It looks like 2019 will be a big year for businesses that are looking to implement a configure-price-quote (CPQ) solution to ramp up their sales strategy. We looked at the 3 major CPQ software trends we expect to see for this year and examined which 2 CPQ features will be most used in 2019.
CPQ Trend Prediction #1: The use of CPQ to improve customer experiences
CPQ was once focused only on the manufacturing industry; however, due to heightened consumer expectations and constantly changing product portfolios, it has grown to be used in various industries. Customer expectations, like the need for instant quotes, is something that a CPQ solution can help to improve by providing a seamless sales experience.
CPQ Trend Prediction #2: The use of CPQ to support digital commerce disruption
Offering a CPQ software solution is beneficial in ecommerce applications, especially in the B2B market. According to Gartner, by 2019, 40% of B2B ecommerce sites will use a CPQ tool to “calculate and deliver product pricing dynamically.” CPQ, which Gartner also predicts will have a 20% annual growth rate through 2020, will allow businesses to provide a unified experience to partners and distributors and a unified cross-channel buying experience.
CPQ Trend Prediction #3: The use of CPQ to enhance mobile growth
With the increased use of mobile devices, CPQ’s ability to function on multiple mobile platforms enables sales reps to build quotes, work proposals, and configure products whenever and wherever they are. This allows businesses and sales people to be increasingly mobile-ready, especially as sales reps rely more on mobile devices for quotes over desktop devices.
Which CPQ software features will be most used in 2019?
CPQ Feature Prediction #1: Guided selling
Guided selling allows organizations to create a set of questions that prompt sales reps to enter data about customers, like company size or industry. Based on the responses, sales reps are “guided” to the relevant customer offerings.
Guided selling is a popular feature within CPQ solutions because it streamlines the sales process by simplifying the product selection process. Based on business rules and logic, guided selling helps sales reps get up to speed quickly by selecting the right products and services for each customer.
CPQ Feature Prediction #2: Automated pricing
Automated pricing is a function that automates pricing rules and validations based on an organization’s pricing structure and database. It handles complex product configurations and pricing structures and can automatically apply product-specific discounts and offers tailored to each customer.
Automated pricing is a popular function because it allows sales reps to sell faster and gives them the ability present customers with quote and order prices that are completely accurate. In addition, it saves time on pricing and quoting, increases close rates, and provides up-selling and cross-selling opportunities.
To learn more, read 3 Key Questions to Ask When Comparing CPQ Solutions in 2019.