If you are still relying on conventional sales practices, you are for sure witnessing one of these problems:
These challenges can often lead to missed opportunities and frustrated customers. That's where Salesforce CPQ (Configure, Price, Quote) steps in.
For those unaware, Salesforce CPQ is an automation tool that helps sales teams by automating tasks surrounding sales. It can help with discounts, product pricing, and sales quotes. With Salesforce CPQ, you can streamline the entire sales cycle and focus on what truly matters—closing deals and building relationships.
Unfortunately, many organizations often underutilize Salesforce CPQ, limiting their ability to produce fast and precise quotes. This blog has compiled a list of top Salesforce CPQ features that will redefine your sales operations. As a Salesforce partner, you can trust us to help you get the maximum benefits of Salesforce CPQ.
Here are ten must-know Salesforce CPQ product features that can transform the way you manage your sales quotes:
One of the popular features of Salesforce CPQ is CPQ favorites. It allows sales reps to mark their frequently used product and configure the bundle as a "Favorite" for future use. All the products marked as favorites are automatically saved and added to the quote list. Thus, it benefits the business by:
You can also manage, edit, or even delete your favorite records. However, it does not contain pricing information like discounts, markups, quantity changes, etc.
Twin Fields allow you to have two fields shown together on the same record. This feature is particularly useful when you want to maintain current and previous values of the same type of information. For instance, pricing data entered in one section is automatically reflected in connected objects. Twin Fields helps:
This Salesforce CPQ feature allows sales representatives to manage product lines. Essentially, it allows users to group products that are related or that serve a similar purpose. This grouping helps keep the quote organized, making it more transparent for the sales team and the customer to see which products are being offered together.
Some other case uses of Quote Line Groups are:
Product Rules check that the right combinations of products are selected and configured correctly based on predefined criteria. This feature is especially useful for businesses offering various customized services.
In Salesforce CPQ, product rules have 4 major components - Validation, Alert, Selection, and filter.
It stops users from saving a quote for incompatible products.
Warns users about important information but allows them to save the quote.
This component automatically selects or deselects the products. It sometimes also hides products based on set criteria.
Filters the product catalog in dynamic searches.
The following are the benefits organizations can reap by using the Product rules feature:
Price Rules allow businesses to automate pricing adjustments based on specific conditions such as customer type, quantity, or regional factors. In fact, Salesforce reports suggest 95% reduced rejections observed in price quotes, all thanks to this feature.
This feature streamlines pricing processes. It also reduces the chances of quotation errors and inconsistencies, thus improving quote accuracy.
Guided Selling guides the customers in finding the right products and services for themselves. With predefined questions and options, this feature leads sales personnel toward the most suitable configurations based on customer needs.
Many businesses don't fully understand the capabilities of the Salesforce CPQ implementation features. The subscription and renewal management feature is one of them. While prioritizing new customers is essential, managing renewals and subscriptions on time helps retain old clients. If used well, this feature helps:
Data is the heart of business decision-making. Advanced Analytics and Reporting in Salesforce CPQ implementation provides detailed insights into quoting patterns, customer preferences, and revenue forecasts.
For businesses dealing with complex product catalogs, Multi-Dimensional Quoting is a savior. This Salesforce CPQ product features ease-to-use variations like sizes, colors, and configurations.
Suppose you are selling software subscriptions for different durations and feature sets. With multi-dimensional quoting, you can create a product with dimensions, including plans and subscriptions.
Using the multi-dimensional feature of the Salesforce CPQ tool, one can automatically calculate the price. Based on the selected dimensions, it will automatically apply for any relevant discounts or promotions.
This approach streamlines the quoting process while allowing for flexibility in customization based on client needs. It also eliminates manual errors and saves time, enabling sales teams to focus on closing deals efficiently.
Salesforce provides a standard object for contracts, which can be used to create and manage contracts. Meanwhile, to make changes in existing contracts, you can use the Amendments and Renewals objects for contract renewals.
You can also create a new record linked to the original contract and document the reasons for the amendments. Using Salesforce CPQ features, you can create reports and dashboards to track contract amendments over time.
Salesforce CPQ features can significantly benefit companies by automating their sales processes. Businesses can provide tailored quotes that meet client needs by eliminating inefficient practices and simplifying quotation creation. Moreover, leveraging these features of Salesforce CPQ can result in improved day-to-day business activities.
Remember, happier customers often mean more significant deals. Meanwhile, contact Minuscule Technologies if you need help managing your quoting process. We specialize in Salesforce CPQ implementation services. From setup and customization to training, we cover it all!
Let us help you take your sales strategy to the next level.
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