CPQ - What You Need To Know
CPQ is an acronym that stands for Configure Price Quote. Essentially, it is a software that is specifically designed to help in the sales department and increase revenue. The most basic CPQ software helps companies configure quotes in an easier, quicker, and more accurate manner. This, in theory, results in an increase in revenue by increasing efficiency in the entire sales process.
CPQ software is designed for companies that offer a wide range of products and services and/or complex feature-rich products that need to be “configured”. CPQ makes quoting simple and fast with tools that automate pricing, provide instant validation, and use rules-based guided selling techniques to enhance the user experience. Upsell and cross-sell opportunities can be identified and presented as notifications or suggestions on the spot. Professional and accurate proposals can be delivered in a fraction of the time and with maximum efficiency.
Verenia’s line up of CPQ solutions take things to the next level. Where most configurators are mainly designed to help sales on the back end, our products do just as much, if not more, to guide customers through the sales process on the front end. This is through our guided selling module, which allows your company to sell its products as efficiently as Amazon.
Here are some of the results you can expect to see from implementing our CPQ solutions:
- 93% error reduction
- 99% reduction in training
- 105% larger deal size
- 49% average prop volume
- 19% higher lead conversion rate
- 27% shorter sales cycle
The #1 Ranked CPQ
Verenia began offering CPQ solutions to companies in 2012, and has sence helped over 250,000 users world wide. Customers love our product so much that they have made it the top ranked CPQ solution on Capterra. Here are some reasons why we outperform the competition:
- Amazon-like guided selling user interface set up in weeks, allowing users to configure, price, quote, and order entire catalog of 100,000’s of items with literally no training.
- Let your customers immerse themselves in the experience with visualization tools that allow them to see the product build virtually before their eyes
- Dynamic pricing click-by-click, no matter how sophisticated or complex the algorithm, no matter how multi-layered the discounting scheme.
- Dynamically generate custom BOM’s and Routings, eliminating need to pre-define hundreds of thousands of end-items, never-used product structures, and after-the-fact routings causing delays on every custom job.
- Replace multiple systems with Verenia’s single-sourced CPQ solution handling all product, pricing, quoting, and ordering needs.