Salesforce’s Configure Price Quote (CPQ) sales tool has become one of the most dominant quoting solutions in the SaaS ecosystem in recent years. And with good reason. Salesforce CPQ is a good fit for all organizations ranging from small businesses to large enterprises that offer products or services with complex pricing structures. Its native design gives users the ability to generate complex quotes quickly and accurately, all while working within in Sales Cloud. Not to mention, Salesforce CPQ supports a variety of industry models — Manufacturing, Software & IT and Insurance are just a few sectors where Salesforce CPQ can be customized to let a sales team convert more opportunities faster and strengthen customer touchpoints in the process.
Use this comprehensive checklist to get a feel for whether or not your company requires a CPQ solution.
Here are three ways to create industry-specific CPQ solutions:
Key Challenges: The industrial movers and shakers of the world are constantly grinding their gears to stay ahead of the manufacturing industry’s rapid evolution. But even in their pursuit to revamp supply chain processes and warehouse distribution center workflows, they almost always encounter these six obstacles:
Salesforce CPQ Solution: Dynamic product bundle configuration provides a way for manufacturers to overcome all of these challenges. Because manufacturers tend to have extensive product catalogs, product bundling saves manufacturing sales reps time by auto-applying the appropriate selection rules in each bundle and auto-generating the smartest bundle options.
If you’re a manufacturer that’s seeking a CPQ solution, plus some additional Salesforce products, like Sales Cloud, Service Cloud, Communities or Pardot, you can learn more here.
Key Challenges: Even hardware and software development gurus can benefit from a helping hand sometimes, especially when it comes to recurring revenue business models. If your goal is to continue providing value to your customers continuously to ensure a successful renewal cycle, these problems typically make you stumble:
Salesforce CPQ Solution: Includes features that notify and prompt the appropriate Account Manager depending on the model and circumstance. Functions, such as the “Renewal Quoted,” “Renew Contracts” or “Renew Assets” generate a new contract or purchase order. It’s that easy to increase revenue with minimal time investment from the sales team.
Every business, no matter the industry, requires a tailored CPQ solution. Check out three unique CPQ solutions for three big-name brands here.
Key Challenges: Insurance calls for some of the most complex quoting compared to essentially every other industry type. Whether calculations (or recalculations) need to be made on a monthly quarterly or yearly basis, these are the struggles insurance agents experience:
Salesforce CPQ Solution: Capture necessary criteria to quickly and accurately develop and communicate a premium plan through a guided selling feature that associates custom fields (known as configuration attributes) with plans and captures and filters customer data to generate a specific premium.
CPQ fully automates the preliminary customer data collection that most sales reps hate owning. For example, in the health insurance world, the guided selling tool will prompt a window pop-up for customers to run through a series of mandatory questions like: “Do you smoke? Do you exercise? How old are you? What is your annual income?” in order to build a quote. These answers provide sales reps with the foundational information needed to determine the right insurance plan. Deploying a Salesforce CPQ solution in any of these industry arenas creates a win-win situation for worker experience (WX) and customer experience (CX).
The power of Salesforce CPQ can be harnessed by virtually any organization that has a sales team. Need more information on how a CPQ solution can help your business grow? Contact one of Canpango’s consulting experts today.
Hector Villasenor is an experienced Senior Salesforce and Configure Price Quote (CPQ) Consultant having spent 8+ years in the information technology services space. Applying his web development skills and strong software acumen, Hector offers his clients and internal team members with progressive ways to help organizations overcome complex business challenges through dynamic CPQ solution design and implementation strategies.
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