Most salespeople spend their time generating quotes, writing proposals, and other tasks that are less important. They should have spent their precious time closing deals. You and your organization can do better with Salesforce Configure, Price, Quote.
With this tool, your organization can generate more revenue with less manual work. The software also addresses your sales team’s pain points by creating quotes faster. Now is the right time to try utilizing this app for your business.
Since this tool has an array of features and capabilities, it’s best that you exhaust all of them. Let’s start with the first ten most important ones.
10 Best CPQ Features Your Business Should Utilize
Companies that used configure, price, quote systems reported an 80% speed increase in quote generation and a 34% increase in approval time. You want these for your business, right? If you answer in the affirmative, read on.
Here are the top ten CPQ features that can help you achieve what these companies enjoyed when they exhausted the tool’s functionalities.
1. CPQ Favorites
This feature, by far, is the most underused and underrated among the CPQ systems. It allows users to label products, and afterward, the configure, price, quote tools save the record for referencing. You save a massive amount of time by configuring a bundle once and re-using that configuration repeatedly in the future.
It also lets you label favorite quote line groups to save individual groupings. With this, you reduce the time needed to select different products from the same catalog. You can just add a favorite record, and the system will automatically add the products.
2. Quote Line Groups
This feature is another Configure, Price, Quote software you can use in different ways. First, it allows users to define product groups or sets and apply group-level parameters instead of quote-level ones. Second, it also allows you to group to-be-shipped products to various business locations or units but bill them to a single account.
Last but not least, this feature also lets you submit multiple configurations to your customers. You can even define the duration of these options in one quote.
3. Twin Fields
This specific CPQ feature lets you automatically map data between two different fields on different objects. You only need to copy the Quote Line records to the resulting opportunity product records, order product records, and subscription records.
The configure-price-quote platform admins just need to create similar field types with the same object API. The system will just copy the values when the records are created.
4. Product Rules
There are four product rules admins can utilize: validation, alert, selection, and filter. Validation stops users from storing and saving incompatible quote configurations. From its name, alert functions as a user notification of essential information. However, it doesn’t stop users from saving the quote.
Selection allows you to automatically hide, show, select, or deselect products based on pre-defined parameters. On the other hand, filters automatically filter your product catalog. Users can trigger these product rules when the defined error conditions occur.
5. Price Rules
This configure price quote solutions feature lets you inject a summary variable, field value, and static value into quote line fields. It makes it a versatile tool for any CPQ administrator.
All you need to do is deploy price rules to certain orders and provide an evaluation order. It’s also possible that you attach a particular product record to the rule. The said parameters will only apply to the pre-set product.
6. Guided Selling
If you want to simplify the process of determining the best products to sell, you should utilize this feature. Your reps can use this feature instead of scrolling through every product catalog every time an inquiry comes in. They only need to answer specific, predefined questions, and the relevant products will simply appear on the Configure Price Quote screen.
7. Summary Variables
This feature is quite similar to roll-up fields since they can both provide a number field summary. You can also define criteria for each summary, such as product family or product code. However, these summaries only run within your quote line editor. It means you can’t retain the values when the calculation is done.
8. Automated Renewals and Contract Amendments
When you’re selling products on a subscription basis, it’s best to keep records of what you originally sold. It’s to have an accurate renewal system based on the end date of every subscription.
Salesforce configure, price, quote tools have you covered with their contract record and subscription creation features. The system can automatically generate renewal opportunities as long as the system administrator defines the parameters.
9. Contracted Pricing
This feature enables the automatic generation of contracted prices, either through manual input or based on predefined settings. The application of contracted prices impacts the regular price assigned to a particular product or group of products, as determined by the associated contracted price record. By leveraging this capability, businesses can effectively automate their pricing strategies and enhance overall efficiency in their quoting process.
10. Multi-Dimensional Quoting
Salesforce configure, price, quote tools offer another valuable feature that allows products to be influenced by specific dimensions, like time. The good thing about this feature is that other products in the quote remain unaffected.
For instance, a software subscription may be subject to time-based considerations. On the other hand, a one-time purchase of a physical laptop would not be affected by time.
Maximize Salesforce’s Capabilities With ITequality
Regardless of the industry in which you operate, it’s essential to utilize a tool that will lessen customer waiting times and improve employee productivity. Salesforce has an array of software and programs that can help businesses like yours make the most of their resources.
The configure, price, quote tool is one of these useful programs. If you’re unfamiliar with CPQ for Salesforce, get in touch with ITequality today. Our team of experts can turn your business around with this single tool. Looking to expand but need help streamlining your processes? ITequality got you covered. Book an appointment with us today!