How a SaaS Startup Increased Revenue by Streamlining Configure, Price & Quote Process
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reduction in Sales Cycle
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higher margin to upsell
Inflexible Manual Quotes, Suboptimal Customer Service, and Lack of Upselling and Bundling Options
Our client’s sales cycle was a lengthy process prone to errors because of multiple manual interventions. Customer service was not optimal due to the delayed contract generation process. The sales team struggled with accurate pricing for different and complex product configurations and dealing with discounts and bundling products.
Xgrid introduced Configure, Price, Quote (CPQ), an automated sales solution for Salesforce. It helped streamline the sales process by allowing sales and non-sales team members to view information with certainty instead of spending time cleaning up or filling in missing data.
Along with list pricing, we were able to implement cost-based pricing, applying markups that could vary based on account tier, region, industry, etc. Reps were also able to use block pricing to change the price based on scale.
Outcomes Achieved by Implementing Configure, Price, Quote (CPQ), and Discounting Feature in Salesforce
- Reduced Sales Cycle by 1/3rd from 4.68 months to 3.42 months* (33%)
- Increased Deal Value and 57% Higher Margins For Upsell
- Improved Customer Satisfaction owing to the increased speed and accuracy of the cycle
Let’s learn how to implement CPQ in Salesforce to provide accurate pricing with any given product configuration scenario.
Building and Pricing Tailored Solutions With Zero Errors, Shortened Response Times, And Increased Quoting Capacity
Xgrid implemented a “multi-tiered” discounting feature in line with the client’s requirements. This solution supported automatic discounting as well as layered automatic and discretionary discounts together. We were able to build distributor discounts into CPQ and decide whether they take effect before or after the above deductions.
The key tech tools used to implement the CPQ solution were:
Our team also created the client’s customized product bundles to improve the process of complex product configurations. Our customer could now feed into CPQ if a particular package must include Products A, B, and C. They could also configure bundles if they needed to contain Products X, Y, or Z.
CPQ product rules helped us compare information across multiple quote lines to ensure that the reps met package-wide criteria. Our client was able to check for product compatibility, appropriate support for specified offerings, and numerous other requirements thereby improving product validation.
Reps could dynamically generate document text or terms and conditions based on the products chosen. They could also change the entire document using different base templates for various product packages. CPQ’s ability to customize quote PDFs to their tailored words made for a seamless sales experience.
Approach and the Best Practices to Follow
- Created dynamic product bundles that could be offered to the customers based on their needs.
- Created workflows for automatic discounting in product prices.
- Automated several sales workflows and alerts such as quote, contract, and renewal opportunity creation.
- Integrated DocuSign with Salesforce CPQ to send contracts to customers generated through dynamics templates according to the product configuration.
Using our implemented solution, our client’s sales reps generated quotes quickly without sacrificing accuracy, thus closing deals faster. They now had more time and could target more leads per day and give accurate pricing based on any product configuration. The automated alerts served as advance notices of opportunities to cross or up-sell to suggest the best products, services, or bundles to the customer. To purchase additional items like add-ons or accessories, CPQ helped increase the deal size. This solution’s speed and accuracy resulted in a much higher degree of customer satisfaction and retention.
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