Selling today is different. The need for personalized experiences and deals is driving customer expectations. Competitors tend to adjust prices quickly to meet customer needs. This creates a battlefield for organizations where organizations must constantly update pricing strategies and offer personalized deals.
That said, custom pricing is no longer a bonus. It’s what today’s customers expect. They want offers that reflect their value, their order size, and their relationship with your business. If you are not doing it, you’re already falling behind.
This is where CPQ software comes into the picture.
Configure Price Quote or CPQ solution helps organizations create quotes with precise and instant pricing. But the real power of CPQ comes when it supports personalized pricing strategies. In this article, you will learn why custom pricing matters and how to choose a CPQ tool with custom pricing that fits your business requirements.
Why Do You Need Custom Pricing and How CPQ helps?
Not every customer wants the same deal. Some expect volume discounts. Others need region-based pricing or contract-specific terms. Custom pricing lets you offer what each customer values most.
This approach builds trust. It shows customers that you understand their business. And it helps you stay competitive in a market where everyone is looking for the best value. However, managing customary pricing methods manually is hard. With a CPQ solution in place, organizations can personalize pricing for customers without the mess. CPQ applies rules automatically. It pulls in real-time data from your CRM or ERP. It also ensures your team follows pricing guidelines without needing constant oversight. A CPQ tool helps organizations to:
- Offer personalized pricing faster
- Maintain consistency across sales teams
- Reduce approval bottlenecks
- Avoid costly pricing errors
- Close deals with more confidence
Key Features to Look for in a CPQ Tool
If custom pricing is your focus, you need more than just basic quote creation. Here are the features that matter most.
Custom Pricing Rules
Organizations should be able to set prices based on who the customer is, what they’re buying, and how much they’re ordering. Look for tools that allow pricing by location, product bundle, contract type, or purchase history. Your sales team should manage these rules without relying on developers.
Real Time Data Connections
Your CPQ software should connect to your ERP or CRM system. This lets you pull live information like costs, inventory levels, or customer profiles. Your pricing stays relevant, and quotes are accurate.
Insights and Reporting
Good CPQ tools track every quote. They show what is effective and what is not. Use these insights to adjust your pricing strategy. Look at win rates, approval times, and average deal value.
Scalability and Flexibility
As organizations grow, so will their pricing models. Choose a CPQ tool that can grow with you. Make sure it can support new products, different customer types, and regional pricing.
Cincom CPQ can be a robust solution for your organization. Know how!
Learn how Cincom CPQ streamlines quoting and boosts sales team efficiency, accuracy, and performance.
How to Choose the Right CPQ Tool?
Choosing a CPQ tool with custom pricing can be challenging since each tool is created differently to meet the unique needs of their customers. Here are the steps to finding one that works for you.
Step 1: Define Your Challenges
Take a close look at the current quotation and pricing process. Identify gaps and requirements that your sales team needs to fulfill at this stage. These points can help you focus on features that matter the most.
Step 2: Review Your Product and Pricing
In the next step, identify your product configuration and pricing strategy requirements that your sales team wishes to automate. This is the step to identify how and at what level personalized pricing should be implemented.
Step 3: Select the CPQ tool
After analyzing all your requirements, gaps, and processes, it’s time to select a CPQ tool that aligns with your objectives. The tool should match your product requirements and pricing strategies that sales teams adopt. Furthermore, choose a tool that has the capability to support your future business requirements and strategies you may adopt. Think about new product lines, new markets, or more customers.
Step 4: Compare Value, Not Just Cost
Some tools may cost more at the beginning. But they may save time, reduce errors, and help you close more deals. Look at the full picture before you decide.
Make Sure Your CPQ Tool Integrates Well
CPQ software cannot work to its full potential in isolation. It needs to connect with other systems to sync data and automate sales-related processes. That is why integration has become a critical factor of the CPQ software.
Connect to CRM
CRM holds massive data on your customers, lead stages, and opportunities. CPQ software, when connected with the CRM, allows you to create a seamless and real-time flow of customer data. It allows personalized pricing based on customer history.
Connect to ERP
CPQ and ERP software integration brings in real time product costs, stock levels, and delivery timelines. It helps you price accurately and deliver on promises.
Final Thoughts: Use CPQ to Take Control of Custom Pricing
The way you price your products affects every sale. You can’t afford to get it wrong. CPQ tool helps you build quotes faster and offers the best price for each customer every time.
Cincom CPQ is one of the best CPQ solutions that focuses on making complex pricing simple. It allows you to build customary pricing rules based on customer segments, product bundles, and contract terms. Cincom CPQ integrates with existing systems to pull pricing and customer-related data, so the quotes are created with accurate pricing. What sets Cincom apart is its strong support for configurable products and guided selling.
Get in touch with us to learn more about Cincom CPQ and how it can help your organization streamline and automate custom pricing processes.
Custom pricing isn’t just a nice feature. It’s something buyers expect. If you want to win more deals and grow your business, you need a pricing system that works for you.
Start by looking at your challenges. Choose a tool that matches your goals. And make sure it fits with the way your business already works.
Taking the first step now can make your entire sales process stronger.
FAQs
1- What are Configure Price Quote tools and how do they work?
Configure Price Quote tools allow organizations to select the right product configuration, apply accurate pricing, and generate professional quotes digitally. A CPQ tool uses predefined rules and data integrations to speed up the quoting process and reduce errors.
2- Why is custom pricing important in today’s sales environment?
Custom pricing is based on product configurations, customer value, location, or order size, which allows organizations to offer the best and most accurate price. It helps you to win deals, reduce the risk of overcharging, or undercharging. Ultimately, organizations can build stronger relationships with customers by offering custom pricing.
3- How does CPQ software support custom pricing?
A CPQ tool with customized pricing helps organizations create product and pricing rules. These rules are applied automatically based on customer type, region, order volume, contract terms, or product bundles. As a result, sales teams can generate accurate quotes with personalized pricing.
4- How does Cincom CPQ help in offering custom pricing?
Cincom CPQ offers guided workflows, rule-based logic, and integration with CRM and ERP systems. This allows sales teams to deliver customized pricing without extra steps or confusion.
5- How does CPQ software integrate with other systems like CRM and ERP?
Most modern CPQ tools offer built-in integration with popular CRM and ERP platforms. This allows them to fetch customer data, product information, inventory status, and pricing inputs in real time, ensuring that quotes are accurate and consistent.
