Imagine you take a deal near the closing stages, only to find out that the “final” prices on the spreadsheet are not up-to-date. You need to go back, fix the price, possibly re-do the breakdown, and create the quote all over again. 

Plus, you don’t have good templates you can use to substitute names and prices, which means you need to craft a new one almost every time. And, once you send this quote, there’s no way you’ll know whether your prospects go through the proposal. 

So, the prices are not up to date, you don’t have usable templates, and you can’t track prospect activity. What if you have a single tool that generates quotes and allows you to send them to customers? 

To understand this, you need to understand the challenges that sales teams face currently:

Inaccurate sales quotes- Using spreadsheets and manual calculations often results in errors such as linking to wrong products or services, poor formatting, or even typos. 

Delayed sales process - As a result of this manual process, salespeople spend more time preparing quotations or ensuring that the products are priced correctly. This affects productivity, and the sales process slows down. 

Longer sales cycle - Sales teams get held up in the final stages of closing a deal because of scattered data across emails and spreadsheets. 

Slipped opportunities - As your company grows and you start offering more products and services, it becomes difficult to manage and be on top of every detail. 

Enter configure, price, quote (CPQ) software.

What is CPQ?

CPQ is a sales tool that allows teams to generate up-to-date documents for customers like invoices, proposals, contracts, and more. CPQ additionally helps salespeople maintain a product catalog with pricing attached to every product to ensure zero errors in pricing. 

Benefits of CPQ software

Generate contracts with ease

After working hard to take a deal to close, your sales teams shouldn’t have to lose them to slow quote generation. CPQ solutions help streamline this entire process by helping you have vital pieces of data readily available and up-to-date when you need it.

Craft quotes with accuracy

Human errors are commonplace, especially when it comes to calculations. While you can fix errors and your customers may overlook a few, pricing errors are frowned upon. CPQ reduces human errors and always helps you deliver accurate quotes.

Provide personalized quotes in real-time

CPQ solutions help you provide personalized quotes to every single customer. Since CPQ solutions allow you to link deals with specific quotes, salespeople can help customers adjust their purchases or add discounts in real-time.

Reduce sales cycle time 

With a CPQ solution, the quote process is automated and reduces the time typically spent to generate contracts. This helps your salespeople get in touch with more leads in lesser time frames. 

Close more deals

When you put these together, it increases sales for companies that invest in a CPQ solution. This is why companies that use CPQ solutions witness a whopping 105% increase in their average deal size.

Freshsales (formerly Freshworks CRM) has CPQ built-in, and it enables you to maintain an up-to-date product catalog, along with pricing information, pre-defined templates you can customize, and more.

CPQ with Freshsales

Set up a product catalog, ensure error-free pricing calculation, and generate documents in minutes with CPQ in Freshsales.

Generate error-free pricing

Set up a product catalog and store pricing values that take tax and discount factors into account. With CPQ in Freshsales, you can also configure your pricing based on two pricing models, one-time billing or subscription-based. You also have the option to set and store pricing from various available currency choices. CPQ in Freshsales also lets you set up pricing with tax and discount values through additional fields to capture tax values based on your business type.

Maintain an updated product catalog

Set up and maintain a list of all the products your company offers for sale and view their description, SKU (stock keeping unit) number, category, and more. Freshsales also lets you add images for each product. This helps salespeople easily identify the products and configure product validity to ensure that the catalog is updated for future use. This also reduces the learning curve for salespeople since they don’t have to memorize extensive details about the product and focus on selling instead.

Quickly generate and send quotes

Set up branded document templates like onboarding, pricing, MSAs, NDAs, and more. Salespeople can easily create documents in simple clicks and customize them using placeholders that automatically populate relevant data based on the associated record. You can also send documents as email attachments to prospects and customers right from the CRM and get notified when they open them. What’s more, you can also keep track of document stages and capture custom stages unique to your sales process. With document-deal sync enabled, salespeople can save time spent manually updating deals based on documents and vice versa meaning, any update made to the deal automatically reflects on the document.

CPQ in Freshsales

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