeps them up to date. Best of all revVana is 100% native to Salesforce, making it easy to extend as your organization grows the use of the platform.
Salesforce CPQ is a big investment, so you shouldn’t let it go to waste! There are so many benefits that you can leverage from it, and you can use it to foster the growth of your revenue. It allows for effective use of time, a shortened sales cycle, and it lowers your operational costs. Furthermore, by increasing the accuracy of quotes, automating revenue forecasts brings you valuable insights that allow you to make the best business decisions you can.
Last but not least, you should get in touch with revVana to take it a step further and forecast your revenue, to help with revenue growth.