All sales teams know that well-maintained, integrated CPQ systems are a necessity. But CPQ with product visualization is an absolute game-changer. When integrated, CPQ and product visualization systems help sales teams make sales faster and create long-lasting relationships with customers.
In this article, we’ll explain what CPQ with product visualization is, how the systems work together, and why they are so beneficial to your business.
What Is a CPQ System?
CPQ stands for configure, price, quote. CPQ systems integrate with other systems, like ERP software, to make the processes of configuring, pricing and quoting products to clients smooth and realistic. Here’s a quick rundown:
- Configure: CPQ systems allow manufacturing companies to easily customize products according to customer specifications. Customers can select various components and features so products are tailored to their needs.
- Pricing: Different configurations result in different prices. CPQ systems streamline pricing a product because they can be programmed to calculate how much these changes cost in materials and labor.
- Quote: The CPQ system uses the data collected from the above steps to create a detailed quote for the customer. This quote outlines the product specifications and total cost.
What Is Product Visualization?
Product visualization is a process that uses technology to show users a digital representation of a product on a computer screen. Product visualizations can be created using CAD software to provide a 3D illustration of a product, and display various configurations and customizations.
How Do CPQ and Product Visualization Work Together?
CPQ systems that offer product visualization take the sales process to the next level. Instead of providing the customer with a simple outline of their customizations and their costs, product visualization technology shows the customer exactly what the customization will look like.
Your sales team can demonstrate to the customer in real-time how a configuration will impact their product and what the cost will be. This improved communication leads to more realistic expectations and satisfied customers.
7 Benefits of CPQ and Product Visualization
Not sure if taking the step to provide product visualization is necessary for your business? Explore these benefits before writing off product visualization.
1. Better Customer Experience
CPQ with Product Visualization offers customers deeper insight into exactly what their order will look like, which is especially important with customers who require many customizations. We’ve also found this process to be a confidence boost for your sales team, allowing them to spend more time creating meaningful human connections with customers and less time looking up prices and describing options.
2. More Accurate Quotes
Because CPQ, product visualization, and ERP systems are integrated, your sales team has access to real-time data. That means if procurement has to purchase more expensive parts due to supply chain issues, for example, prices are updated in your CPQ and product visualization systems immediately.
3. Clearer Product Configuration – Especially for Complex Configurations
If your business offers a multitude of configurations, product visualization is a game changer and you should consider it a requirement.
How many times have you stumbled over your words trying to explain a specification that you believed your customer could truly benefit from, only to have them looking puzzled and disinterested? Product visualization cuts out the confusion and prices complex configurations in real-time.
4. Faster Sales Cycles
By integrating product visualization technology with CPQ, businesses are able to accelerate the sales process as customers can make quicker decisions. They’re also more likely to turn into repeat customers remembering how simple the process was last time.
5. Fewer Errors
CPQ with product visualization reduces the chances of human error during the sales process. Because customers can see their product, they can clarify their requirements at the point of sale as opposed to once they’ve received it. Additionally, CPQ which is updated in real-time puts less pressure on the sales team to remember loads of numbers and prices.
6. Higher Rate of Cross-selling and Up-selling
Perhaps one of the biggest benefits of CPQ with product visualization is that is provides innumerable opportunities for cross-selling and up-selling. With the click of a button, your sales team and show customers an advanced iteration of the product that interests them. It also ensures salespeople don’t miss these opportunities.
7. Enhanced Data Collection and Analysis
All the benefits above are further bolstered by the data they capture. CPQ with product visualization software automatically collects and analyzes sales data which your sales and business operations teams can use to speed up sales cycles, predict market demand, and uncover new revelations about your best customers.
Learn How You Can Use CPQ with Product Visualization Today
At their core, CPQ and product visualization work hand-in-hand to create a more efficient, accurate, and customer-friendly sales process. Visualization enhances the CPQ process by providing an interactive representation of the product, leading to better customer engagement, satisfaction, and ultimately, increased sales.
If you want to take advantage of CPQ with product visualization, talk to our expert consultants at Godlan today.