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!
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!Continue reading