Salesforce includes several standard objects you can use to support and manage your quoting. A quote (a standard object) is basically a record in Salesforce showing proposed prices for any product or service. When you add a product (another standard object) to an opportunity (yet another standard object), Salesforce automatically links your quote with the product and allows you to generate a quote to send to your customer. Quote syncing lets you link a quote to an opportunity and synchronize all updates between the two records. An opportunity can have multiple quotes, but it can sync with only one quote at a time.
So, why would someone want to upgrade to Salesforce CPQ when they can use standard quotes?
You sell subscription or renewable products
In today’s subscription economy, it’s all about managing your recurring revenue stream. Quoting for subscription products means that your tool has to support the concept of time, and be able to support add on and co-terminus quotes to align with existing contracts. And subscription contracts will need to go through a renewal process—a critical step in the customer lifecycle.
Your products have dependencies or requirements
Today, most B2B buyers are doing their research online, often before ever talking to a sales rep. Buyers are more informed, which is great, but there’s less time for sales reps to develop relationships during the sales cycle. Buyers want to compare pricing, features and options between vendors, which is why it’s more important than ever for reps to provide professional and accurate quotes quickly.
By moving to Salesforce CPQ, you empower sales teams to quickly create quotes on their own while ensuring accuracy and compliance. You can create smart rules for products and logic to ensure reps sell related products together and prevent incompatible products from ending up on the same quote. You can also implement pricing rules, such as volume discounts or tiered pricing, eliminating the need for a lengthy approval process. All of this together speeds up the sales cycle and improves the buying experience. Salesforce CPQ helps focus your reps’ time and effort on selling, not wading through product documentation for compatibility and pricing schedules.
You sell different levels of support or product warranties
Your business may offer products or services like premier support or an extended warranty and you don’t want sales reps to forget about these critical add-ons. You can use product configuration rules to remind sales reps to suggest service and support products or even make them required during the sales process. By ensuring sales reps are always including these add-ons you not only increase the deal-size revenue, but also increase overall customer satisfaction with your offering.
Salesforce CPQ also has enhanced integration with Service Cloud. For example, when a quote for a product with a service or warranty is accepted, entitlements are automatically created so Support can immediately see which products are covered and the different levels of support associated with them. This creates a seamless experience for the customer as they transition from sales to support and streamlines the handoff between internal teams with no loss of details.
Your quoting process takes too long
In general, CPQ can help businesses grow faster simply because time spent quoting is time not spent selling. Sales teams typically need to meet with other members of the team to answer questions or gain approvals, and responses often take a day or more. And once generated, quotes can also be subject to a myriad of revisions from other members of the team.
Salesforce CPQ keeps up-to-date pricing and discount figures, automates quote and contract creation, and streamlines approval processes. So sales team members don’t have to chase down the latest promotions’ details, manually creating the paperwork, or send quotes that sit in an inbox for a few days before being opened.