Medical devices, including hospital and lab equipment, are intrinsically complex.
With a multitude of accessories, connectivity variants, mutually exclusive options, and functional variations, every sales proposal involving medical devices must be valid and clear to all parties in a deal.
CPQ software embedded into the sales process helps avoid common pitfalls and costly mistakes.
Ever wondered how?
Let’s find out together.
Key takeaways
- CPQ is a vital prerequisite for selling complex medical equipment, which often comes in different sizes, form-factors, and with a variety of hi-tech accessories and connectivity options.
- CPQ software can help sales reps accelerate deal processing, reduce errors, and create an improved buying experience, providing a competitive edge for the selling organization.
- CPQ solutions vary broadly in terms of the functionality they provide and their fitness for particular product types — from basic editable product bundles to highly sophisticated CPQ engines with built-in scripting and real-time product visualization.
Why is selling medical equipment so challenging?
When it comes to medical devices, you have to deal with a multitude of hardware modules and extensions capable of dramatically expanding the functionality of parent devices.
This is required for increased accuracy, automation of medical workflows, or applications in altogether different medical contexts.
These factors create manifold challenges within the sales environment.
How do you manage this amount of product variety, and grapple with the level of variance within the same products?
CPQ solutions are the answer.
How does CPQ software address the sales pains of medical device manufacturers?
CPQ stands for “configure-price-quote.”
As the name suggests, this software enables sellers, and specifically their sales teams, to easily configure complex products and generate accurate quotes without having to involve technical experts in every sales opportunity.
Here are the areas where a CPQ solution can be a game-changer in medical device sales:
- Managing complex product configurations
- Ensuring accurate pricing
- Fast quote generation
- Assistance in enforcing compliance and observing regulations
- Up-to-date product information
- Operational scalability
In summary, CPQ software not only increases sales efficiency but also boosts the cash flow and customer experience in an omnichannel eCommerce environment.
Does it take long to train a sales team to work with a CPQ tool?
Sales reps do need a certain degree of knowledge of the medical domain and medical equipment to understand client requirements.
But the beauty of CPQ is that once the product catalog is set up and the rules are configured, working with the system becomes easy and straightforward.
Plus, since CPQs typically integrate with CRMs, onboarding a sales team should take around the same time as training them to use a new CRM module.
What skills do I require to learn CPQ for medical devices?
No special skills are required.
A properly configured product catalog streamlines the configuration process, enabling any sales rep to follow a pre-approved process to select the core product, its options, and the necessary accessories.
Once done, the system generates a detailed product specification along with accurate pricing that can then be sent to the customer or passed to any other system for proposal generation purposes.
Are all CPQs created equal?
No, they aren’t.
Your business model, product range, and, of course, your customers, will dictate the most appropriate CPQ implementation for achieving your business goals.
Simple products, basic pricing
If you sell relatively simple products, the most basic type of CPQ software supporting pricing tables will do the job for you.
PandaDoc CPQ, for instance, offers this functionality right out of the box.
Products with a higher degree of configurability
If your products have a higher degree of configurability, you may want to step up your CPQ game and use a more complex solution like Salesforce CPQ (potentially integrated with PandaDoc for proposal creation and management).
Highly customizable, modular products
Finally, if you work with highly sophisticated, customizable pieces of equipment, your choice of CPQ software will narrow down to robust solutions like Tacton and similar offerings.
Armed with the basics, you’re ready to start your CPQ journey!
Streamline your end-to-end operations with PandaDoc
With PandaDoc, you have two options to choose from.
For simple products, go for what PandaDoc CPQ has in stock:
- Easy-to-use pricing tables and our CPQ-based workflow for a streamlined quoting process
- User-friendly quote editing tools
- CRM data import
- Highly customizable document templates
- HIPAA-compliant document signatures
- Fast and reliable document notarization service
For more complex products, use a combination of PandaDoc and Salesforce — for template-based document management and a more robust CPQ-based approach that your sales teams will be able to adopt in no time.