2 min read
When you think of a Configure, Price, and Quote (CPQ) solution, you may not expect anything other than a product that formulates a quote. However, it is much more than just a quoting tool. Your whole end-to-end process starts here. You’ll find that it can rescue your sales and operations teams from the threats of error-ridden documents, numerous internal meetings, or lengthy manual processes.
As a Senior Customer Success Manager at Conga, I’m often asked how our CPQ solution compares to others in the EMEA market. It’s not easy to navigate multiple solutions and find the best one, but I’m here to offer you the three most important KPIs that measure CPQ success.
Some consider the ‘percentage of quotes created via CPQ’ a KPI that measures success. To me, it doesn’t say anything about the conversion rate or how long it would take to convert a quote into an order. If your organization has already adopted a CPQ solution, use KPIs to research how it has improved your internal processes.
Here are my three important KPIs that help you reap the benefits of a successful CPQ.
- Adoption
Internal teams must use the tool for it to thrive. And, to get teams to adopt, training is paramount for success. If users don’t understand why they should use the CPQ solution, they simply won’t use it at all. Once adopted, it will help explain the ‘why.’
- Customer retention rate
Customer retention rate is one of the most important KPIs. When you sell more subscription-based solutions, it creates a new type of KPI. Subscription management is so much more than just a contract renewal date. For example, is your GTM vision subscription-based? If so, ensure your CPQ solution can support it and handle all your customer’s assets.
- Customer revenue growth
With a CPQ in place, you will win with the best proposals, outsmart your competition, and achieve higher profit margins. How? Because CPQ solutions deliver the right proposal at the time, every time. By eliminating failed costs, you can shorten the length of your entire end-to-end Quote-to-Cash (QTC) process, bolstering your revenue growth.
Remember! A CPQ solution is not just about generating quotes and proposals but is the start of your customer’s digital transformation. CPQ solutions connect your company’s key stakeholders, including legal, finance, and sales, leaving your customers with a smile.
Are you ready to sell more effectively and increase win rates? Conga’s CPQ provides up-to-date pricing and full contract visibility so that sales teams can streamline the buying experience with faster, more accurate quotes.
Learn How ENGIE Transforms its Global Sales Process with Conga CPQ
