Are you looking to add CPQ to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important CPQ statistics of 2024.
My team and I scanned the entire web and collected all the most useful CPQ stats on this page. You don’t need to check any other resource on the web for any CPQ statistics. All are here only 🙂
How much of an impact will CPQ have on your day-to-day? or the day-to-day of your business? Should you invest in CPQ? We will answer all your CPQ related questions here.
Please read the page carefully and don’t miss any word. 🙂
On this page, you’ll learn about the following:
Best CPQ Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 71 CPQ Statistics on this page 🙂CPQ Market Statistics
- In 2019, the CPQ application market grew by 15.5% to an estimated $1.42 billion. [0]
- The CPQ market will continue to grow at a compound annual growth rate of 20% through 2020. [0]
- CPQ remains highly competitive and fragmented, with no vendor taking more than 17% market share. [0]
- Fourteen million Uber trips are completed each day, and its share of the US ridehailing market is estimated at between 65%. [1]
- Gartner predicts the CPQ market will continue to grow at a compound annual growth rate of 20% through 2020 in theMarket Guide for Configure, Price and Quote Application Suites. [2]
- Cloud basedCPQ revenue is now approaching the majority of the market and will accelerate through 2020, redefining the landscape of this market according to Gartner’sMarket Guide for Configure, Price and Quote Application Suites. [2]
- It’s a fastgrowing market, with 8.9% growth during COVID19 impacted 2020, as measured by employee hiring through LinkedIn.”. [3]
- – Read more In 2019, the CPQ application market grew by 15.5% to an estimated $1.42 billion. [3]
- The CPQ market will continue to grow at a compound annual growth rate of 20% through 2020. [3]
CPQ Software Statistics
- CPQ software has proven to eliminate 40% of human errors. [0]
- Companies with CPQ software see a 17% higher lead conversion rate. [0]
- From deal size to quota goals, many reports have found that Companies with CPQ software have a 105% larger than average deal size. [4]
- Companies experience a 17% higher lead conversion rate with CPQ software. [4]
- 67% of all sales reps miss their quota, but 26% more sales reps achieve their quota with CPQ software. [4]
CPQ Latest Statistics
- 50% of sales time is wasted on unproductive prospecting and error correction. [0]
- 50% of sales go to the first salesperson to contact the prospect. [0]
- Exhaustive processes consume 66% of sales reps’ day. [0]
- It takes non CPQ users 73% more time to produce a typical quote or proposal. [0]
- Sellers who are the first to produce an accurate, complete quote win the deal at least 60% of the time or more. [0]
- 50% of buyers choose the vendor that responds first. [0]
- Suppliers that make buying easy are 62% likelier than other suppliers to win a high. [0]
- 74% of people are likely to switch brands if they find the purchasing process too difficult. [0]
- 98% of consumers have been dissuaded from completing a purchase because of incomplete or incorrect content. [0]
- 73% of all people point to customer experience as an important factor in their purchasing decisions. [0]
- 1 in 5 buyers are willing to pay a 20% premium for personalized products. [0]
- CPQ shortens the sales cycle by up to 28%. [0]
- Companies that use CPQ can experience 105% larger average deal size. [0]
- Companies that use CPQ solution can experience 49% higher proposal volume. [0]
- CPQ enables sales to send prospects and customers 49% more contracts, proposals, quotes and RFP responses. [0]
- CPQ users enjoy 45% great proficiency at rapidly responding to RFPs. [0]
- CPQ users boast 21% higher effectiveness at generating complex quotes in a timely manner. [0]
- 26% more sales reps achieve their quota when using a CPQ solution. [0]
- People that use CPQ can be 60% better at speaking intelligently about competitors and differentiators. [0]
- Over 70% of sales rep time is spent on administrative tasks. [4]
- CPQ reduces the number of quote revisions by 13%. [4]
- Customer Success Story Carrier Reduces quotation errors by 50 percent with Cincom CPQ™. [5]
- 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. [6]
- 71% of customers surveyed purchased CPQ to replace their existing system. [6]
- 25% of implementations were completed in less than three months. [6]
- 71% of all CPQ projects were integrated with Salesforce Sales Cloud. [6]
- And 92% of all customers surveyed were satisfied with their CPQ solution. [6]
- Uber’s IPO was likely the most significant business event of 2019, and in all aspects it was full of stunning facts. [1]
- A recent survey of 425 sales professionals in North America and Europe found that 70% of sales operations executives, sales leaders, and business analysts are worried about over. [1]
- 83% of sales professionals are using some form of ConfigurePrice Quote systems today, according toAccenture Interactive’srecent study,Empowering Your Sales Force. [2]
- 83% of sales representatives interviewed as part of the Accenture study are currently using CPQ applications today, and 81% are using technology based tools to identify and take action on sales leads. [2]
- 80% are using automated CPQ tools to provide prospects with quotes that include their product and service configurations. [2]
- Analytics are essential or very important to enabling more effective business strategies and operational outcomes according to 9 out of 10 enterprise leaders globally. [2]
- Also, 84% of high performers are projecting that the importance of analytics will increase either somewhat or substantially in the next two years. [2]
- 81% of enterprises are relying on analytics to improve their understanding of customers and their purchasing process.(Source81% of Enterprises Are Relying On Analytics To Gain Greater Customer Insights). [2]
- It’s been my experience that manufacturers who are the first produce an accurate, complete quote win the deal at least 60% of the time or more. [7]
- Many things continue to change; businesses like Cisco, Dell Technologies, IBM and HPE all have shifted to 100% subscription/consumption business models. [3]
- This ground breaking development translated to subscription/consumption based pricing being adopted by 41% SaaS companies; previously this number was quite low. [3]
- 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. [3]
- Market was expected to reach the CAGR of 19.23% over the forecast period. [3]
- In fact, most sales reps spend only 34% of their time actually selling the rest is tied up putting together pricing for potential customers. [8]
- In fact, according to a Salesforce report , sales teams have reported 10x quicker quote generation 95% reduction in time for approval 30% quicker onboarding for new sales members. [8]
- Flooreffects were almost nonexistent, with only 0.8% and 4.1% of children having zero scores on the CPQ11–14ISF8 and the CPQ11–14RSF. [9]
- Mean Range of scores % with score of 0 % with max score. [9]
- The CPQ11–14ISF16 and the CPQ11–14RSF 16 found, respectively, 47.2% and 44.7% children who experienced 1 or more impacts ‘Often’ or ‘Everyday/. [9]
- The CPQ11–14ISF8 was more sensitive in detecting these children than the CPQ11–14RSF 8 (37.4% vs. 30.7%). [9]
- Therefore, the CPQ11–14ISF16, the CPQ11–14ISF8 and the CPQ11–14RSF8 demonstrated increased precision (8%18%). [9]
- The 16item measures did not show flooreffects, while they were minimal for the 8 item questionnaires 0.8% and 4.1%. [9]
- Although the reliability coefficients for the short forms were lower than those estimated for the CPQ11–14 , they all exceed standards for group. [9]
- Sales reps can try all they want to focus 100 percent of their time on their customers, but there are plenty of tedious business processes that go along with selling that have no customer involvement at all. [10]
- In fact, over 70% of a sales rep’s time is spent on administrative tasks. [10]
- That leaves only 30% of their time for prospecting and connecting with customers. [10]
- Reduce Approval Time – 95 %. [11]
- 2X faster Ramps for New Reps – 30 % More. [11]
- As a customer success story, we can cite the example of Mitsubishi achieving a 50 % increase in ROI. [11]
- Statistics suggests that Salesforce CPQ platform enables 36% faster quote generation and results in 27% fewer invoicing errors. [12]
- CPQhas acceptable reliability and validity, and is likely to be a useful measure for orthodontic trials. [13]
I know you want to use CPQ Software, thus we made this list of best CPQ Software. We also wrote about how to learn CPQ Software and how to install CPQ Software. Recently we wrote how to uninstall CPQ Software for newbie users. Don’t forgot to check latest CPQ statistics of 2024.
Reference
- cloudsense – https://blog.cloudsense.com/cpq-stats.
- the-future-of-commerce – https://www.the-future-of-commerce.com/2019/08/07/cpq-solutions-modern-crm/.
- selecthub – https://www.selecthub.com/customer-relationship-management/cpq-market/.
- servicepath – https://servicepath.co/2021/02/cpq-makes-more-sense-than-ever/.
- axonom – https://www.axonom.com/5-stat-backed-benefits-that-prove-cpq-is-the-perfect-e-commerce-tool.
- cincom – https://www.cincom.com/us/company/resources.
- simplusaustralia – https://simplusaustralia.com.au/numbers-dont-lie-cpq-is-big-and-only-getting-bigger/.
- forbes – https://www.forbes.com/sites/louiscolumbus/2019/11/19/5-proven-cpq-metrics-that-deliver-results/.
- objectedge – https://www.objectedge.com/blog/how-cpq-directly-contributes-to-revenue.
- nih – https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1368964/.
- g2 – https://learn.g2.com/what-is-cpq.
- anavcloudsoftwares – https://www.anavcloudsoftwares.com/salesforce-cpq-all-that-you-need-to-know/.
- kcloudtechnologies – https://www.kcloudtechnologies.com/ultimate-guide-to-ensure-salesforce-cpq-implementation-success/.
- nih – https://pubmed.ncbi.nlm.nih.gov/16627180/.
How Useful is Cpq
At its core, CPQ software aims to simplify the complex task of configuring products, determining pricing, and generating accurate quotes for customers. By automating these processes, companies can reduce the chances of errors and ensure consistency in their pricing and quoting strategies. This not only saves time and effort for sales teams but also enhances the overall customer experience by providing quick and accurate quotes.
One of the key benefits of CPQ is its ability to improve sales efficiency. By centralizing product information and pricing rules within a single platform, sales reps can quickly create customized quotes based on customer needs and preferences. This not only speeds up the sales cycle but also ensures that all quotes are accurate and in line with company pricing strategies. Additionally, CPQ software can help identify cross-selling and upselling opportunities, maximizing revenue potential for the company.
Moreover, CPQ software can enable companies to scale their sales operations and handle a higher volume of quotes efficiently. By automating repetitive tasks and standardizing quoting processes, CPQ allows sales teams to focus on building relationships with customers and closing deals rather than getting bogged down in tedious administrative tasks. This can be particularly beneficial for companies experiencing rapid growth or expansion into new markets.
Furthermore, CPQ software can help companies gain valuable insights into customer preferences and buying behavior. By analyzing data from previous quotes and sales interactions, companies can identify trends and patterns that can inform their pricing and quoting strategies. This data-driven approach can help companies optimize their sales processes and improve the overall effectiveness of their sales efforts.
Despite its many benefits, CPQ software is not a one-size-fits-all solution. Companies must carefully evaluate their specific needs and objectives before investing in CPQ software to ensure that it aligns with their business goals and processes. Implementation of CPQ software can be complex and time-consuming, requiring buy-in from key stakeholders and proper training for employees to ensure successful adoption.
In conclusion, CPQ software can be a valuable tool for companies looking to streamline their sales processes, improve efficiency, and drive higher revenue. By automating quoting processes, providing actionable insights, and enabling scalability, CPQ software can help companies gain a competitive edge in today’s dynamic business landscape. However, companies must approach CPQ implementation thoughtfully and strategically to maximize its benefits and achieve a positive return on investment.
In Conclusion
Be it CPQ benefits statistics, CPQ usage statistics, CPQ productivity statistics, CPQ adoption statistics, CPQ roi statistics, CPQ market statistics, statistics on use of CPQ, CPQ analytics statistics, statistics of companies that use CPQ, statistics small businesses using CPQ, top CPQ systems usa statistics, CPQ software market statistics, statistics dissatisfied with CPQ, statistics of businesses using CPQ, CPQ key statistics, CPQ systems statistics, nonprofit CPQ statistics, CPQ failure statistics, top CPQ statistics, best CPQ statistics, CPQ statistics small business, CPQ statistics 2024, CPQ statistics 2021, CPQ statistics 2024 you will find all from this page. 🙂
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