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.
Configure, Price, Quote (CPQ) is high-converting, revenue-driving, and cost-cutting initiatives. Why do businesses fear that CPQ will be too expensive and too time consuming?
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.
Why CPQ is Worth It
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.
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.
Why the Time is Now
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.
It’s All Relative
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.
Sarah is a nimble and creative marketing leader with 15 years of experience in a mix of agencies, B2B, and B2C enterprises. She brings a background in building and driving impactful marketing practices and processes for growing businesses. Sarah has expertise in brand, content marketing, lead generation, and marketing operations. She’s a co-author of the 2019 book on B2B eCommerce Digital Branch Secrets: eCommerce Playbook for Distributors.