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Table of Contents

• What is CPQ Software?
• What are the features of CPQ Software?
• What are the types of CPQ Software?
• What are the benefits of CPQ Software?
• How much does CPQ Software cost?
• How to choose the best CPQ Software?
• What are the common questions to ask CPQ Software vendors?

What is CPQ Software?

CPQ Software, standing for Configure, Price, Quote, is a sales tool designed to help companies quickly and accurately generate quotes for orders. It automates the quoting process under a defined set of rules which account for variables such as discounts and customizations, often working in tandem with CRM platforms and ERP programs. This software streamlines sales activities by providing customers with quick and accurate pricing information based on their needs.

Features of CPQ Software

1. Order Capturing: Allows the capture of orders across multiple customer interaction channels.

2. Product Configuration: Enables users to configure products and services by selecting bundles, constraints, options, preferences, etc.

3. Configuration Options: Supports a comprehensive level of detail around available and compatible configuration options.

4. Sales Quote Generator: At the core of CPQ solutions is a rules engine that coordinates resource supply, customer information, and pricing structures.

5. Product Configurator: Automates the process of assessing whether customer requests are possible and how much they will cost.

Types of CPQ Software

1. Horizontal CPQ Solutions: Designed to be used across multiple industries with minimal customization.

2. Vertical CPQ Solutions: Built to meet the specific needs of an industry and are highly customizable.

Benefits of CPQ Software

1. Sales Acceleration: CPQ software can reduce sales cycles by a third, allowing sales representatives to generate quotes faster and close deals more quickly.

2. Increased Deal Values: By providing cross and up-selling suggestions during the quoting process, CPQ helps increase the deal size.

3. Better Customer Satisfaction: CPQ can assist sales representatives in recommending the best products, services, or bundles to the customer, resulting in higher customer satisfaction and retention.

Cost of CPQ Software

The pricing for CPQ software starts at $75.00 per user per month, with different plans available such as CPQ at $75.00 per user per month and CPQ Plus at $150.00 per user per month. Some CPQ solutions also offer custom plans based on the customer's request.

How to Choose the Best CPQ Software

1. Integration with Existing Systems: Consider if the product integrates with your CRM or ERP system.

2. Product and Pricing Complexity: Evaluate if the CPQ software can handle your product and pricing complexity.

3. Ease of Implementation: Look for a CPQ solution that is easy to implement and get up and running.

4. Powerful Configuration Capabilities: Ensure the software has robust configuration capabilities for putting together product and service bundles.

5. Advanced Functionality: Choose a solution that enables you to build discount tiers and price books.

Common Questions to Ask CPQ Software Vendors

1. How does your CPQ software integrate with existing CRM and ERP systems?

2. Can your CPQ handle the complexity of our product configurations and pricing structures?

3. What is the implementation process for your CPQ software, and how long does it typically take?

4. How does your CPQ software support discounting and promotional pricing strategies?

5. Can you provide examples of how your CPQ software has benefited similar businesses in our industry?