For manufacturers, selling highly customizable products has been a challenge as they need to manage countless variations, customization options, and pricing rules. This not only impacts customer experience but also increases operating costs and time. It also increases the risk of errors and lost opportunities.
Visual CPQ empowers manufacturers to automate the buying journey, deliver instant quotes, and improve operational efficiency. Here is everything you need to know about Visual CPQ and how it helps manufacturers.
What is Visual CPQ?
Visual configure price quote or popularly known as Visual CPQ, is a powerful solution for sales teams that enables the configuration of complex and customizable products for effective visualization and quote generation.
It allows sales reps and customers to configure products based on specific needs and requirements and visualize the final product in a 3D avatar. With this 3D visualization, Visual CPQ improves the user experience and minimizes the time needed for customization. This also enhances the efficiency and focus of sales teams across the organization.
Visual CPQ makes life so much easier as it minimizes the time spent on product customization whether the organization sells complex machines, industrial equipment, medical devices, or automotives.
Visual CPQ vs other CPQ solutions
Visual CPQ is quite similar to other CPQ solutions available in the market that help sales teams in product configurations, pricing, and quotes. However, the difference comes when it comes to CPQ visualization. Rather than just ticking valid configuration options, Visual CPQ enables users to view the product in real-time 3D or interactive visuals, offering a dynamic, immersive experience to customers. It reduces ambiguity and ensures that buyers have a clear understanding of the final product.
Advantages of Visual CPQ
As products become more complex and customer demands soar high, implementing Visual CPQ software can bring several advantages to organizations in meeting them.
Enhanced customer experience
Customer experience is enhanced when they can see exactly what the final product is going to look like and what features have been incorporated. Visual CPQ solution transforms product configuration for sales reps and customers. Using CPQ visualization, customers can configure and visualize their products in real-time in a more engaging and satisfying way.
Customers feel more confident, reducing post-purchase regret and the need to make corrections and changes. Ultimately, this translates to stronger brand loyalty, better decision-making, and overall satisfaction with their purchases.
Rule-based configuration
One of the standout features of Visual CPQ is rule-based configuration. This feature ensures that only valid configurations are allowed during the customization process. The rules are pre-defined in the system that guides sales reps and customers during customization, automatically preventing invalid product combinations. This eliminates costly rework and improves operational efficiency across departments, from sales to manufacturing.
Improved quote accuracy
It is critical for sales teams to deliver quotes with high accuracy and complete information. With Visual CPQ, sales reps get accurate product configuration and automated pricing that helps them avoid errors or mistakes in the sales quote. This also ensures that customers experience a transparent quoting process, and the final quote aligns with the product and pricing expectations. The risk of miscommunication is also reduced, which speeds up the approval process.
Shorter sales cycle
Visual CPQ streamlines the configuration, pricing, and quoting processes which significantly reduces the time it takes to close deals. Customers can instantly see and adjust their customized products, get pricing details in real-time, and get the final quote instantly based on the final product. Visual CPQ empowers sales reps to move prospects through the sales funnel with speed and efficiency, driving higher win rates and increased revenue.
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How does Visual CPQ software work?
Visual CPQ works like any other CPQ solution available in the market. Sales reps can use the solution to manage product configuration, pricing, and quoting for customers in a smooth and effective way.
Product configuration: In the product configuration step, sales reps configure or customize the product based on the needs and preferences of the customers using the CPQ visualization feature. This can include size, color, material, features, shape, etc.
Product pricing: In this step, sales reps use the solution to make price adjustments as per the final product. The pricing is adjusted in real-time as users modify their selections. This is where discounts, bulk offers, and promotional offers are adjusted in the cost calculations.
Quote: In this step, the Visual CPQ solution generates a detailed quote including the product, pricing, and discount details finalized in the previous steps. This quote is sent to the customer for approval.
Integration: Visual CPQ also integrates with other marketing and sales tools, such as CRM and ERP systems to fetch customer details and manage the journey of the customers from quote delivery to approval.
How does Visual CPQ help manufacturers?
Visual CPQ solutions transform the way manufacturers sell their products. They make the buying process easier, faster, and more engaging by providing various advantages mentioned below:
Better buying experience
Visual CPQ significantly enhances the buying experience by allowing customers to get a real-time view of the product they wish to customize. Instead of guessing what the final product will look like, customers interact with a 3D model of the product and even customize it while viewing the changes in real-time. This way, the CPQ visualizer helps manufacturers offer a smoother, more confident buying experience to customers. Moreover, it also reduces the chances of errors and streamlines the overall product configuration process.
Key benefits:
- Reduces complexity in decision-making
- Minimizes the chances of post-sale changes
- Increases emotional connection with the product and the company
Lead generation
Visual CPQ proves to be a fantastic way to engage potential leads by providing an interactive model of the product they are looking to buy. When they engage with the CPQ visualizer tool, it creates a connection between the product, manufacturer, and buyer. This helps manufacturers generate more leads and convert these potential leads into customers. Additionally, offering a highly visual and interactive tool can attract new prospects who are searching for products online.
Key benefits:
- Captures real-time buyer intent data
- Builds a pipeline of prospective customers
- Enables follow-ups with the leads and potential customers
Instant quotes
Once a customer is ready to make a purchase, they won’t wait for long. Manufacturers at this stage should offer quotes instantly to the customers to finalize the deal. Visual CPQ helps them create, format, and deliver instant and accurate quotes to customers. These quotes are designed and formatted according to the unique needs of the customers, including every detail like the final product, quantity pricing, discounts, sale conditions, and more. This not only helps manufacturers send quotes instantly but also speeds up the process of closing deals faster.
Key benefits:
- Minimizes the problems associated with manual quoting, like inaccuracies and slow speed
- Boosts quote delivery and approval processes
- Speeds up deal closure
Seamless integration and workflow
Visual CPQ not only enhances customer experience, but it also helps manufacturers by integrating with their existing tools, such as CRM, ERP, and supply chain management systems to create a smooth flow of data across systems. This eliminates the need for manual data entry in quotes as information like customer details, pricing, discounts, and product availability are automatically fetched from other systems.
Key benefits:
- Enhances data accuracy across systems
- Streamlines and automates workflows
- Reduces operational cost and time
Speed up the sales cycle
By automating and streamlining configuration and quote, Visual CPQ accelerates the sales cycle, allowing sales reps to close deals faster. They don’t need to spend much time on repetitive tasks (such as calculations, drafting quotes, and applying discounts) as the system automates them. With better speeds, sales reps can handle more deals in less time.
Key benefits:
- Faster sales cycle
- Improved productivity and efficiency
- More revenue generation opportunities
How to Choose the Right Visual CPQ Software?
Choosing the right Visual CPQ solution is a critical decision that can significantly impact the sales processes of your organization. Here are the key factors that you should consider before choosing the right solution for your manufacturing business.
1- Visualization capabilities: When choosing a Visual CPQ, ensure it provides a high quality and intuitive visualization of the products that updates as customers adjust their selections. This CPQ visualization enhances the buying experience and helps to reduce the chances of errors as customers get a clear picture of the final product.
2- User-friendly interface: The Visual CPQ you choose should be easy to use and intuitive. This brings two main advantages – (1) the product configuration process becomes faster and smoother (2) a lower learning curve as sales reps can easily adapt to the new system.
3- Scalability: The solution must be scalable to match the speed and technical requirements of your organization as well as the complexity of your products. The solution should match the growth pace of your organization.
4- Price: Price can be a determining factor when choosing a Visual CPQ solution for your organization. It should match your budget and meet the ROI expectations.
5- Integration: The solution should integrate with your existing systems to create a smooth flow of data and effortless sales processes. A CPQ solution that doesn’t integrate well with your other tools can create silos, leading to inefficiencies and errors.
Visual CPQ: Future of manufacturer’s sales automation
In a world where customers demand personalization, speed, and transparency, Visual CPQ offers an immersive product configuration experience. An experience that is personalized to their needs and preferences, matches their speed expectations, and with complete transparency, meeting every demand head-on.
Using the CPQ visualization capabilities, manufacturers simplify the buying process and boost the quote-to-cash process. Additionally, manufacturers benefit from streamlined workflows, enhanced data accuracy, and improved customer experience.
Manufacturers that embrace Visual CPQ will have an edge, offering not just products, but an unforgettable buying experience. See how Cincom CPQ can help you streamline complex selling and empower your sales team.
FAQs
1- What is Visual CPQ?
Visual CPQ is a configure price quote solution that enables customers to configure and customize products through an intuitive and interactive visual interface, offering a 3d view of the final product.
2- What is the difference between Visual CPQ and other CPQ tools?
Visual CPQ is quite similar to other CPQ solutions. The main difference comes in product visualization where other CPQ solutions just allow ticking valid configuration options, Visual CPQ enables users to view and edit the product in real-time 3D or interactive visuals.
3- Can customers personalize products through CPQ visualizer?
Visual CPQ allows customers to select and customize products based on their preferences. They can change features like color, material, shape, size, quantity, and other factors and see the final product in real-time.
4- How does Visual CPQ benefit manufacturing companies?
Visual CPQ solutions transform the way manufacturers sell their products by making the buying process easier, faster, and more engaging through benefits, like lead generation, instant quotes, and seamless integration.
5- Is Visual CPQ only for large manufacturers, or can smaller businesses benefit as well?
Visual CPQ solutions are beneficial for manufacturers of all sizes as they can get benefits from CPQ visualizer, instant quotes, automated pricing calculations, and seamless integrations.
6- Can Visual CPQ integrate with other systems?
Yes, Visual CPQ can integrate with other systems that organizations might be using, such as CRM, ERP, and supply chain solutions.
7- Is Visual CPQ suitable for overly complex products?
Yes, Visual CPQ is designed to handle complex product configurations and meet the unique needs and preferences of the customers. It can also be tailored to manage the requirements of different manufacturing organizations.
