Customer engagement and retention has to evolve continously in order to stay ahead of competitors. The customer needs to feel comfortable with the product beign offered and the money that they have to spend on it. In cases where there are contractual agreements for support and service, customer expectation would be higher as they prepare for a long term relationship with the vendor.
Within the organization the marketing team works to continously enhance their strategy to work with the multiple channels and partners to penetrate more deeply into the market.
CPQ transforms the buying experience by allowing the customer to choose the right product and make adjustments based on budget and requirements. This means spending the optimal amount based on the resource requirement where the customer can choose what product best suits their requirements.
CPQ is the bridge that streamlines and connects the Customer Relation and the Fulfillment system of an organization. Typically, opportunities identified in a CRM system need to be converted into orders. The process could be tedious as it might involve tweaks into offerings to customers for creating optimal quotes and service contracts. CPQ allows a business user to configure the product, however complex, and price them with all possible combinations.
CPQ enables one to engage customer for more recurring business. It allows the company to centrally manage pricing and offerings for both products, services, offers and discounts. This makes it easy for the customers to buy the product within there budget and also understand how pricing is done in complex scenarios.
This will also help to quickly and continously enhance marketing strategies for better revenues. The selling strategies can be quickly configured into the CPQ system and the sales person would be able to understand easily.
Organisation have multiple channels for selling product, and they would like to tweak or modify the pricing for different channel based. The CPQ system allows for configuring different pricing, offering, bundling etc, for channels.
Many organization are able to price it in a manner so that the revenue is recurring rather than one time. This helps in retention of the customer for longer period. The extensions and renewals are also worked out for returning customers.
The organizaion can leverage the upselling and cross selling for increased revenues.
The system easily integrates with existing CRM and ERP system, that helps to synchronize sales data and place orders.