Configure, Price, Quote (CPQ) is the process that sales teams follow to efficiently configure products or services, price them appropriately according to market conditions, and generate quotes for customers. It’s a particularly useful process for brands that offer customizable products or services with variable pricing structures.
- Configure deals with product or service customization. For brands that offer niche, complex, or customizable products, CPQ helps sales staff configure the right product or service solution for each customer’s unique needs and specifications.
- Price is concerned with how much the product or service should be sold for. This can be more complicated than it sounds, particularly when custom configurations are involved. CPQ helps to streamline the pricing process and ensure it adheres to organizational policies, goals, and market factors.
- Quote comes after the product or service has been configured and priced and focuses on generating a detailed quote for each customer. This quote will include relevant information such as product spec, pricing, T&Cs, and delivery timelines.
The CPQ process not only helps sales teams meet customer needs and professionally present quotes to customers but also enables them to provide better customer service and make a lasting impression on customers.