Providing prices quickly and confidently for complex products to meet rapidly-changing buyer requirements is becoming an essential tool in the B2B ecommerce market. Enabling your customers to serve themselves around the clock will make their buying journey faster and more convenient.
CPQ, integrated with customer relationship management (CRM) and enterprise resource planning (ERP) systems allows you to automate quotes, according to pre-set rules.
You can quickly generate accurate pricing that takes into account your customers’ buying history, their customisation requirements, quantities, discounts, and optional features.
What B2B customers want
For B2B companies with complex products that often come with hundreds of possible configurations, it can be time-consuming to define and meet your customers’ requirements. Sometimes, your customers won’t initially know what they want.
Through guided-selling you can help your customers to specify their requirements precisely, leading them through the ordering process with a behaviour-driven questionnaire. When they have answered all the questions, you can provide a product configuration and price that will precisely meet their needs.
By educating, informing, and supporting them throughout the ordering process, you are creating a seamless buying experience, saving time for your sales team, minimising errors and increasing customer satisfaction and loyalty.
Fast, accurate quotes
During the configuration process, your customer might want to add extra requirements that will change the cost. CPQ software will automatically update the requirements and provide an accurate quote in real time. When your prices change, CPQ can immediately use the new figures. With a streamlined process, your sales team can then spend their time building relationships, closing sales and increasing revenue.
For registered customers, quotations can be pre–populated based on their profile and previous purchases. If they qualify for specific pricing options, these can be included too. This can simplify and speed-up the process for your customers, improve their buying experience and give them confidence that you understand their needs.
You can also include offers and promotions to specific customer groups and add time limits and minimum orders to speed-up decision-making.
Improving your sales cycle
B2B sales cycles can take weeks or even months. That’s hardly surprising if a single sale, worth thousands of dollars, must meet complex requirements and be approved by several people.
CPQ can reduce the sales cycle with rules-driven automation that simplifies product configuration, quoting, and ordering. It can also reduce errors for bundles and volume breaks, shortening the time to complete each deal. You could achieve a 2% to 3% boost to product price by implementing CPQ and taking advantage of up-selling and cross-selling opportunities.
Seeing is believing
Combining CPQ technology with visual configurators allows your customers to see their customisations in real time, giving them confidence that they are ordering exactly what they want. You can include detailed CPQ rules to make sure that your customers won’t be able to configure anything that you can’t deliver, minimising errors and increasing satisfaction.
With CPQ, all the key factors are taken into account during the ordering process. Once your quote is approved, all the production requirements can be immediately shared across your business. By removing manual checking, you will minimise down-stream errors, reduce delays and speed-up payments.
Speak to one of our experts if you would like to know more about how CPQ can streamline your business performance.