Every business operates with an intention to create offerings that meet the needs of its target audience. When a customer agrees to avail your offerings (be it products or services) and requests a quote, they are interested in doing business with you.
This is when you, as a seller or service provider, need to jump the gun and turn this opportunity into a successful deal. Time is crucial in these scenarios.
So how do you hit the bull’s eye within a specific time frame? – The answer lies inside a CPQ tool.
A CPQ tool like Revv simplifies the quoting process for sales teams across industries by automating manual and repetitive tasks. A CPQ tool comprises of three prominent components – Configure, Price, Quote! You can list all the products and services you sell or wish to sell to your clients, along with the pricing details. Then, create error-free quotes and share them with the customer on time to beat the competition.
It takes 73% more time for non-CPQ users to produce a typical quote or a proposalSource: SoftClouds
Let’s now deep dive into the functionalities of a standard CPQ solution. Also, understand how you can leverage Revv to streamline your sales cycle and enhance the quote creation experience –
Customized offerings with CPQ software
Customer is king – as clichè as it may sound, but it’s the principal businesses live by. With the ever-increasing competition, the need to stand out and become a user’s first choice is getting tougher.
Now, you have to customize your offerings as per client requirements. Manual configuration, customization, and maintenance of all products and services is not feasible. It is prone to error, omissions, and delays.
Opting for the best CPQ software opens up the possibility to do away with redundant manual tasks. You can add, update, and manage all your products and services under the same platform. Maintain a master list – the product catalog- where all your offerings are listed. You can further configure it with different pricing rules and methods that can be quoted to the customers.
What can you do with Revv?
Revv is an all-in-one price quote CPQ software that offers users with multiple CPQ driven features. This is aimed to streamline the quoting process and create efficient sales quote documents.
Here’s how Revv helps you in customizing your offerings –
Working with the product catalog
Revv’s product catalog lists all the products and services added to date. The products are configured on the following basis –
- Name of the product or service being offered
- Product code – This is a unique product code that the company assigns. It remains the same throughout the product’s shelf life
- SKU code – Stock Keeping Unit or SKU is a unique code assigned to each product, service, or package for internal operations and stock-keeping purposes
- Description – It mentions details about the product which gives a better understanding to the customer
- Configuration type – This defines the configuration type of the product. Whether the product or service is standalone, add-on, bundle, etc.
- Product type – Users can classify their product based on a predefined list shared by Revv. Select whether the product is a license, software, setup, etc.
- Family – Family is mainly clubbing products and services with the same characteristics under one group depending on customer requirements.
- Category – This is the last configuration field where you have to determine the category of the product. One product can fall under multiple categories.
Once these configuration fields are updated, you can click “Add” in the pop-up box. The product will be added to the catalog.
All the products listed in the catalog can be edited, managed, and removed at any time. It is stored securely inside Revv and can be quoted to customers after the pricing details are attached.
Learn more about the Product catalog.
Creating multiple price books
Once the product is configured and listed inside Revv, what follows is pricing. The pricing details should be added to the product for it to be quoted to customers.
Revv lets its users create multiple price books based on currency, geography, buyer group, product lines, etc. Price books contain products with configured pricing details that can directly be added to your sales quotes. In addition, the price book has a spreadsheet-like layout where you can edit product details, manage columns that need to be shown or hidden, and add as many products as you want.
Here are some price book attributes that enable customization of your offerings –
- Charge type – This defines how you will charge the money from your customers. Revv provides five different charge types – evergreen, one-time, recurring, recurring usage, one-time usage.
- Billing frequency – It refers to the frequency at which the customer will be charged for the product or service.
- Selling term – The term or duration for which you want to sell the product or service.
- Selling term UoM – It is the unit of measurement for the selling term.
- Pricing options – Revv offers its users multiple pricing options for all its products and services. The pricing options include – flat pricing, volume pricing, tiered pricing, stair-step pricing, bundle pricing, DIY pricing, and percentage of the total.
Learn more about Price books and pricing options.
You can link price books to specific sales quotes and directly add configured offerings in your document via quote tables.
Create quotes at lightning speed with the best CPQ software
What follows configuration and pricing is quote creation. A sales quote consists of offerings with their pricing details and basic terms and conditions that govern the overall agreement. Some of the contextual terms and conditions are mentioned to comply with legal requirements.
Sales reps might not be experts when it comes to drafting a sales quote from scratch. An ideal CPQ solution will provide features that supplement the quote creation process.
What can you do with Revv?
Along with the ease of product configuration and management, Revv supports accurate quote creation. Here are some features that bring efficiency and speed to the drafting process.
Template library that gives you a headstart
Revv provides its users with a library of 1000+ ready-made legally vetted templates. This gives sales teams a headstart and takes away the pain of starting the quote creation process from the ground up.
This results in the timely creation of accurate quotes that are less prone to manual errors. Also, using a standard template across the company brings consistency, uniformity, and makes a good first impression on the customer.
Check out all the quote templates. Choose the one that fits your business needs and start editing it with Revv’s rich document editor.
Rich document editor to create your quotes
You can easily customize your sales quotes as per your brand guidelines and deal requirements. Revv’s editor comes with various document blocks that let you add images, text, tables, link Google Sheets to your quote, and add eSignature blocks.
Add quote tables inside the document
Earlier, you had created a price book that consists of all the products and services with their pricing details. You can now drag and drop the quote table inside your document, link the quote table with the price book, and add the products directly to the document.
Let’s see how that process goes –
- Drag and drop the quote table from the document blocks.
- Move to the quote table tab and select the price book for the sales quote you are drafting.
- Select all the quoted products and services from the list and click “Add to quote table.”
- All the added offerings will appear in your sales quote directly. You can edit details about the products in the quote table.
Finally, you can send the quote to prospective customers for review and eSignature.
Automate the configure price quote process with Revv
Doing repeatable manual tasks is boring and monotonous. This will cause the sales reps and other team members to be demotivated and lose morale. It also increases the chances of errors and omissions. It is especially prominent in situations where the data is stored in multiple places and requires manual copy-pasting. Also, the quoting process involves multiple teams collaborating over a single document.
CPQ solutions provide a common platform for discussion and changes. This feature is appreciated by users. It streamlines the sales channels of communication from long email trails to comments and mentions inside the document. A few ideal CPQ tools also let you track user activity with timestamps to ensure accountability.
What can you do with Revv?
The below-listed features of Revv let you automate your quoting process with much ease. So let’s dive into the details to understand them better.
Business app integration
Data scatter is one of the biggest challenges faced by businesses today. If you look at the quote creation process, in most situations, the lead or prospects’ information is stored in a CRM platform like Salesforce. The product pricing details are maintained manually in a Google Sheet. And there is a separate document management software where the quote is created and stored.
Revv identified these gaps and tried to bridge them by bringing integration to the process. Revv offers its own native API integration to connect the CPQ tool with other systems of record. Such integrations ensure seamless transfer of data with a faster and improved sales process.
The next step of integration that Revv ventured into is no-code/low code integration methods. Working with APIs requires coding skills which is not the forte of the sales team. So, Revv opened up the possibility to integrate the CPQ tool with other platforms via Zapier. Users with no coding skills can easily create zaps and triggers, stitch multiple apps together, and automate their working methods.
Seamless collaboration within the document
Add comments, notes, and tag specific users to get their inputs – all inside your sales quote. Revv’s editor comes with all these collaboration features to simplify quote creation and amplify deal closure.
An activity tracker that helps in aligning the next steps
Track user activity inside the document even after the document is sent to the customer. The activity tracker shows information like – who opened the document, who viewed the document, who signed the document, along with timestamps.
This helps the sales teams identify the process’s bottlenecks, like who viewed the documents but didn’t sign. Then, they can reach out to the customer and ask to resolve any queries or issues holding them back.
This speeds up the deal closure process, which is possible if you have a CPQ tool like Revv.
One-click eSignature to close deals successfully
The end objective of implementing a CPQ solution is to convert prospects into customers and improve the lead conversion rate.
With Revv, you can drag and drop the signer blocks in the document and assign specific signers in the quote, ensure that customers agree to the offerings and sign the deal successfully.
|Learn more about the tool you need – CPQ vs. Business Quotation Software: The Tool You Need|
Is Revv the ultimate Configure Price Quote (CPQ) tool you need?
Time plays a very crucial role in the sales process today. As mentioned earlier, the increasing competition and the demand for highly customized offerings have left businesses wondering – how to bring speed and agility in their quote to cash process. The focus is also on enhancing the customer experience because a happy customer is bound to return.
Revv, the ultimate quoting and CPQ tool offers a range of features to improve, automate, and amplify your sales process. You can try out the product by signing up with the free plan and see if the CPQ tool fits your needs. If you need more information, you can schedule a demo, and a salesperson from Revv will walk you through the product and make sure that you get the best understanding before you make the decision to purchase.
You can also check out the list of most prominent sales quoting and CPQ software in 2021 before making an investment decision.