How to Choose the Right CPQ Product Configurator for Your Industry and Business Needs

Companies that offer large customizable products can benefit from CPQ, from designing customized operating rooms to manufacturing workout equipment. However, not all CPQ solutions are created equal.

Ensure the CPQ product configurator you choose can grow with your business. Look for low-code solutions that allow you to easily make changes without requiring extensive training and manual management. 

Industry-Specific Functionality

CPQ can support the specific needs of your industry. For example, if your business serves B2B eCommerce customers, then the software may be equipped to manage dynamic pricing and inventory data from a central source. This might assist you in remaining competitive and providing the greatest pricing to your customers. It can also ensure you sell your products effectively and take advantage of sales opportunities.

Choosing the right product configurator for your company can boost your sales and customer experience and improve profit margins. CPQ tools can also automate order fulfillment, speeding up your time to market and cutting down on manual errors that result in delayed or rejected orders.

As a manufacturer, you want to ensure your salespeople are well-equipped with the tools they need to sell your products. For example, if you offer 3D visualization capabilities in your CPQ software, your customers can get an up-close look at the products they purchase before placing orders. This can reduce the number of return orders, bolster conversion rates, and enhance the quality of your product.

When shopping for CPQ, remember that new and growing businesses often shop for something other than a standalone solution. Instead, they're looking for a platform to fulfill their current demands while expanding with them, all for a modest monthly membership charge. 

Industry-Specific Pricing

A CPQ product configurator must be compatible with the pricing models of your industry and business. For example, a manufacturer might need to calculate quotes using multiple factors, including volume discounts, bundling, etc. It would help if you looked for a vendor that can offer an easy-to-configure, customizable, and automated pricing model.

Another factor to consider is how well the tool integrates with your other systems. 

A good CPQ will reduce mistakes by following rules and constraints that ensure quotes are valid. These rules will help you eliminate invalid product combinations and provide all possible options to be presented to your customers. Fewer incorrect quotes will be generated, helping you increase revenue and customer satisfaction.

Whether you are a B2C or a B2B manufacturer, selecting the right CPQ is crucial to your business. Take the time to understand your needs, research, and compare options. Ultimately, a CPQ solution is an investment; you want to ensure you get the best value. 

Industry-Specific Integrations

CPQ solutions work with existing systems such as ERP, CRM, or accounting platforms to ensure product data is available at the point of quote. A planning workshop with key stakeholders, using personas and a jointly created product tree, will help determine the configurator's necessary functions and visualizations. In this way, the CPQ can be designed for optimum use in the respective industry.

The goal of a CPQ is to bring together all the factors that lead to sales proposals in one application, making them more comprehensive and easier to use. This will allow your team to generate quotes more quickly and easily, providing a better customer experience and reducing the time required for sales cycles. In addition, this will prevent the cumbersome process of manual data entry and avoid costly mistakes that occur when ad hoc proposals are created.

It is essential to find a CPQ that will be able to grow with your business, and it's worth taking the time to check online reviews and surface trusted providers. Ultimately, the right solution will ensure your team can generate quotes quickly and efficiently, increasing revenue and profitability. It will also allow you to remain competitive by responding rapidly to price adjustments and avoiding pricing disparities between channels. Additionally, a CPQ that can integrate with your billing solution will enable real-time data synchronization, minimize errors, and eliminate duplication of effort. 

Industry-Specific Training

The product configuration software you choose should have been built with the specific needs of your industry in mind. For example, if you sell industrial equipment, look for a CPQ solution to configure system configurations. This means it can consider the interaction between different products and how they are used within the same facility, such as industrial conveyor belts, weighing machines, and packing machines. It can also configure the way these products cooperate during production and delivery.

Another thing to consider is the level of support you'll get from your CPQ solution provider. In addition to the self-help resources provided in your platform, some providers offer dedicated customer success managers who can help you get the most out of your system. You'll want to find a vendor with the industry expertise and knowledge to help you succeed.

Choosing the right CPQ solution is essential in optimizing sales processes and improving your overall customer experience. You may make a confident decision that will best fulfill your business goals by carefully considering the vital features and benefits of each accessible option.