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 key advantages of using CPQ tools is the ability to quickly and accurately generate quotes for customers. Instead of manually inputting pricing information and configurations, CPQ software can automate the process, resulting in faster turnaround times and fewer errors. This not only helps sales teams to be more efficient but also ensures that customers receive accurate quotes in a timely manner.

In addition to improving the speed and accuracy of quote generation, CPQ tools also offer a more personalized experience for customers. By allowing sales reps to easily configure products and services based on customer specifications, companies can tailor quotes to meet individual needs and preferences. This not only helps to boost customer satisfaction but also increases the likelihood of closing a sale.

Moreover, CPQ tools can help sales teams to upsell and cross-sell more effectively. By providing access to real-time product and pricing information, sales reps can identify opportunities to recommend additional products or services to customers, ultimately increasing the value of each sale. This proactive selling approach not only benefits the company’s bottom line but also provides added value to customers by offering them solutions that meet their specific needs.

Another key advantage of CPQ tools is their impact on overall sales productivity. By automating repetitive tasks such as quote generation and configuration, sales reps can focus more of their time on building relationships with customers and closing deals. This can lead to increased sales volumes and higher conversion rates, ultimately driving revenue growth for the company.

Furthermore, CPQ tools can provide valuable insights into sales trends and customer behavior. By analyzing data generated through CPQ software, companies can identify opportunities for improving pricing strategies, product offerings, and sales processes. This data-driven approach can help companies to make more informed decisions and drive greater results in their sales efforts.

Overall, CPQ tools offer a myriad of benefits for companies looking to improve their sales operations. From streamlining quote generation to providing a more personalized experience for customers, CPQ software can help companies to boost sales productivity, increase revenue, and drive business growth. While the initial investment in CPQ tools may seem daunting, the long-term benefits far outweigh the costs, making them a worthwhile investment for companies looking to stay competitive in today’s fast-paced business environment.

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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