Focus On Your Quotation Win Rate And Stop Wasting Your Time!
Tired of spending hours on quotations and estimates for work that never comes through? You’re not alone. Many companies have a hit rate of only 10% when it comes to quotations and estimates. But, there are ways to maximise your quotation win rate and make sure you’re not wasting your time.
Tip #1: Track Your Quotations.
Keep track of who you issued a quotation to, plus when and what the outcome was. This helps you determine your success rate and identify which potential customers are wasting your time. It also assists you when carrying out Tip #2 below!
Tip #2: Speak To Your Customer Or Potential Customer.
Don’t just email your quote, make sure you follow up with them. Ask if they received the quotation, if they’re happy with it, and when they plan to move forward with the work. Often, the person who picks up the phone and has a conversation wins the work. People appreciate the personal touch and it shouldn’t be a hard sales call, just a check-in with them to see if you can help clarify anything.
Tip #3: Put An Expiry Date On Your Proposal.
With the fast-changing market, it’s important to lock in prices for materials. This benefits both you and your potential customer. Consider putting an expiry date on your proposal, or even offering to lock in prices for materials now, in exchange for payment upfront.
BONUS Tip: Ask Your Potential Customer What They Would Like To See In Your Quote
This is so simple, that it is easily forgotten. Doing this can go a long way to help you tailor your quote to any specific needs or requirements that your prospect may have. By understanding what they expect, and then incorporating it into your proposal, you can increase the chances of them preferring your quote and you winning the work. It shows that you’re invested in their success and willing to go the extra mile to deliver a proposal that meets their needs.
And Win More Business!
Quotations and estimations are one of the most crucial areas for any business…but it’s easy to get them wrong. By tracking your quotations, speaking to customers, and locking in prices, you can increase your success rate and make sure you’re not wasting your time.
Remember, it’s not just about issuing your quotation, it’s about winning the work and delivering it profitably.
Make sure you know your numbers in this area!
