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How to Measure CPQ Success

Configure, Price, Quote (CPQ) software is a new class of sales technology that helps manufacturers generate quotes for customizable products. The sales automation eliminates the painstaking manual processes involved in configuring orders, pricing them out, and delivering quotes, streamlining the entire sales process and improving customer satisfaction. It also frees up sales and engineers to focus on more important work.

Still, with all of these benefits, how do you know if CPQ is really worth the investment? Here are the numbers to look at.

The metrics of CPQ success

Even though it’s just one technology solution, CPQ can dramatically transform your entire sales process. Here are some of the key performance indicators (KPIs) that help measure the impact CPQ has on your business:

Sales volume — This metric indicates the total number of products or services sold during a given timeframe, and helps businesses with the overall effectiveness of their sales strategy. In most cases, it’s expressed in terms of the number of units sold, or as a dollar amount for revenue generated. By tracking sales volume over time, businesses can evaluate the success of their sales strategies and adjust them accordingly.
Sales cycle time — Sales cycle time measures how long it takes to convert a new lead into a finalized sale — beginning with initial contact and ending with a completed purchase. By tracking sales cycle time, organizations can identify bottlenecks in their sales process, optimize their strategies, and improve overall sales performance.
Time to quote — Similar to sales cycle, time to quote measures the speed of a sale, but only focuses on how long it takes a customer to receive a quote after they complete their configuration. This helps sales teams identify inefficiencies in their quoting process so they can take steps to streamline it. Improving this KPI is exactly why CPQ was invented.
Win rate — This metric tracks the ratio of total sales leads to the number of deals that are successfully closed. Win rate helps sales teams evaluate the overall effectiveness of their strategies and make data-driven decisions about how to improve their performance. CPQ is designed to increase win rates by creating a more convenient and streamlined sales process for customers.
Customer acquisition costs — Customer acquisition costs measure the total cost a sales team incurs to successfully close a deal. This complex calculation includes all expenses related to marketing, advertising, and sales efforts (including labor) before a deal is signed. Tracking this metric gives companies insight on how to budget more effectively, and can also help pinpoint where processes need to be streamlined in order to reduce costs.

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Error rate — Error rate is a critical KPI that measures the percentage of errors or mistakes made in the sales process, such as incorrectly pricing an order, configuring a non-viable product, or issuing an incorrect quote. Typically, this KPI is presented as a percentage. CPQ is specifically designed to remove human inputs from the CPQ process so there’s less chance of human error.
Number of deals in pipeline — This KPI provides an overview of the total potential sales opportunities currently available to the company. It tallies the number of leads in every stage of the sales funnel, allowing teams to project a future revenue estimate based on historical sales data. This metric is useful for both finance and sales teams to assess the current health of their operation.
Average deal size — As the name suggests, this metric represents the average amount of revenue generated by each sale. It’s based on the total amount of revenue generated in a given time frame and divided by the number of sales in that same period. Average deal size is especially useful for identifying upsell and cross-sell opportunities and tracking their impact on overall revenue.
Net Promoter Score — NPS is an acronym for “Net Promoter Score,” a system for measuring customer loyalty and satisfaction. Sales teams can typically find their score by surveying customers through questions like, “How likely are you to refer the company to a friend?” NPS can help companies better understand their position in the market, the value of their product offerings, and the effectiveness of their products. CPQ success can indirectly improve NPS by creating a more streamlined and satisfying customer experience.

Getting Your CPQ Project Funded

If you’re reading this right now, you know enough about the complexity of configuring, pricing, and quoting complicated product packages. You’ve probably already started researching configure-price-quote software. Now you just need to make the business case to get the buy in you need.

Redefine CPQ success with Configure One Cloud from Revalize

Investing in CPQ success has the potential to change the entire trajectory of your business, but not all solutions offer the same benefits. Configure One Cloud is the most-trusted sales automation platform in the business, and can dramatically improve almost every KPI that matters. With advanced self-serve configuration tools and 3D product visualization capabilities, Configure One Cloud helps businesses create an unmatched customer experience.

Want to experience the Configure One Cloud difference? Schedule a free demo here.

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