How to Win Back Lost Opportunities: Sales Quotes 101

No business goes without a loss in sales deals. But what if you are losing more deals than winning?

Is my sales rep not competent enough?  These are the first thoughts that pop up in your mind. And you feel the need to change that.

You put all your energy into training your sales rep or hiring a better one.

But what if sales reps’ competency is not the real problem?

In reality, most of the sales are lost due to inconsistent quoting!

Let’s see how; 

👎The quote was sent too late

👎The quote looked unprofessional or sloppy

👎The quote didn’t reflect the customer’s wishes

👎The quote didn’t strip the customer’s objection successfully

Many times, the sales rep does everything to generate an inquiry, but it is the quote that breaks the deal.

Why does a deal’s success depend on your quote?

It’s because your quotation is the customer’s first look at your world. 

It shows what your company stands for and what it can deliver. The absence of the right elements in your winning quotes can make a big difference and cause you to lose opportunities.

It’s the very first impression they receive of you, your services, and your products, shaping their perception and influencing their decision-making process.

A well-presented quotation demonstrates professionalism and attention to detail, thus exhibiting expertise and dependability. 

The language you use in the quote shows the customer that you are aware of their needs. It also shows your ability to handle them. 

Most importantly, your quotation describes the value proposition. This may include competitive prices, special features, or added benefits. They set your products apart from the competition. 

The quote’s quality can impact the perceived quality of your offers. It encourages your customers to feel that your products or services will be of high quality. 

A tailored quote targets the customer’s demands and preferences. It helps them feel valued and understood. This leads to a positive impression and increased trust. 

Thus, by ensuring that your quotations are well-presented, clear, value-driven, and personalized, you can make a strong first impression that sets the stage for a successful business relationship.

7 Things Necessary to Make a Winning Quote

1. Leverage Proof Points:

Proof points are crucial for supporting claims and building trust in business. They need real data. This includes statistics, case studies, or testimonials to back up claims about a product or service. 

They show the product’s value and performance, allowing your buyer to see its benefits in their own case. 

Furthermore, happy customers’ testimonials provide social proof. They show that others have had great experiences with the product. 

Using this method raises the odds of turning leads into clients through your quote.

For example, you can add a customer testimonial to your winning quote. This will boost its reliability. 

“{your company’s name} provides the most cost-effective and efficient solutions for the project.” 

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💡 To make a winning quote, here’s what you need to do:

• Collect Data
• Identify Key Points
• Tailor Messaging
• Provide Context
• Highlight Benefits
• Use Visuals
• Be Transparent
• Update Regularly

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2. Add Differentiators:

To get your quote to win, always highlight what sets your offering apart from competitors. 

Focus on finding and emphasizing your unique selling points. They set your product apart. Let your quotation give a glimpse of the same. 

You can show your commitment to innovation and ongoing product development to stay ahead of the competition. Or, you can highlight a special feature or capability of your product. 

Our quote includes on-site training sessions. The sessions will be conducted by our experienced technicians. We’ll come to your facility. We’ll minimize disruptions to your operations, and we’ll also ensure your team gets hands-on training tailored to your machinery.”

Some other differentiating services that you can use are:

• Customized training program
• On-site training resources
• Hands-on practical training
• Training documentation resources
• Post-training support

3. Add an Irresistible Offer:

When crafting a quotation for your target customer, tailor it to fit their specific motivations, preferences, and pain points.

Try researching and understanding your customers’ needs and desires. Create offers that deeply resonate with them. Add urgency or scarcity to your offers. This will prompt quick action from your audience.

Example: “If you accept the quotes in the next ten days, we will provide you with premium on-site post-sales service at no additional cost. Otherwise, the services are available at the original price.”

4. Be Responsive and Follow-Up:

Timely communication and follow-up are vital. They are key to building trust and maintaining positive customer relationships.

For instance, when an inquiry about the quotation comes, always reply promptly like this: “Thank you for your inquiry! I’ll get back to you within the next 4 hours with more details.”

“You are as alive as you communicate.”  – Unknown

To ensure a prompt response, start by 

• acknowledging the customer’s inquiry. Then, tell them you are committed to providing a timely response. 
• Personalize your communication. Address the customer by name and reference their specific inquiry or topic. 
• Be transparent about the process and timeline, if necessary. 
• Follow up on your promise. Monitor incoming inquiries. Provide an update if needed. 
• Make it easy for customers to reach out with questions or concerns by providing multiple contact channels. 
• Continuously review your communication processes and customer feedback to identify areas for improvement. 

5. Emphasize Flexibility and Customization:

To demonstrate flexibility and accommodate diverse customer requirements, it’s essential to highlight your quote’s ability to adapt and customize according to each customer’s unique needs.

• Add flexible implementation options to your quotation, 
• Showcase modular features and add-ons
• Offer tailored solutions, 
• Provide services like implementation and support relevant to the customer

You can encourage feedback-driven iteration by showcasing case studies and success stories. 

Try to understand the customer’s preferences, priorities, and budget constraints. This approach maximizes value and ensures customer satisfaction. 

For example, you can offer your customers flexible financial plans, such as monthly installment plans, or you can also introduce tiered pricing solutions for price-conscious customers.

Tailored service agreements like basic check-ups for comprehensive maintenance, can also provide your customers with the flexibility to choose. 

6. Provide Free Demos/Samples:

Offering a hands-on experience to potential customers is powerful. It builds trust, shows value, and encourages conversion. 

Add a trial or demo offer to your quotation. Customers can then assess the product’s features, function, and fit for their needs. This will make them feel at ease before buying. 

You can also mention how personalized assistance should be offered to address any questions or technical issues. 

Example: “You can experience our services firsthand with our on-site complimentary demos.”

“You’ll also be given personalized assistance to address questions.”

7. Use Language that Inspires Confidence:

While curating your quote to win, choose words that convey trust, reliability, and expertise. 

A quotation is not just a pricing document, it’s also a medium to convey your intent and reliability to your potential customer. Try to pour your heart into it. Use professional language, but keep the tone reassuring and affectionate. 

Example: Why Choose [Your Company Name]?

• Expertise: Over [number] years of experience in the HVAC industry.
• Quality: We only use top-rated products from leading manufacturers.
• Satisfaction Guaranteed: We stand behind our work with a [Number]-year satisfaction guarantee.

OR

• “If you don’t get satisfactory on-site service, the next three services are on us.”

Bonus: Implementation Tips:

• Research your target market and customers to understand their pain points and desires.
• Personalize your quotations to address specific needs or challenges.
• Continuously gather feedback to refine your approach and offerings.
• Train your sales team to communicate these points during interactions with potential clients effectively.
• Utilize technology for efficiency
• Offer incentives or bonuses for prompt acceptance

Also Read: How to automate Sales Quotations Process 

Other Factors that Make a Winning Quote

Transparency and Clarity: Ensure your quote clearly states what is included in the service or product, any terms or conditions, and the cost breakdown. 

Practical steps to do this include using clear language. Avoid jargon and use itemized lists. Be willing to answer any client questions or clarifications.

Accuracy: Before sending your quotation, check your quotation for accuracy. Double-check the figures, descriptions, and timelines. Make sure they are correct. Use software tools to help you reduce errors in calculations or data entry.

Costing: Costing is about understanding the exact cost of the project. You must do this before setting a competitive but profitable price.

Consider all the direct and indirect costs, such as supplies, labor, overheads, and any subcontractor fees. Use historical data and industry benchmarks to inform your pricing decisions.

Time to quote: Invest in quotation management software or technologies. It automates tasks like making templates or calculating costs. This can drastically minimize the time required to develop and send out quotations, allowing you to reply to queries quickly.

Accounting for contingencies: Accounting for contingencies is vital. You must anticipate and account for unexpected risks or surprises. This is key to protecting your profits and reputation. 

Include a buffer in your quote. This accounts for potential price fluctuations, scope changes, or delays. Communicate to the client how these contingencies are accounted for in the ultimate cost.

Article at a glance;

• The absence of the right elements in your winning quotes can make a big difference and cause you to lose opportunities.
• Thus, a well-written quote can have a major impact on how customers perceive your products and services.
• Present your quotes well. Make them clear and value-driven. Personalize them. This can make a strong first impression and set the stage for a successful business relationship.
• To make a winning quote, use proof points. Add things that make you different. Be responsive and follow up. Stress flexibility and customization. Also, provide free demos/samples. 
• These strategies help build trust, show value, and encourage conversion. Focus on unique selling points, personalize communication, and be transparent about the process. 
• Emphasize the ability to adapt and customize solutions to accommodate diverse customer needs. Offer customers a hands-on experience before making a purchase decision.
• Use professional language, but keep the tone reassuring and affectionate.
• Personalize your quotations to address specific needs or challenges.

FAQs