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3 Ways CPQ Transforms Pricing Business

The term "CPQ" is tossed around, but we have the pricing tips proven to master the software.
  • What can CPQ do for pricing business?
  • How can pricing businesses avoid quote errors?
  • How can pricing businesses efficiently (quickly) create quotes?
  • How can pricing businesses attract customers with tailored offers using IMPROVED quotes?
  3-2 Configure Price Quote (CPQ) software can aid in core stages within business to set, control and quote pricing. CPQ software typically comes with a price engine that can assist businesses to keep their prices more in line with current market conditions – and to keep abreast of the competition.

CPQ software automatically pulls together all the necessary pricing information, allowing you to produce a quote promptly and accurately. Pricing data becomes streamlined, time is saved - and ultimately, more sales can be made.

It can be applicable in business-to-consumer (B2C) sale interactions, but is more commonly adopted in business-to-business (B2B) situations.

The Configure or configuration element, essentially refers to all the products or services that you want to include in the quote.

3_reasons_why_you_need_configure_price_quote_software

Click HERE to read the full article by Moira McCormick on BlackCurve.com!

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Current Trends In Pricing Featuring Lydia DiLiello

We talked with featured pricing consultant Lydia DiLiello about the "Current Trends In Pricing" in a NEW #PricingPodcast! We're excited to feature pricing experts and share business insights in our #PricingPodcast series! This latest edition features PPS Board Member and friend, Lydia DiLiello. Lydia took time before her upcoming appearance during #PPSLV16 to share an expert opinion on the current pricing industry landscape. Listen to the exclusive insight in our #PricingPodcast. Click the image below to listen to the #PricingPodcast audio: Pricing podcast discussing current global trends in pricing

About Lydia: Lydia Di Liello is the founder and principal of Capital Pricing Consultants L.L.C. a Revenue Management consultancy dedicated to improving profitability for its clients. She brings more than 22 years of global revenue management, pricing expertise and business leadership experience to her clients.

Spending her corporate career in B2B, Di Liello’s experience working in 16 countries with global Fortune 500 companies and mid-size privately held firms provides a breadth of knowledge and an understanding of the unique challenges her clients face. Her leadership roles have included manufacturing, pricing and procurement. Di Liello earned her MBA from The Youngstown State University and is a prominent member of the Professional Pricing Society Board of Advisors and regularly presents at Conferences. She also frequently contributes to pricing industry publications including The Pricing Advisor, Pricing Brew and The Journal of Professional Pricing.

For more information about pricing strategies that will better impact your business, contact Lydia directly with questions and comments!

Email: Lydia@capitalpricingconsultants.com

Lydia is also a featured Workshop presenter during the upcoming 28th Annual Fall Pricing Workshops and Conference in San Diego.

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Monetize Your CPQ Investment - PricingPodcast

In this #PricingPodcast expert Lydia DiLiello shares how to increase revenue and profit generation from CPQ (Configure Price Quotes) investments. Learn how to master this pricing strategy for your business.

"How to Monetize Your CPQ Investment" with Lydia DiLiello!

Click the image to listen:

About Lydia: Lydia Di Liello is the founder and principal of Capital Pricing Consultants L.L.C. a Revenue Management consultancy dedicated to improving profitability for its clients. She brings more than 22 years of global revenue management, pricing expertise and business leadership experience to her clients.

Spending her corporate career in B2B, Di Liello’s experience working in 16 countries with global Fortune 500 companies and mid-size privately held firms provides a breadth of knowledge and an understanding of the unique challenges her clients face. Her leadership roles have included manufacturing, pricing and procurement. Di Liello earned her MBA from The Youngstown State University and is a prominent member of the Professional Pricing Society Board of Advisors and regularly presents at Conferences. She also frequently contributes to pricing industry publications including The Pricing Advisor, Pricing Brew and The Journal of Professional Pricing.

To learn more about CPQ, sales strategies, as well as hear more from Lydia in-person, join us in Miami, FL May 2-5th at the 28th Annual Spring Pricing Workshops & Conference! Lydia will host the CPP Workshop "Pricing & Selling: Strategies and Tactics to Win With 21st Century Procurement."

Register your team TODAY! We'll see you in MIAMI this Spring!

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CPQ Business Basics With Lydia DiLiello

#PricingChat -Lydia Recap 2.0 Lydia DiLiello shares four great tips with PPS to cover the pricing basics around CPQ strategies for business. Lydia DiLiello shared four great tips with TPA Blog that cover the basics around pricing and CPQ. Gain a better understanding of the tool and how leaders within the industry are using CPQ from pricing strategy expert Lydia DiLiello. About Lydia: Lydia Di Liello is the founder and principal of Capital Pricing Consultants L.L.C. a Revenue Management consultancy dedicated to improving profitability for its clients. She brings more than 22 years of global revenue management, pricing expertise and business leadership experience to her clients. Spending her corporate career in B2B, Di Liello’s experience working in 16 countries with global Fortune 500 companies and mid-size privately held firms provides a breadth of knowledge and an understanding of the unique challenges her clients face. Her leadership roles have included manufacturing, pricing, and procurement. Di Liello earned her MBA from The Youngstown State University and is a prominent member of the Professional Pricing Society Board of Advisors and regularly presents at Conferences. She also frequently contributes to pricing industry publications including The Pricing Advisor, Pricing Brew and The Journal of Professional Pricing.

What is a Configured Price Quote - CPQ - anyway?!

Lets chat CPQ!

Question: So, what is CPQ?! Answer: CPQ traditionally refers to software that supports Configuration, Pricing and Quoting of custom products. Question: What are additional ways to define CPQ and the business process? Answer: Other names for CPQ include "Quote To Cash", "Opportunity To Order", "Quote To Sell", "Lead To Win", "Contact to Conversion." Question: How is CPQ bigger than "just software?" How can companies best incorporate sales strategies? Answer: CPQ is no longer "just software." Historically, CPQ was created to solely as software, but progressive definitions include dynamics of Change Management, Business Processes, and Policy development. These additions change the thought process around CPQ making it an essential part of a successful global, multi-channel selling strategy. CPQ grants companies full control over which partners, groups, or channels can access certain pricing or product information, with role-based access, discount locks, and portals, allowing a greater management of revenue, discount offers, or pricing and shipping fees. CPQ software and strategies also allow businesses to manage different strategies for multiple channels and geographies by providing full visibility into sales trends and channel effectiveness. This allows executives to course-correct when needed. Question: How does CPQ affect today’s Pricers? Answer: CPQ affects not only Pricing but also Finance, Sales, Customer Service, and Operations. It touches every part of an organization in both breadth and depth. The expanded definition includes Change Management, Business Processes and Policy Development, all critically important. Sales leaders want to follow a product's life throughout the entire organization. From the point of initial customer contact, all the way to the end - a closed sale with a happy customer.

For more information about CPQ strategies that will better impact your business, contact Lydia directly with questions and comments!

Email: Lydia@capitalpricingconsultants.com

To learn more about CPQ, sales strategies, as well as hear more from Lydia in-person, join us in San Diego, California this fall for the 29th Annual Fall Pricing Workshops & Conference!

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Save The Date: Chicago May 2016 #PPSCHI

Save-the-date #PPSCHI 2.0

Announcing the 27th Annual Spring Pricing Workshops and Conference in Chicago, IL May 3-6 2016!

#PPSCHI Early BirdButtonRegister TODAY for the pricing event of the season!
  • Over 40 Speakers
  • Over 100 Hours of Exclusive Content
  • 13 CPP Workshops
  • CPQ, Sales, Operation Breakout Tracks & MORE!
  • Full Lineup TBA
    PPS Chicago 620x350 Web Banner For more information, questions or registration help, please visit PricingSociety.com.

We'll see you in Chicago! #PPSCHI

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#PPSSF - Conference Recap

We had an amazing time in San Francisco during the 26th Annual Pricing Workshops and Conference! During October 20-23 over 450 attendees packed Workshops, Breakout Sessions, the Executive Summit, Networking Receptions, Keynote Addresses and more. We have the Recaps. PPS captured the memories via Social Media by sharing Tweets, pictures, and live video on Periscope. Keep reading to take a look at the team, attendees, Speakers, Workshops and city sights from our Fall Pricing Conference Workshops! Click the images and links below for more #PPSSF! Check out the Tweets - a collection of #PPSSF Tweets throughout the week of Workshops and Conference! Follow @PricingSociety on Twitter! WATCH the Periscope videos from the PROS Reception, Sponsor Hall, and more on our You Tube Channel! Click the image below to view the Playlist. PPS On Periscope Follow @PricingSociety on Periscope for more #PricingScopes and notifications of new, live videos. The entire #PPSSF Photo Gallery is live on Facebook! View photos from our great time in San Francisco HERE.
#PPSSF was another info-packed pricing event featuring the leading pricing experts from around the world! We hosted 11 Workshops, an Executive Summit, Keynote presentations and a host of breakout tracks including the all-new CPQ track which was a huge success. Each evening was packed with networking and sharing best practices with pricing peers- we truly love connecting our pricing folks! - Lisa Miles-Atkins, Director of Key Accounts @ The Professional Pricing Society
A special thank you to our team in San Francisco, our Sponsors, members, the hotel staff and everyone and location that worked to make #PPSSF such a success! We had a wonderful time and look forward to returning! Save-The-Date NOW for our Spring Pricing Workshops and Conference 2016... in CHICAGO!! (Click the link) Continue reading

#PPSSF Full-Day Presenters @ Oct. 20th Workshops

#PPSSF Workshops 10.20.15 Our Workshops provide the best forums to gain exclusive pricing knowledge that will increase business performance. Choose from several offerings including the following: There are (4) 1-Day Workshop offerings during #PPSSF. View the October 20th lineup below and learn more about the featured Speakers.

Identifying Pricing and Profitability Leakages in Your Organization:

Step-by-Step Approach How To Improve Everyday Pricing Performance

With Anton Malygin and Chethan Sharma, Directors, Pricing and Profitability Consulting Practice at PwC

Understand the benefits of addressing everyday pricing and profitability leakages. Identify the key areas for pricing and margin improvement, learn analysis needed to identify improvement opportunities and learn how organizations implement effective every day price management.

Attendee Takeaway:

  • The value of every day price management
  • Key benefits and opportunities areas for price management improvement
  • How analytics can be leveraged to provide transparency and generate one consistent “single source of truth” view using information about customers and products at the transaction level
  • Requirements to effectively execute price management improvements in an organization and how to make it sustainable

Pricing and Corporate Strategy:

The Pricing Decision Framework Proven Successful by the World’s Most Profitable Companies for Getting Pricing Done Right

With Tim Smith, Ph.D, CPP, Founder and Managing Partner Wiglaf Pricing & Adjunct Marketing Professor at DePaul University

List prices, discounting, new product development, account management, and international variations are just a short list of key pricing challenges facing modern corporations. How should corporations manage? Learn how leading firms are integrating different pricing and price management techniques throughout the corporation to maximize both growth and profitability.

Attendee Takeaway:

  • The nature of a good price
  • The impact of price concessions on profitability
  • How to connect product development to pricing decisions
  • How to connect customer account development to pricing decisions
  • How to connect international contingencies to pricing decisions
  • A proven framework for integrating pricing into strategic corporate development

Gaining Profit - And Making it Stick

With Diana Zuzek, President and CEO and Craig Alcock, Senior Partner of Beanstalk Revenue Management

Well-designed governance and infrastructure components enable organizations to generate ongoing and consistent results. Instead of unreliable or “spikey” outcomes, performance becomes predictable and routine. This workshop will examine infrastructure and governance from a strategic perspective, discussing how business objectives and market realities shape the application of infrastructure and governance paradigms. Also, presenters will discuss basic price performance metrics and review the interdependence of good performance measures and quality governance and infrastructure outcomes. Attendee Takeaway:
  • The components of infrastructure and governance
  • How these components can amplify price performance
  • Get Started Toolkit - How to assess your organization’s current governance and infrastructure capabilities
  • How to pragmatically deploy or enhance existing models
  • How to measure and monitor price performance

Bullet-Proof Your Price Increase With Sales

With Chris Mitchell, VP of Global Initiatives, and Alison Yama, Senior Dir. of Holden Advisors

Pricing technology makes implementing the mechanical aspects of price increases an easy task. The real challenge most organizations face is not "getting to a number," but rather developing an effective communications plan and a sound value rationale that the sales force can embrace with confidence and that aligns the organization around targeted price increase. Any inconsistencies in logic, messaging, or the responses of executives, sales, and customer service staff will immediately be exploited by hard-negotiating customers fighting to roll back the pricing increase. Attendee Takeaway:
  • How to develop credible tools and training for all customer-facing staff to lead and defend price increase
  • How to create an effective communications plan with rationale for leading a price increase
  • How to use formal and informal communication channels to build momentum
  • How to prepare for difficult conversations with customers that challenge the price increase

Learn more about our Workshop offerings during the 26th Annual Fall Pricing Workshops and Conference in San Francisco and register your team TODAY!

*Currently our Main site, PricingSociety.com is experiencing technical difficulties. However, you can STILL register for our upcoming Fall Pricing Workshops and Conference in San Francisco #PPSSF! The deadline to book a discounted rate at The Palace Hotel San Francisco is THIS FRIDAY!

Reach us directly:

Call - 770.509.9933 or Email: Cherica@PricingSociety.com.

We look forward to speaking with you and apologize for the temporary inconvenience.

Follow us on Twitter, LinkedIn, and Facebook for more #PPSSF updates!

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We Define: CPQ For Pricing

What is Configure Price Quote (CPQ)?

Configure price quote (CPQ) is an industry term for software solutions that help companies to streamline some of their core processes around the prices that they set for customers. CPQ software can help companies configure products or services in the most optimized way, pricing according to internal factors such as cost, discounting, etc.

CPQ software can measure external factors such as competition and other economic conditions in order to produce accurate highly configured quotes. As companies and their product/service lists grow, it becomes increasingly difficult to manage product pricing, identify great upsell opportunities, and keep track of deals being offered by your competition.

Often, sales reps aren’t provided up-to-date pricing information on products, which can lead to lost opportunities and slower quote times. Configuring a quote can be a time-consuming task, especially when critical data is not easily accessible in real time.

What are potential benefits of CPQ software solutions?

Configure price quote software may help companies achieve faster sales cycles, improve data accuracy, and opportunities to upsell, cross-sell. Also, bundle product/service offerings may be captured more frequently. Pricing products can vary based on factors such as:

  • Costs associated with production
  • Local/ global economic factors
  • Competition/ industry
CPQ software addresses these variables by allowing companies to come up with accurate price quotes sans errors. With built-in analytics, your reps can discount smarter in order to stay ahead of the competition no matter how complex your business becomes.

These solutions may offer additional margin protection, control discounting, enable faster quote preparation and approval turnarounds.

CPQ software can eliminate these problems by speeding up sales cycles, ensuring pricing data accuracy, and identifying and opportunities to upsell and bundle. At the same time, a company can prepare orders faster without increasing the potential for error. As pricing data is more streamlined, the workflow is streamlined, time is saved and more sales can be made. Large companies that manage thousands of products and SKUs due to discontinued items or discounts, or sales teams that may not have the data needed to provide accurate, up-to-date sales quotes (for bundles or upsells) are great business examples of when to use CPQ software. Also, companies that operate on a global scale and need to provide quick and accurate pricing data to dozens or hundreds of stores may find CPQ software most effective at managing pricing discrepancies. Companies can lose a lot of money with a lack of accurate sales quotes.
According to the Aberdeen Group, the sales cycle can see a 28% reduction with CPQ, thereby positively impacting sales rep productivity.
cpg img final Remember to Analyze Sales Performance: Get visibility into real-time activities of your sales reps with analytics. Meet sales goals by tracking product & pricing trends. CPQ turns limited visibility into real-time data/analytics for sales reps. Meet sales goals by tracking product & pricing trends. CPQ makes the journey from quote-to-contract much easier by connecting contract and sales process, so you can win deals faster and sell more. So, when do you know that your CPQ should be evaluated?
  • Sales reps utilize traditional methods of configuration to create price quotes
  • The business/organization offers various products/services
  • The business/organization continues to grow
  • Difficult monitoring competition, industry changes, sales, etc.
Learn more about CPQ and core pricing skills in Dallas, Texas this Fall for the 29th Annual Fall Pricing Workshops and Conference event!

Master skills in-person including core pricing and CPQ strategies. Attend the Workshops and pass the course tests to receive credit towards your CPP Designation. Click to learn more!

Companies use CPQ in business to maximize pricing impact and strategic solutions.

How does your company use CPQ?

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Announcing NEW CPQ Tracks During The Fall Pricing Workshops And Conference

#PPSSF PR & Membership Special (1)

The Professional Pricing Society Launches “Biggest and Most Comprehensive” Pricing Conference Ever During The Fall Pricing Workshops & Conference In San Francisco, California

Annual Fall Conference Event, October 20-23, 2015

Marietta, Georgia -The Professional Pricing Society (PPS) is pleased to announce a new educational Track offering during the 26th Annual Fall Pricing Workshops & Conference in San Francisco, California. The Sales Operations / Configure, Price, Quote (CPQ) Track, will highlight the challenges and benefits impacting Sales and Sales Operations utilizing CPQ software. Track Offerings Include:
  • Accelerate Pricing and Quoting Excellence with Elliott Yama, Vice President, Apttus Corporation
  • Pricing and CPQ Transformation: Combining and Sequencing of Two Initiatives with Joseph Lackner, Partner – Advisory Services, Ernst & Young LLP
  • Crossing the Great Divide, Perspectives from a Sales Executive that Deployed Pricing Technology and Turned Pricing into a Career with Kevin Wholey, Sr. Vice President Americas Sales, PROS
  • Building Successful Deals Desks with Amit Dhir, Director, PwC
This will be PPS’s largest conference - loaded with interactive workshops and keynote presentations from world-renown pricing and revenue management experts. This year features a Pricing for Executives Summit with presentations from a variety of industry leading thought leaders. “I have attended more than 20 PPS conferences. If you are in pricing and don't go to PPS (conferences) you may be missing the one contact or the one idea that will literally transform your company or your career.” -Previous attendee, Augustin Manchon

We're ALSO offering 3 Months of FREE PPS Membership!

For a limited time, we are extending a SPECIAL OFFER! Become a PPS member and your annual membership will be extended to 15 months for the price of 12 months! That’s an additional 3 FREE months, or 25% savings! ACT NOW as this special promotion is available only until 31 August 2015! Membership Benefits Include:
  • Access to all live and on-demand webinars
  • PPS’s monthly newsletter & quarterly journals filled with exclusive pricing content
  • Members-only discounts to our conferences across the globe
  • Cutting-edge continuing education & training
  • Networking opportunities with peers in your industry
To become a member please visit: http://www.pricingsociety.com/home/become-a-member. Once you have joined, please send us an email and include the promotional code - PPST3. All members are added to our database to receive up-to-date pricing information and communication. Become a member of The Professional Pricing Society - one of the best decisions for YOUR career! For more information please visit PricingSociety.com. Questions: contact Cherica Spann - 770.509.9933 or cherica@pricingsociety.com. Continue reading
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