Quotations and estimates are important stages in any business process. Growing revenue was certainly the result of a systematic approach combined with a proper follow-up mechanism.
We will examine the areas that need to be strengthened while making a quotation or estimate in this article. Presenting the document to customers is an important aspect often overlooked. Towards the end of this article, we have included a sample template.
Quotes or proposals are to have a header image that shows your company logo, usually placed at the top right or left corner, along with the company name highlighted, contact information, and any statutory information, such as company incorporation number, etc.
The next section is the subject line, reference details, and contact information from the client. Additionally, the quotation validity date and the enquiry reference number should be included as well.
Then comes the commercials part along with the taxation details. You should be more descriptive in order to avoid ambiguity from reducing to and fro, which in turn will accelerate closure. In terms of statutory and dispute resolution, it is the terms and conditions that are most critical.
Don’t forget to include all the bank details, including the bank name, account number, IFSC/Swift code, and branch. In order to ease your clients’ payment process, you can provide options similar to QR codes. Additionally, the department head’s/supervisor’s signature is also suggested.
Finally, the footer image can include your company details, company slogan, brands you deal in, partnerships, associations, clients, or any other kind of information that helps build trust.
Following up rigorously on your quotation once it has been issued to your customer is essential. You should answer your client’s questions if they have any. The more you follow up systematically, the more likely you are to convert it into a sale. “A missed follow-up is a missed opportunity”.
Reporting and analyzing quotations or proposals are extremely important. This is because they provide insights into the operations of the sales team, and these insights and reports help in developing new and revising existing sales strategies. Reports that you should look at include conversion ratio analysis, lost reason analysis, won reason analysis, representative performance, pending proposal reports, proposals by win confidence, type, etc.
Following is a sample template for a quotation or proposal.
Using the right software tools, the entire quotation/proposal management process, follow-ups, reporting, and analytics can be automated. Fill out the form below when you’re ready to take your business to the next level with automation. You can count on our team for assistance
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– Vinnay Kulkarni