When a customer asks you for a quote, they're giving you a golden opportunity. With the right response, you can close the deal quickly and win new business. Here's how to make the most of the quotation process
A Quotation is a call to action
A quote is a formal document. It explains your pricing for a job or service, and gives your customer a clear cost and scope of the work to be done. When a customer asks you for a quote, it means they're seriously considering doing business with you. But don't celebrate just yet. The quotation process might seem like a formality, but it isn't. New business is won or lost at this stage, so it's important to get it right.
Quotation Process - Do you fully understand the requirements?
Getting information before you quote weighs up your chances. Ask the right questions, how will they decide on who gets the business? Then test the potential client, when and how they make a decision. This will ascertain how much time you put into the quote.
Think carefully before pricing - Here are some points to consider when it comes to pricing a quotation:
Make sure you know exactly what's involved, otherwise you can't price it properly
- Can you meet the deadlines?
- Do you have the resources?
- Are your prices up to date?
- Have you included a fair profit margin?
What should the Quote Include?
- Brief accurate and comprehensive information
- Your company details, client’s details, quote number.
- Pricing and VAT if relevant
- Due dates & delivery time
- Payment terms
- Terms and conditions
- Section for signatures
How to win the Business
A quote may be the first formal document a new customer receives from you. If you get it right, that first impression will count. Be professional, courteous, clear and helpful. Remember to talk to your customers all the time, before and after you quote. Keep them engaged and help your customer make a decision, without being pushy, give them all the information they need and try and add in some extra value to sway things your way! The best way to gain rapport is to have a face to face meeting and discussion. Use this to make a good impression, and always have a call to action, The better your sales process is the more likely you are to win the sale the first time.
Summary - Tips on how to win business from quotations
Talk to your customers all the time – before and after you quote
- Keep them engaged and help them plan
- Seek a meeting to gain clarification – use this to build rapport
- Keep your information clear, professional and comprehensive
- Surprise your client by adding a bit more value than they expect
- Have a call to action – follow up with a phone call to make sure they have received the quote
- Send your quote within 24 hours
- Follow up within 3 days (Don’t be too pushy, listen to the feedback) use the call to clear up any issues or queries on your quote
Remember, keep learning and improving your quote process, track the results and number of conversions. The better it gets the more likely your customers are to sign on the dotted line. For more information on how to win business contact Joanne Fenelon on 053 9170507 or email firstname.lastname@example.org