In most businesses, setting pricing is an overwhelmingly large and complex task. Companies devote significant resources and effort to making informed pricing decisions on everything from subscription-based pricing to bulk pricing to partner-specific pricing. Despite these efforts, companies recognize they still struggle to get pricing right. When pricing is complex and varies from case to case, it’s easy for departments to fall out of the loop. At the same time, businesses recognize that complex pricing structures are critical to their success: No two customers are alike, which means pricing needs to be customized to reflect every customer’s unique needs, goals, and sensibilities.
To make complex pricing as streamlined, consistent, and high quality as possible, companies turn to modern, cloud-based CPQ (configure, price, quote) technology solutions, especially industry leader Salesforce’s powerful Revenue Cloud platform. Through CPQ, complex pricing variants that are unwieldy and error-prone to manage manually become suddenly manageable across a wide range of niche specialty markets. Sales teams can confidently and rapidly manage complex pricing variants, even in the face of ever-expanding product offerings that include endless combinations of design and service options. Let’s explore five key ways that companies with complex pricing can use CPQ technology effectively to simplify and streamline their sales cycles:
Only require manual approvals if quotes deviate from pricing rules
Sales teams in most organizations are required to seek manual approvals for almost every custom quote they prepare. This practice is understandable: Companies want to ensure that they maintain minimum margins on every sale. At the same time, a mandatory manual approvals process for every quote is cumbersome for sales reps, and dramatically slows down a rep’s ability to send quotes to customers. CPQ gets around this traditional source of friction by enabling companies to…
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