ZipCPQ is a result of a dedicated team and a lot of hours of hard work. Let’s take a closer look at what that is!
Are you a visual person? Take a look at this video then!
Seling is not an easy job, and it certainly requires time, dedication, and focus. According to recent research, sales representatives spend only 34% of their time selling, while the majority of their non-selling time actually goes to generating quotes, proposals, and waiting for approvals. Also, those companies who are using the CPQ tool showed:
- Ten times faster quote generation
- 95% reduction in approval time
- 30% quicker incline for new reps
- Two times faster going from quote to cash
When we talk about the traditional quoting process, it usually requires some or even all of these steps:
- Figuring out which products are best and which configuration is necessary
- Consulting pricing documents or static systems to determine the base price
- Determining eligible discounts and manually applying them
- If an unusually large discount is requested, waiting for it to be reviewed and approved
- Finally, creating the quote document that can be sent to the customer
When we see all these steps, we understand why this process takes as much time and why it can cause some serious difficulties.
For example, legacy processes that don’t scale can be an enormous problem. Companies that implement new selling models and recurring sales will often find that they cannot incorporate necessary changes, or at least it takes a lot of time.
Also, traditional quoting is often isolated from customer data, making it extremely difficult for sales representatives to deliver the maximum value of your products and services. Revenue teams lose time matching up revenue numbers to the actual contract, which delays the revenue recognition process. With these problems, it’s hard to make good business decisions. Service teams need to spend extra time researching what the customers are entitled to under their contract or what it’s been agreed on.
Of course, one of the biggest problems is that manual quoting takes a lot of time. Sales reps could be spending that time finding more customers and closing the deals.
Those problems can be solved with the right tools. That tool is zipCPQ, and it can help you reduce the time it takes to create an accurate quote from hours to minutes.
ZipCPQ software has many functionalities and a potential for a great Return on Investment (ROI), so it is not unusual that many companies are showing interest in this tool recently. Of course, the interest will only grow because, nowadays, the integration with CRM and ERP systems is a part of every good CPQ tool. The benefits of using our software are enormous.
WHAT EXACTLY IS zipCPQ?
CPQ stands for Configure, Price, and Quote, and it is a software designed to help companies that sell configurable products and services. With a zipCPQ, it is easy to specify every possible configuration, price, discount, and scenario, making the quoting process very fast and user friendly. Using zipCPQ, the company can quickly provide accurate and highly configured quotes while making all the complex pricing, product, and business rules centralized, automatic, and available in real-time. As companies offer more products/services and their variations, it becomes difficult for them to manage product pricing, identify great upsell possibilities, and keep track of the competitors’ deals. Besides that, their sales representatives might not be up to date on the recent pricing information for their products, which would result in them losing some opportunities and having a slower quoting time.
Using our software is beneficial, not only for your customers but also for your sales reps. It helps younger, less-experienced sales reps cope with a complex selling process, and it also helps experienced representatives be more productive. It can also be very useful when it comes to choosing additional configurations, extended service contracts, offering complementary products, or suggesting suitable add-ons. You can easily set up your standard pricing in the zipCPQ but left an option for your sales rep to calculate discounts, add line-items, etc. It will calculate different product discounts and find the one that meets the requirements. Ultimately, zipCPQ creates a customer-ready quote. These documents can include your branding and formats, tailored cover letters, cover pages, custom terms and conditions, marketing materials, and the quote itself. This whole process is done in just a few minutes, which saves reps time and energy to concentrate on other things.
So, as we said above, zipCPQ is a strong software that helps companies instantly produce accurate and highly configured quotes for their customers. This tool will help you fasten the sales process and bring errors down to the minimum.
To understand this acronym’s meaning a little bit better, let’s take a look at every one of its letters individually.
C – CONFIGURE
We can all agree that “one size fits all” often doesn’t work. A good seller guides customers to the most suitable mix of products and services to solve their problems. CPQ software allows those sellers to configure unique combinations based on need, company size, and other relevant factors.
P – PRICE
Keeping track of current pricing and discounts is often frustrating. And, it can be unfortunate for the bottom line when discounts are applied incorrectly or illogically. That’s why zipCPQ is great – it helps you manage prices for every product and service you have. You can easily set up advanced pricing rules to handle subscriptions, discounts, contract pricing, partner pricing, special offers, and so on.
Q – QUOTE
When sales representatives provide a quote, they can focus on closing the deal. And this should be their only worry. They’re not supposed to be occupied with pricing errors, inadequately written offers, and other mistakes. Even if they are providing quotes themself, they can make mistakes such as typos, poorly matched fonts, or something else that will make a prospect think about leaving and go to someone “more professional.” With zipCPQ, a sales rep can close the deal in just a few clicks – he will quickly generate a quote, send it via email, and finish it up with an e-signature if that is an option.
So, do you need the zipCPQ? It is very easy to find out if you should invest in this tool. Take a look at the following list. Your business would benefit from implementing it:
- If you sell multiple products/services that are configurable
- If you are building a recurring revenue stream
- If you sell a wide range of products/services
- If you have multiple sales channels
- If you are sending inaccurate sales quotes to prospects
- If quote creation takes too long
- If someone manually reviews all quotes
- If the created quotes are often inaccurate
- If revenue growth is outpacing your ability to operate
- If there are missed opportunities for cross-selling and up-selling
- If spreadsheets or homegrown systems are slowing you down
The advantage of zipCPQ goes beyond your sales team. We talked about a CPQ tool’s benefits before, but let’s go over some of them one more time.
With zipCPQ, your customers will receive quotes quicker. It will also help your reps identify customers who are eligible for special offers and provide them with the best pricing options.
Operations and technical teams usually have to clean up the mess if something goes wrong. ZipCPQ helps eliminate these mistakes, and it provides accurate quotes and prices every time, so operations could do their job without stressing about this.
Suppose you have one employee dedicated to reviewing quotes while the other one is checking product configuration. In that case, it can get tricky to keep track of everything, especially when your company, along with its responsibilities, starts to grow. Once again, zipCPQ can help with these and automatize this whole process.
To sum up, by implementing the zipCPQ software, you will offer your customers an option to customize their products to suit their needs entirely. On top of that, you will have an error-free pricing solution and a quick turnaround when it comes to generating quotes. You will shorten your sales cycle, improve your employee’s productivity, and make your customers happy.
If this sounds like something you want for your business, contact us, and we’ll schedule a demo for you!