CPQ Statistics


Steve Bennett
Steve Bennett
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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.

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

At its core, CPQ software simplifies what can be a complex and tedious task of putting together quotes. By assisting sales reps in configuring products, setting accurate pricing based on business rules and discounts, and generating professional proposals quickly, CPQ reduces the chance of errors and ensures consistency across all customer quotes. This not only saves time but also improves the quality of customer interactions by presenting them with accurate and tailored solutions.

One of the key benefits of CPQ software is its ability to guide sales reps through the sales process, helping them make the best product selections and pricing decisions based on customer needs and preferences. This level of guidance not only helps reps make informed choices but also enhances the overall customer experience by providing them with solutions that meet their specific requirements.

Moreover, CPQ software provides businesses with a centralized platform for managing product configurations, pricing strategies, and customer data. This enables sales teams to access up-to-date product information and pricing rules, ensuring they have the most accurate and relevant information at their fingertips when engaging with customers. Additionally, by storing all customer interactions within the CPQ system, businesses can track sales performance, analyze key trends, and make data-driven decisions to improve their sales strategies.

In today’s fast-paced business environment, time is of the essence. CPQ software helps sales teams respond quickly to customer inquiries and requests, reducing the sales cycle and increasing the likelihood of closing deals. By automating many of the manual tasks associated with creating quotes, reps can spend more time selling and building relationships with customers, ultimately driving revenue and boosting profitability.

Furthermore, CPQ software can enhance collaboration between sales, marketing, and finance teams, enabling them to work together seamlessly to deliver a unified customer experience. By integrating CPQ with other key systems such as CRM and ERP, businesses can ensure seamless data flow and information sharing across departments, leading to improved communication and efficiency.

As technology continues to advance and customer expectations evolve, businesses must adapt to stay competitive in today’s market. CPQ software provides businesses with a competitive edge by enabling them to deliver fast, accurate, and personalized quotes to customers, ultimately improving the sales process and increasing customer satisfaction. In an increasingly digital world, investing in CPQ software is no longer just a luxury but a necessity for businesses looking to thrive in the modern age.

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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