Integration of CPQ software with customer relationship management tools helps to increase the efficacy and impact of CRM
In recent years, the customer relationship management (CRM) software category has experienced rapid growth. They have proved invaluable for lead enrichment, financial modeling, human resources, presales prospecting, and configuring price quotes (CPQ).
Most CRM platforms include native modules and third-party tools. They serve as a starting point for sales workflows. They provide a clear and efficient platform for identifying, connecting, analyzing, categorizing, and ranking sales leads.
A good CRM platform supports the sales pipeline. It is becoming increasingly indispensable as more businesses make it a central component of their sales workflow.
CRM platforms integrate several applications to provide support for sales. Configuring Price Quotes (CPQ) software is quickly becoming crucial for businesses. Its function is to help businesses looking to maximize sales and automate quote requests.
For revenue teams, using a CPQ can significantly increase productivity.
When integrated with a robust CRM platform, the two tools provide end-to-end support for efficient sales delivery. This integration increases the effectiveness of CPQ software in sales workflows and adds huge value to the CRM platform.
CPQ (Configure, Price, Quote) has become prominent recently. CPQ solutions are connected to ERP programs and CRM software.
They have shot to prominence as a way to boost the efficiency and productivity of sales teams. Implementing CRM CPQ integration is one way to leverage the power of CPQ applications.
Let us see how this works:
CPQ and CRM-Integrated Workflows: An Overview
Globally, sales performance management is expanding quickly to enhance revenue velocity through optimizing sales processes. CPQ is a valuable tool in this industry, helping to increase quoting precision and effectiveness.
This set of tools enables companies to
- configure their goods and services,
- modify their prices by guidance margins, and
- quickly produce accurate sales quotes for new potential clients.
As the complexity of sales processes increases, CPQ tools become crucial in the sales function.
This is also why more moving factors have been integrated into daily sales workflows.
Using CPQ software, salespeople can quickly and accurately derive quotes. These tools create competitive offers using information from current price margins, stock levels, and potential discounts. They also account for market data for deriving these quotes.
In addition to improving precision and potentially maximizing profit margins, CPQ software saves time for sales teams.
They can support this by streamlining closing paperwork with automatically generated quotes.
Although CPQ tools can become the focal point of a successful and optimized sales system, they are not ready-made fixes. They occasionally need a lot of preliminary data gathering, assembling, and tinkering before they can provide personalized quotes to your audience.
Selecting the Ideal CPQ Software
Integrating a CPQ tool with the CRM software needs careful consideration. Give ample thought to the budgets, their pros and cons, and efficiencies.
Identify the CPQ that aligns with the organization’s sales and marketing needs. It should also be interoperable with the CRM.
Cost is a big consideration; in this case, ROI is also important.
Native and hybrid CPQ architecture
There is a very fundamental difference between Native and hybrid CPQs.
While a hybrid option can be integrated with virtually any customer relationship management software, native CPQ is only compatible with the particular CRM for which it was designed.
A hybrid CPQ provides the flexibility of use if the company switches to a new CRM. The distributed sales teams may already use different CRMs in a global brand.
Selecting a hybrid CPQ can ensure that it is compatible with the varied CRMs used by different departments within your company.
Additionally, hybrid CPQs are not constrained by CRM governor restrictions. They will be able to integrate with any CRM more easily and seamlessly.
Configuring CPQ and Optimization Feedback Loops
Whether the CPQ is used through a standalone app or from within the CRM, it must be set up for two-way data sharing between these platforms.
Combining a CRM platform with an extensive CPQ tool can be extremely beneficial, given its importance to sales.
Even though many salespeople have experience using CPQ tools, every organization always has a few people who could use some assistance.
Structured user training can help close technological gaps rather than overwhelm the team with another new technical integration.
Additionally, ongoing training sessions enable the team to keep abreast of any new releases and updates your CPQ system may publish.
The team will be able to continuously push for greater efficiencies by testing and improving how you use CPQ tools over time. This way, it will bring even more advantages to the business,
CPQ tools have become essential to this industry by significantly enhancing the sales process. They help cut the time needed to generate a quote, finish the required sales paperwork fast, and advance through the sales pipeline with clear goals ahead.
The integration of CPQ improves the sales process by increasing proposals each month, decreasing back-and-forth discussions per sale, and even increasing the average deal size each agent covers.
Integrating the CPQ with your CRM delivers many advantages to organizations.