What is a Price Book?
A Price Book can be defined as the products list with associated products. Every product and the price of it is called a price book entry as stated by salesforce.com. When we combine products and price books, we will be able to look at the prices of the products which our company provides.
How to add a Custom Price Book In Salesforce CPQ?
Steps to create a price book in CPQ:
Login to the Salesforce CPQ → Click on the “Price Books” in the Tab Bar Available → Fill in the details of the “Price Book” Name and description → Check the “active” checkbox for the price book to be active → The 2nd section - Clone from existing price book, select “Standard Price Book” → Save.
What is Product in Salesforce CPQ?
Product is the item offered for sale. The product can be a service or an item which can be virtual or physical form. For every product, the making cost is different and it is sold with a price. The price depends on the quality, market and the marketing segments on which it is targeted. Every product has an expiry date after which needs a replacement for the life cycle which it needs to be reinvented. In FMCG terms, a brand is re-launched, revamped or extended in order to make it more relevant for the segment and at times, for keeping the product same.
How to add a Product In Salesforce CPQ?
Steps to create products in CPQ:
Login to the Salesforce CPQ → Click on the “Products” in the Tab Bar Available → Fill in the details of the Product → Check the “active” checkbox for the price book to be active → Save.
Note**: Product Code - By this field, we are going to sort the custom products into different category bundles.
How to add the Product Price for - Existing Products?
Firstly, we need to add the “Standard Price” of the Custom Product to be visible under the Price Book List.
The “Standard Price” entry is located in the Custom Product page in the Standard Price - Section.
Add Standard Price Of the Product as shown in the below figure:
“Save” the standard price of the custom product. Then only we are allowed to add the custom product to a Custom Price Book.
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Now the specific Custom Product(Cloud Server) is added to the Custom Price Book(Product Bundle) in the Custom Product Page(Cloud Server) - “Price Books” Section.
[Related Page: Salesforce CPQ Implementation Guide]
How to add Product to Custom Price Book?
By following the below procedure, we can add the products to the Custom Price Book created.
Step To Add Products To Custom Price Book:
Login to the Salesforce CPQ → Click on the “Products” in the Tab Bar Available → Select the product that needs to be added to the Custom Price Book(Eg: Cloud Server) → Scroll down to the bottom of the page. In the Price Books section, click on “Add to Price Book” → Select the Custom Price Book created and click on “Select” button → In the next screen, we can select the “Standard Price” or can enter “List Price” → Save.
Note**: For best practice, do not use the Standard Price Book. Use the Custom Price Book that is created based on the requirement.
Creating an Account and Opportunity in Salesforce CPQ?
The account is through which the business process runs, and we can raise different opportunities under the account created for different product services.
Step to create an Account in Salesforce CPQ:
Login to the Salesforce CPQ → Click on the “Accounts” in the Tab Bar Available → Fill in the details of the Account Details, Additional information, Address Information, Renewal/Co-Term Information → Save.
Note**: From the account page we can create the Opportunity & New Quote. We have another method for creating the Opportunity also i.e, By selecting the Opportunities from the Tab bar available. Do the same thing for raising a Quote.
Now, let us create an Opportunity from the existing account(IBM Account) & create Quote also from the same account by opting Custom Price Book(Products Bundle) Created.
Steps to create an Opportunity in Salesforce CPQ:
Login to the Salesforce CPQ → Click on the “Accounts” → Select the desired account under which the Opportunity to be created(Eg: IBM Account) → Scroll down for “Opportunities” section → Click on “New Opportunity” → Fill in the required fields → Save.
Note**: Actually the above is filled by the salesperson to raise an Opportunity for the Client.
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Creating a New Quote Or Quote in Salesforce CPQ:
Quote created with Salesforce CPQ software is run by a set of rules that are preprogrammed ensuring pricing errors which leads to discounts, quantities, option for products and customization. Even though CPQ has been from decades, It has been at the new wave in sales tools for its high potentiality & functionality for ROI.
Steps to create a Quote in Salesforce CPQ:
As discussed in the earlier steps, Quote is created from the Opportunity that is already created so that we can assign the desired Price Book created for that particular Opportunity.
Login to the Salesforce CPQ → Click on the “Accounts” → Select the desired account under which the Quote is to be created(Eg: IBM Account) → Scroll down for “Quotes” section → Click on “New Quote” → Fill in the required fields → Save → The screen will redirect to the Price Book Selection Screen - Select the required Price Book(Eg: Product Bundle) → The screen will be redirected to Product Selection Screen → Click on Add Products button on the screen available → We can find the products are categorised based on the Product Code by which we can select the products for required services → Click on Select → Which redirects to the next screen(Edit Quote) → We can edit the Quantity & Additional Discount of the products and click on Calculate button visible on the screen(The calculation part changes the net total & subtotal amounts accordingly ) → Save.
Note**: While creating the Quote, after saving, it will redirect to the Price Book selection. This step is important as whatever the Price Book(Eg: Product Bundle) is linked to the Quote it will automatically link with the Opportunity(Eg: IBM Opportunity). So, by the above process, we are going to directly link to the existing Price Book(Eg: Product Bundle) and the products and added from the Price Book which automatically links to the Opportunity created.
In the next topic, we will discuss in detail about “What is QLE(Quote Line Editor) in Salesforce CPQ?”. Keep following us for more info on Salesforce CPQ.
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