5 Ways CPQ Software Can Improve Your Business.

CPQ (Configure Price Quote) software might seem pretty straightforward to you as a single-use tool. There are many different CPQ software products out there, but all of them provide a similar function—to make it easier to produce quotes. At first glance, this function may seem hardly more sophisticated than that of a calculator, but if you’ve never implemented CPQ software in a live work environment, you’re probably missing some key insights about the product.

Efficiency as a Bottom Line

Good CPQ software is all about efficiency: getting more things done, doing more things correctly, and at the cost of less time. But this efficiency isn’t limited to one specific task or department. Your sales team will probably save some time by generating quotes automatically, but this is only one efficiency-building function that CPQ software serves. It actually serves multiple roles for multiple departments in small businesses, helping the entire organization improve its internal processes.

Take a look at these five pivotal roles CPQ software plays:

1. Simplifier.

The first role is a bit obvious, as it’s one we briefly explored in the introduction and usually the first one to come to people’s minds. CPQ software serves as a way to simplify the process of creating a quote, which ordinarily falls on salespeople or entrepreneurs. Depending on your current resources and the nature of the bid, it could take hours of time to research the client, determine pricing for each individual item, assemble the materials into one file, and polish the final document for accuracy and presentation.

You’ll still have to do some client research and some of the upfront work when it comes to the sales process itself, but the bulk of the creation process is made automatic and instantaneous. If you write an average of three proposals a week, CPQ software could free up several hours of your time on a weekly basis.

2. Educator.

Forget the quoting process for a minute. In most cases, before you ever get to the quoting process, you need to open the door to a sale by making a client interested in a package. To do that, your sales team needs to have in-depth, intimate knowledge of all your products and services. Imagine being in a sales meeting and not being able to answer basic questions about your product, like how much it costs in bulk, or what service plan options are available.

Most organizations, even small businesses, have some kind of training program for their salespeople, but those programs only take you so far. Acquired knowledge can be easily forgotten, even the most comprehensive programs don’t explore everything, and they’re practically useless when in a pinch. CPQ software offers this thorough company and product information, anywhere at any time, for salespeople to rely on. Think of it as your perpetual sales team educator, helping you land more sales and win more client confidence.

3. Formatter.

Imagine quoting something for a client the manual way—creating a document from scratch. They go for the deal, and six months later, they want a quote for a different set of products or services. However, you’ve lost the original document (or a different salesperson is handling it), and as a result, your new quote ends up looking nothing like your old one in terms of formatting. Your client will notice the difference, and you might lose professional credibility in the process. CPQ software serves as a formatting agent to prevent this type of incident from ever occurring. All your salespeople will be using the same tool, with the same setup, so you’ll never have to worry about someone breaching your standard format. It’s also handy for comparing your previous quotes against one another and learning from past mistakes.

4. Archiver.

Can you remember what you quoted for a client three years ago, or how your proposal looked? Probably not. You might keep all your proposals on a local hard drive, or you might even be able to find it with a quick search through your email, but can all your other salespeople gain access to it? Ideally, you’d have some sort of collective archive, storing all your old proposals for future reference and providing them for anyone who wants to see them. CPQ software does just this—for as long as you keep using it as your dedicated resource, you’ll have consistent access to any quote you’ve ever produced.

5. Server.

For a business to succeed, all its employees need to operate in unison. Your customer service team needs to tell customers the same information their salespeople told them. Your account managers need to have the same pricing that your marketers have. Your accountants demand rigid adherence to certain protocols across all departments. Any deviations from these points of consistency could undermine your authority as a business or cause a disruptive hiccup in your ongoing procedures.

That’s where CPQ software comes in. Think of it as a communal resource for quotes, pricing, product information, and general knowledge consistency that can keep your entire team on the same page for the foreseeable future. Whenever something changes, you can update it here, and your entire team will be able to keep operating smoothly.

The right CPQ software can aid your business in multiple distinct applications, saving you time, and therefore, money, while streamlining your entire operation. With more consistent, detailed quotes and properly indexed information, you’ll win more bids, and your team will have more time to dedicate to other, higher-priority items. The bottom line is that CPQ software saves your business time and money—far outweighing its costs (especially over the long term).

If you’re interested in learning more about how CPQ software can aid your business, schedule a free demo of iQuoteXpress. With easy integration, e-catalog indexing, and a contact management system, it’s one of the most robust products on the market, maximizing your return on investment.

Best Practices for Crafting a Killer RFP Response.

When a request for proposals (RFP) goes out, it’s not long before the requester starts receiving an influx of proposals. Of course, the requester won’t accept all or even most of them.

Unfortunately, if your RFP response doesn’t meet criteria or get straight to the point, it’s unlikely that the requester will even read further than the first two sentences. Let’s make sure that doesn’t happen with the following tips.

1. Read the RFP Requirements

And then read them again.

Your proposal should follow the precise formatting requirements outlined by the requester. For example, if it arrived via USPS, the requester may expect all replies to be sent via snail mail in return. The vast majority of RFP responses can be submitted electronically, but you should always check – and check again before you send them off.Take a look at other criteria as well. Many RFPs will include a document that explains how your proposal will be “scored,” similar to the way a professor might grade an academic paper based on a rubric. Pay attention to these criteria to strengthen your proposal across the board. If you must, treat it like a to-do list, and only check off the tasks when they’re the best they can be.

2. Put Your Team Together

Once you have a sense of the requirements, it’s time to take a good look at your internal resources. Are you up to the task of taking on the work you propose? Many requesters will treat RFP responses as business agreements. Should your proposal be approved, it’s bad form – not to mention bad business – to cancel. Make sure you have no conflicts and that enough experienced team members are available during the time you’ve set.

When you’ve decided that you plan to respond, it’s time to put a team together. The members of this team should be the same people who will provide the service to the client – especially if you plan to include brief profiles of your team members (as you should) in the proposal itself. Then, designate a person or persons who will handle client relations and other communications down the line.

Finally, once your team is ready, read the requirements – yes, again. This time, you’ll have several fresh pairs of eyes on the RFP. Team members will have the opportunity to provide input about where their expertise might best be allocated, which can be valuable insight as you move forward.

3. Address All the Details, But Don’t Drag It Out

Now it’s time to write the proposal, which is a delicate balance of highly detailed information and concise, accurate writing.

First, let’s talk about detail. As you create your document, make notes of every detail in the RFP itself and address those points explicitly in the writing. Prospects want to know that you can and will hit every nail on the head, even the little ones that other proposal writers might ignore. It’s not unheard of for prospects to disregard proposals that don’t include the most devilish of details.

However, it’s also important to write concisely. Many agencies write longwinded proposals that detail every selling point from start to finish. This is terrible practice. When you ramble on and on, you’re giving the prospect the impression that you only care about how great your product or service is – not how well you’ve taken their needs into consideration. If the prospect can quickly scan your proposal and get a sense of what you offer right away, all the better.

4. Remember – It’s Not All About You

In fact, very little is about you. Every single talking point should somehow relate back to the client. If something in your proposal doesn’t directly address one of the criteria in the RFP, either delete or rewrite it so that it does.

Unfortunately, many agencies attempt to impress by “improving” on the criteria outlined in the RFP. But it’s not about what you think the client wants. The client knows what’s important to them, and it’s not your job to tell them how to do theirs. Put your agenda and ego aside and focus on how your solution answers their questions.

If you have a unique, creative idea, feel free to include it – but only after you’ve addressed every point the client has identified as important to their decision-making process. Always include the caveat that these are only preliminary ideas that can be further explored or, alternatively, discarded when you finally meet to discuss the project.

5. Be Genuine

Nothing is more obvious – or more annoying – than a form letter. Every agency has standard language they use to communicate their message, philosophy, and other industry information. But the last thing you should do is cut and paste from a submission you’ve submitted in the past – especially if that submission was rejected.

A customized response is an opportunity, not a chore. Use the proposal to show how well you understand the prospect, their industry, and their needs. Demonstrate your knowledge of the client in particular, and offer insights about their audience.

With the right combination of information, responses, and examples of your work, you should be able to give a comprehensive solution to the client’s problem. One detail you should include is why you’ve highlighted particular examples of your work. Tell the client, literally, why this example is relevant to their request. It’s not presumptuous to do so; it’s good writing.

Learn How iQuoteXpress Can Help

Keeping RFPs straight is no small task. You can make the job easier for yourself by using business proposal software to keep track of all the information you need to send complete, accurate proposals. At iQuoteXpress, we’ve created a web-based software application designed to make your job easier. Use it to keep tabs on up-to-date client information, proposal requirements, deadlines, and more.

Want to learn more about what we can do for you? Contact iQuoteXpress today for access to our obligation-free software demo, or to speak with a member of our team.