CPQ Statistics


Steve Goldstein
Steve Goldstein
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Cpq Statistics 2023: Facts about Cpq are important because they give you more context about what’s going on in the World in terms of Cpq.

LLCBuddy editorial team scanned the web and collected all important Cpq Statistics on this page. We proofread the data to make these as accurate as possible. We believe you don’t need to check any other resource on the web for Cpq Facts; All are here only 🙂

Are you planning to form an LLC? Thus you need to know more about Cpq? Maybe for study projects or business research or personal curiosity only, whatever it is – it’s always a good idea to know more about the most important Cpq Statistics of 2023.

How much of an impact will Cpq Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your Cpq related questions here.

Please read the page carefully and don’t miss any words.

On this page, you’ll learn about the following:

Top Cpq Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 14 Cpq Statistics on this page 🙂

Cpq “Latest” Statistics

  • According to Cloud Sense, CPQ reduces sales cycles by 28% and the amount of time needed to wait for approvals by 95%.[1]
  • In 2017, CPQ revenue estimates were as much as $1.1 billion with a projected future increase of 25% annually through 2020, according to the Gartner’s Magic Quadrant for Configure, Price, and Quote Application Suites.[2]
  • The CPQ market was worth $878 Million annually in 2016 and has been growing steadily at 20% year on year.[3]
  • According to Soft Clouds, CPQ enables sales to send prospects and customers 49% more contracts, proposals, quotes and RFP responses.[3]
  • With CPQ software, 26% more sales representatives meet their quota as opposed to 67% of all sales reps, who fail their quota, according to Axanom Inc.[4]
  • A salesforce research states that sales teams have achieved 10x faster quotation production, a 95% shorter approval time, and a 30% quicker onboarding process for new sales representatives in CPQ.[5]
  • The majority of sales representatives only spend 34% of their time really selling; the remainder is occupied with creating prices for possible consumers.[5]
  • According to a recent Gartner research, the CPQ application market grew by 15.5% in 2019, to an estimated $1.42 billion.[6]
  • According to Salesforce Research’s “State of Sales” report, only 34% of a salesperson’s time is actually spent selling: meeting customers in person, connecting with customers virtually, and prospecting.[7]
  • 80% are using automated CPQ tools to provide prospects with quotes that include their product and service configurations, according to Select Hub.[8]
  • 81% of businesses use analytics to enhance their comprehension of clients and the buying process.[8]
  • According to a recent research by Accenture, 83% of sales people already use CPQ solutions.[8]
  • 84% of top achievers predict that during the next two years, the relevance of analytics will rise either somewhat or significantly.[8]
  • According to Gartner’s Market Guide for Configure, Price and Quote Application Suites, the CPQ market will expand at a compound annual growth rate of 20% through 2020.[8]

Also Read

How Useful is Cpq

One of the most significant benefits of CPQ software is its ability to simplify and speed up the quoting process. With CPQ, sales teams can quickly and easily generate accurate quotes based on predetermined pricing rules and product configurations. This not only saves time but also ensures that quotes are consistent across all customers, resulting in a more professional image for the company.

Furthermore, CPQ software enables sales teams to upsell and cross-sell more effectively by suggesting complementary products and services based on the customer’s needs and preferences. This can help increase sales and improve customer satisfaction by providing tailored solutions that meet their specific requirements.

In addition to improving the efficiency of the sales process, CPQ software also helps businesses reduce errors and inconsistencies in pricing and quoting. By centralizing product and pricing information in a single system, CPQ ensures that all sales teams are working from the same data source, minimizing the risk of mistakes or misunderstandings.

Moreover, CPQ software can integrate with CRM systems, ERP systems, and other business applications, providing a comprehensive view of customer data and interactions. This enables sales teams to have all the information they need at their fingertips to make informed decisions and provide personalized quotes to customers.

For businesses operating in industries with complex product configurations and pricing structures, CPQ software is particularly valuable. Companies that offer customizable products or services can leverage CPQ to simplify the configuration process and ensure accurate pricing for even the most complex orders.

While CPQ software offers a plethora of benefits for businesses, it is essential to consider whether it is a necessary investment for every company. For small businesses with straightforward pricing structures and low sales volumes, the cost of implementing CPQ software may outweigh the benefits. In such cases, manual quoting and pricing processes may be sufficient to meet the company’s needs.

However, for midsize and enterprise-level businesses looking to scale their operations, improve sales processes, and provide a better customer experience, CPQ software can deliver significant returns on investment. With the ability to automate repetitive tasks, eliminate errors, and provide valuable insights into customer behavior, CPQ software is a valuable tool for driving revenue and growth.

In conclusion, CPQ software is a powerful tool that can transform the way businesses manage sales processes and pricing. With its ability to streamline quoting, reduce errors, and improve customer satisfaction, CPQ software offers substantial benefits for companies looking to optimize their sales operations. While the decision to invest in CPQ software may vary depending on the size and complexity of the business, companies that choose to implement CPQ can expect to see improvements in efficiency, accuracy, and overall sales performance.

Reference

  1. cloudsense – https://blog.cloudsense.com/cpq-stats
  2. simplusaustralia – https://simplusaustralia.com.au/numbers-dont-lie-cpq-is-big-and-only-getting-bigger/
  3. medium – https://softclouds.medium.com/cpq-insights-five-trends-for-2020-821d17e1464a
  4. axonom – https://www.axonom.com/5-stat-backed-benefits-that-prove-cpq-is-the-perfect-e-commerce-tool
  5. objectedge – https://www.objectedge.com/blog/how-cpq-directly-contributes-to-revenue
  6. ownbackup – https://www.ownbackup.com/blog/seeding-cpq-data/
  7. salesforce – https://www.salesforce.com/products/cpq/resources/what-is-cpq/
  8. selecthub – https://www.selecthub.com/customer-relationship-management/cpq-market/

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