CPQ Business Basics With Lydia DiLiello
Lydia DiLiello shares four great tips with PPS to cover the pricing basics around CPQ strategies for business. Lydia DiLiello shared four great tips with TPA Blog that cover the basics around pricing and CPQ. Gain a better understanding of the tool and how leaders within the industry are using CPQ from pricing strategy expert Lydia DiLiello.
About Lydia: Lydia Di Liello is the founder and principal of Capital Pricing Consultants L.L.C. a Revenue Management consultancy dedicated to improving profitability for its clients. She brings more than 22 years of global revenue management, pricing expertise and business leadership experience to her clients. Spending her corporate career in B2B, Di Liello’s experience working in 16 countries with global Fortune 500 companies and mid-size privately held firms provides a breadth of knowledge and an understanding of the unique challenges her clients face. Her leadership roles have included manufacturing, pricing, and procurement. Di Liello earned her MBA from The Youngstown State University and is a prominent member of the Professional Pricing Society Board of Advisors and regularly presents at Conferences. She also frequently contributes to pricing industry publications including The Pricing Advisor, Pricing Brew and The Journal of Professional Pricing.
What is a Configured Price Quote - CPQ - anyway?!
Lets chat CPQ!
Question: So, what is CPQ?!
Answer: CPQ traditionally refers to software that supports Configuration, Pricing and Quoting of custom products.
Question: What are additional ways to define CPQ and the business process?
Answer: Other names for CPQ include "Quote To Cash", "Opportunity To Order", "Quote To Sell", "Lead To Win", "Contact to Conversion."
Question: How is CPQ bigger than "just software?" How can companies best incorporate sales strategies?
Answer: CPQ is no longer "just software." Historically, CPQ was created to solely as software, but progressive definitions include dynamics of Change Management, Business Processes, and Policy development. These additions change the thought process around CPQ making it an essential part of a successful global, multi-channel selling strategy. CPQ grants companies full control over which partners, groups, or channels can access certain pricing or product information, with role-based access, discount locks, and portals, allowing a greater management of revenue, discount offers, or pricing and shipping fees. CPQ software and strategies also allow businesses to manage different strategies for multiple channels and geographies by providing full visibility into sales trends and channel effectiveness. This allows executives to course-correct when needed.
Question: How does CPQ affect today’s Pricers?
Answer: CPQ affects not only Pricing but also Finance, Sales, Customer Service, and Operations. It touches every part of an organization in both breadth and depth. The expanded definition includes Change Management, Business Processes and Policy Development, all critically important. Sales leaders want to follow a product's life throughout the entire organization. From the point of initial customer contact, all the way to the end - a closed sale with a happy customer.
For more information about CPQ strategies that will better impact your business, contact Lydia directly with questions and comments!
To learn more about CPQ, sales strategies, as well as hear more from Lydia in-person, join us in San Diego, California this fall for the 29th Annual Fall Pricing Workshops & Conference!