Sales increases, sales productivity boosts, and shorter sales cycles are things sales managers dream of. Fortunately, for sales executives who use workflow automation tools such as CPQ (Configure, Price, Quote) software, these dreams can become realities.
For many companies, pricing and product combinations can be very complicated. For example, it’s one thing to have a product for sale, but quite another to have different bundling options for that product. However, with CPQ software, none of these options presents a problem when it comes time to deliver the products to clients. Having the effect and using it effectively are two different things. This is where good CPQ Training comes in.
Establish Sales Goals
What are your sales goals? Without measurable sales goals, CPQ is practically useless. With them, however, sales managers have a powerful tool to help reach their objectives. By picking the most important goals for an organization, the CPQ process can easily chart a course to achieve those objectives by refining workflow.
Optimize the Organization’s Quote-to-Cash Process
The sales process for every organization is different, which leads to unique needs. Implementing a CPQ program is an excellent way to refine that process and examine every aspect of a product portfolio. This will form the core of a CPQ implementation program.
Prioritize CPQ Features
Implementing a CPQ program can be a very complicated process. This is made even more complicated when users attempt to use all the features all at once. For this reason, sales goals should be prioritized from most critical to the lowest concern.
Data Management
Once the pricing models are set, it’s time to focus on data management. Since CPQ runs on data from different sources, all these systems and documents need to be gathered and incorporated seamlessly into the program.
Run Change Management Initiatives
A company can have the best CPQ available but have its implementation program fail miserably if users struggle to use it or resist using it. For this reason, management must make sure that a CPQ is effectively integrated into the sales program. Once users understand that the CPQ system will improve their ability to do their jobs, resistance should lessen or go away completely.
Evaluate and Measure Adoption
Once a CPQ has been implemented into a sales effort, it’s impact should be monitored continuously by management. This might be done using satisfaction surveys that quantify its ease of use or response times to prospective clients.
These metrics will allow managers to determine if and how well the program’s adoption is being received and implemented. These metrics can also help as elements of the CPQ program are refined or added to.
Translation of CPQ Goals into Reality
Implementing CPQ goals into reality will undoubtedly have a learning curve, but having a sound reporting system will help evaluate progress towards accomplishing goals. This will also help to determine the success of user onboarding. When it comes to the sales business, there can be little doubt that CPQ is one of the latest and greatest buzzwords out there.
Fortunately, as both products and services offered to clients become more complex, so does the need to have systems that allow salespeople to understand their offerings and package them in ways that will enable customers to know what they are buying by faster means. That’s where the real value of CPQ becomes priceless.