CPQ Analytics

What can we do with statistics from CPQ?

CPQ is a goldmine when it comes data mining. That's because we have very good data quality in CPQ Analytics due to the fact that everything when thru the configurator. Even if the customer only answered one question we will still have the full specification – what they wanted to buy, what they got in their quote. This is more than you can say for the average CRM-system, just to make a comparison.

Since CPQ Analytics is listening in on data that is created as business is actually happening we will not get any survey coloring. The alternative way of getting such information is to go out and ask the salesforce;

- How do you see the product?
- What do the customers prefer?
- What’s the value of our different offerings?

But then we get this survey coloring, an imaginative world of how sales wants thing to be.

One thing that I think is very fascinating with this CPQ analytics is when we add a layer of guided selling. Then we can do a very interesting mapping. When we start up with the customer needs the configurator translates this to product selections. Then we track whether or not we win the deal. This means that we can actually see what customer demands that correlate with won deals.

This tells us a lot about our competitive edge in our market segment. That’s the starting point for understanding in what situations we are delivering a superior offering to our customer.

There are a few concepts that we need to understand with CPQ Analytics. There’s a big difference compared to normal sales analysis. When sales is analyzed it’s only looking at the deals we win. That will not tell us so much about market trends or our competitors.
If we instead focus on what we offer we will get a completely different picture. With sales analytics we only see the sunny side of things, what we actually sold. We don’t see what the market was requesting and how well we fulfilled that need.

With CPQ analytics we can actually see in what segments we have a strong market offering, where we have potential for growth and what segments we should actually ignore.

To learn more about CPQ Analytics check out the video below. This introduces CPQ Analytics, talks about best practice and shows a demo of what can be achieved.