What You Need to Know About Quoting CPQ

These days, to stay competitive in the telecom sphere, sellers and buyers need to make fast, accurate decisions around the type of available connectivity, managed services, cloud services, and voice services.

But it isn’t just about how fast you respond—you also need to deliver consistent and superior customer service through all channels to gain loyal customers. To do this, your process can’t be one that is long, complicated, and disconnected. Instead, your process needs to be fully automated on a single platform.

A configure, price, quote (CPQ) solution allows sellers and buyers to quickly and accurately generate complex sales quotes to ensure they are receiving the best connectivity for their situation. To learn how a quoting CPQ can drive sales, increase revenue, and reduce friction, read on.

CPQ Drives Sales

Many telecom organizations have spent plenty of time and resources investing in robust customer relationship management (CRM) platforms, but fewer have taken the next step into quoting CPQs. CRMs are highly useful for collecting data, tracking activity throughout the sales process, and managing customer relationships after the deal has closed, but they don’t tell the whole story,

A quoting CPQ starts where a CRM meets its limits. Providing a bridge between the two systems, a CPQ centralizes and automates customer data, prices and discounts for connectivity, contract renewals, and business rules. Details on a full quoting solution are available in real time so that sellers and buyers have information at their fingertips.

With a quoting CPQ solution, sellers can perform better, sell more, and have more precise control of the process by reducing sales cycle friction and eliminating errors. In fact, according to research reported by SuperOffice, companies that use a CPQ solution can experience:

105 percent larger average deal size
27 percent less time to produce a quote
33 percent improvement in quote productivity
28 percent shorter sales cycle

Plus, many CPQ tools have mobile capabilities which allow sellers to make sales from anywhere, not just their desks.

Sellers conduct fewer manual tasks.

According to a study conducted by Pace Productivity, sales professionals spent 22 percent of their time on general administrative tasks and 11 percent of their time on administrative tasks related to the client, and given the complexity of telecommunications, we know you experience even higher percentages.

Sellers are always trying to find areas to trim so that more time can be devoted to selling. With a quoting CPQ solution, sellers can do exactly that by providing automated quotes. Sellers can be more productive by eliminating more manual processes.

Sellers gain more visibility.

A CPQ designed for telecom will connect sellers to an ecosystem of buyers while automating the quoting transactions to increase visibility and opportunities for their products and services.

CPQ Drives Revenue and Helps Companies Regain Control

Plenty of sellers fear not being able to meet quota. Most of the time, the culprit is not a lack of talent but rather disconnected sales channels, and errors with pricing and quoting.

A CPQ drives revenue by:

Eliminating quoting errors through an automated process that organizes complex data sets
Identifying value that might be left on the table by tracking and taking advantage of upsell and cross-sell opportunities
Controlling arbitrary discounting by implementing pricing controls and eliminating pricing errors

A CPQ helps companies regain control by:

Reducing friction and errors to scale and grow faster by simplifying complex processes
Eliminating the guesswork in selling by aligning all channel users on the same procedures
Replicating the success of top-performing sellers by understanding their behaviors and setting standards to meet those expectations

Drive Revenue with MasterStream’s Quoting CPQ Solution

MasterStreamERP’s quoting CPQ allows users to configure accurate quotes at lightning speed, engage with customers and vendors, and take productivity to the next level.

Want to know how else you can make improvements in your sales initiatives? Talk to one of our experts.

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