Despite the many compelling reasons to consider CPQ, some worry that moving to CPQ is too expensive and time consuming. Developing and implementing new solutions does take resources. However, most see the ROI in less than a year.
CPQ, or Configure, Price, Quote solutions are increasingly popular. Yet despite the many compelling reasons for enterprises to consider them, some business leaders are still hesitant, primarily due to an inaccurate belief that moving to CPQ will be too expensive and time consuming to result in meaningful return on investment (ROI).
Though this is a myth, it’s an easy one to believe. Developing and implementing new solutions does take resources. However, CPQ has proven time and time again that it’s a deeply worthwhile investment.
In a world that has “Amazon one-click syndrome,” or an expectation of quick and seamless digital experiences, businesses that are able to deliver the fastest, most accurate quotes are often the ones to secure the deal. In fact, 74% of people are likely to switch brands if they find the purchasing process too difficult, and 98% will reconsider making a purchase if provided inaccurate information.
Conversely, companies that leverage CPQ are able to send out 49% more contracts, proposals, and quotes on average, all while experiencing 1.6x more year-over-year reduction in generation errors.
These statistics underscore a simple truth: companies that can turn around accurate quotes the fastest out-earn competitors. And CPQ is the best way to do it.
Not only does CPQ ensure that businesses are able to deliver superior customer service, there’s never been a more critical time to differentiate your brand by its user experience.
73% of shoppers cite customer experience as an important factor in their purchasing decisions. For brands that aren’t able to provide this and lose customers, it’s now become 9 times more expensive to acquire new customers than to keep existing ones.
For businesses that are facing stiff competition in a world where eCommerce is continually growing, customer retention can make or break you. If anything, most companies can’t afford not to invest in solutions that speed up the customer service process while simultaneously cutting down on business processes.
At the end of the day, it’s all relative to value. Moving to CPQ isn’t so much about the investment of time and money as it is about the impact. When you truly examine the cost-benefit, the value is immense, and the ROI is usually earned in less than a year, thanks to the iterative nature of CPQ.
Interested in learning more about CPQ solutions and how they can impact your business? Reach out to the team of experts at Object Edge today.
