Securing a business deal is something as business owners we are proud of accomplishing. In some cases, it can take multiple negotiations before an agreement is reached. Part of these negotiations typically involves quotes or the estimated pricing for rendering professional services. These calculations are usually based on market factors such as supply and demand, including the amount of time it requires to complete the job.

Don’t let the opportunity slip away

When potential customers come to you asking for a quote for your products or services, you can be pleased that your marketing efforts are paying off and you are attracting their interest. These opportunities present themselves as excellent opportunities for the next phase which is to convert them into customers.

This is why it’s essential to follow up on a quote or estimate – to find out as soon as possible if they’re really interested in what you have to offer. For small field service-based businesses with limited resources, it might be helpful to start with an estimation template for this very purpose. Software companies like Jobber, offer free templates that you can easily customise to look organised and professional. If you’re considering the use of quoting software such as this, you have the added benefits of being able to create, send, and track detailed quotes that are easy for customers to understand and approve.

Aside from getting your formal approval from your customers, here are other reasons why it’s always important to follow up on a quote.

  1. It’s a reflection of good customer service

Trust can also be built between you and your customers when you learn how to follow up on a quote correctly.

Reaching out to your clients will help them feel that you care about the project and shows how eager you are to work with them. Sometimes, your clients may be so busy that they forget about the quote you sent them days or weeks ago. By following up, you can get their feedback and from there, make any adjustments if necessary to come up with a new quote that’s more suitable to their needs.

This might sound simple, but to give the impression that you genuinely value customer’s insights and your relationship with them, people will be far more likely to want to do business with you. Whether you choose to do it manually or through the aid of software programs, prioritising customer service is one of the best decisions you can make for your business’ success.

  1. It can help open up better communication towards negotiations

Negotiation in some form is a part of any business. It allows parties to discuss their needs and expectations, gauge the offer on the table, and understand factors that influence both parties’ decisions. However, not everyone likes to negotiate and the inability to communicate effectively is one of them. (1)

When it comes to getting your quotes accepted, a good way to start negotiating your price is by following up. When you do this, clarifications and corrections can be made if needed. You can encourage potential clients to ask questions and find out if there’s something they’re hesitant about.

Once you have initiated a dialogue, you are in an empowered position to explain the quote and project deliverables as you see them. You get to present the variables that contributed to your quote and develop options that are workable for both of you. You can also offer the best walkaway – a combination of deliverables, price, and terms within the minimum quote you can accept at the end of the negotiation. (1)

In the process, you’re also building valuable possible long-term relationships with your potential clients. This can ultimately make future communications and negotiations with them far easier.

  1. It’s an opportunity to convert potential customers and increase your revenue

Following up isn’t just a part of providing excellent customer service, it can also be one of the quickest ways to increase your revenue flow. With a follow-up, you have the chance to change the minds of those who may think your quote won’t work for them. You can discuss their objections, offer them alternatives, and modify the initial quote you made if needed. (2)

From there, you have better chances to secure the deal, begin a new project, and increase your revenue eventually. So before thinking of skipping follow-ups as a crucial step, keep in mind that profits and business growth may be limited when you fail to follow up on quotes. And in the process, your loss will be your competitor’s gain.

Conclusion

Securing a business deal isn’t always easy. It requires time and patience, especially when you need to follow up on a quote you sent to a potential client. However, with the numerous benefits you can get from it, learning how to follow up a quote effectively will always be worth it. So, learn how to master this practice and look forward to watching your business grow.

References:

(1) “11 Ways to Negotiate Better,” Source: https://www.inc.com/jeff-haden/11-ways-to-negotiate-better-with-anyone-even-if-you-don-t-like-to-negotiate.html

(2) “3 Different Ways To Increase Your Profits,” Source: https://entrepreneursbreak.com/3-different-ways-to-increase-your-profits.html

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