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 advantages of CPQ software is its ability to improve the accuracy of quotes. With CPQ, sales representatives can easily create quotes that are based on predefined rules and pricing models, ensuring that all prices and discounts are applied correctly. This automation reduces the potential for human error and eliminates the time-consuming task of manually entering pricing information, ultimately speeding up the sales process and increasing customer satisfaction.

Additionally, CPQ software provides sales teams with the flexibility to customize quotes to meet the unique needs of each customer. By allowing sales representatives to easily modify product configurations, add optional features, or adjust pricing, CPQ empowers sales teams to create personalized quotes that resonate with customers. This level of customization can help build stronger relationships with customers and ultimately lead to higher conversion rates.

Furthermore, CPQ software can improve sales efficiency by simplifying the quoting process. Instead of spending hours manually creating quotes, sales representatives can use CPQ to quickly build quotes and proposals that meet customer requirements. This efficiency enables sales teams to respond to customer requests faster and close deals more effectively, ultimately increasing sales productivity and revenue.

In addition to improving sales efficiency and accuracy, CPQ software can also provide valuable insights to sales managers and executives. By tracking key metrics such as quote turnaround time, win rate, and average deal size, CPQ software can help sales teams identify areas for improvement and optimize their sales process. These actionable insights can help sales organizations make data-driven decisions that improve overall sales performance and drive business growth.

Overall, CPQ software is a valuable tool that has become essential for sales organizations looking to streamline their sales process and increase efficiency. By enabling sales teams to generate accurate quotes quickly, customize quotes to meet customer needs, and gain valuable insights into their sales performance, CPQ software can help businesses drive revenue and achieve their sales goals.

However, like any technology, CPQ is only as effective as the team using it. Sales teams must be properly trained on how to use CPQ software effectively and consistently follow best practices to maximize its benefits. Additionally, businesses must regularly update their CPQ software to ensure it is aligned with current market trends and customer needs.

In conclusion, CPQ software is a valuable tool that can significantly improve sales efficiency, accuracy, and productivity. When implemented and utilized effectively, CPQ can help sales organizations drive revenue and achieve their sales goals in today’s competitive market.

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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