A quote or quotation is a critical sales document. It conveys the cost of goods and services to potential customers before they make the final purchase. Being a negotiable document, a quote goes back and forth between the concerned parties until reaching upon a final agreement. So, it is essential that businesses adapt to a quoting software that fits their needs to avoid missing out on important details or losing track of negotiated changes.
There are several factors to be considered when you choose quoting software. Getting a tool with a long feature list might not just be it. You will need to consider whether it adds value to your sales process and can scale with your business.
Quoting software – Does it speed up your sales process?
If a customer asks for a quote, it means that they have a high intent of doing business with you. This is the stage where new business is won and lost, so it’s important to get it right. The quicker the sales process, the better the chances of converting interested clients to committed customers. So how will a quoting software help you with this?
- Create an ideal quote within minutes – A built-in quote template library gives you a head start when generating a quote. You can customize your templates and even create one on your own that can be re-used. This will, in turn, minimize the effort put in by your sales personnel and helps to optimize the overall process.
- Prep with product catalog – The product catalog will keep a list of all the products or services that are provided by your company. This will streamline the product configuration process and enable you to manage the product lifecycle with much ease.
- Create multiple price books – You can create multiple price books depending on the currency, geography, buyer group, etc. Price books simplify the task of listing products and services along with prices. Some tools even offer efficient search functionality and product grouping options to ensure effective management.
- Set approval workflows – A quotation includes information about pricing, discounts, taxes, etc. These are critical numbers that need to be reviewed and approved by managers. The quoting tool lets you set approval workflows to ensure proper checks at every level before the document is sent to the customer.
- Track document’s progress – Track the status of your quotes through intuitive dashboards. You can see where your quote is stuck. This will help in prioritizing your tasks to ensure that the quote moves through process bottlenecks like approvals or reviews smoothly and enable quick quote generation.
- Ease of e-sign – It’s never been easy to get a signature, especially when the person required for the signature is in a different place. A quotation software with seamless e-sign integration tackles that problem and ensures effortless signature on documents with just a few clicks.
The purpose is not to hasten the sales process but add value to it by increasing the selling velocity with better customer experience and a higher level of customer satisfaction.
Scalability – From SMEs to large scale enterprise
It is very important to check whether the tool is scalable especially if you are on the extreme ends of measurement scale. A small scale business would prefer to opt for a tool that can even accommodate just one user in comparison to a big enterprise that will have a minimum requirement of say 500 users to start with. This makes a huge difference when finalizing the tool for your organization. So here are a few things to consider before you make the purchase –
- No. of quotes generated – Large scale enterprises are looking for quoting software that can support their requirements of generating multiple quotes at a point in time due to the extensive business size and huge customer base. Whereas this might not be the most sought after feature for SMEs
- Repository for quotes – Opting for a tool with a document repository is critical for both large scale businesses and SMEs. It helps to keep all the quotes organized in one place and averts the possibility of losing out on important documents that can be required in the future for reference. However, larger companies may want to synch the final quotes with their current system of record, such as a CRM.
- User Management – Businesses with a lot of users seek out ways to effectively manage them without compromising on the sales process. User management can be role-based which limits the access of users depending on their roles like sales rep might have access to only edit the document and not tamper with the price tables. Or only managers can approve requests for change in quantities or discounts, etc. It is a critical feature for SMEs to adapt too if they hope to achieve long term growth and sell like big players in the industry.
- Seamless integrations – An easy integration with other tools such as CRM or ERP makes life much simpler. Innovative tools can pull data directly from CRM, ERP platforms to sync it with your quotation software and ensure no loss of data and reduces the chances of error while transferring or duplicating such data. Almost all enterprises look for tools with integration options.
- Onward onboarding – The time it takes to onboard and get started with the tool is very critical. You have to ensure that the tool is compatible enough with the resources and teams that will be using it. Large scale enterprises have to be extra careful because the tool will be accessed by several teams and if it turns out to be not user-friendly, it will severely impact the work and team’s morale.
In most companies sales teams are busy setting effective processes in place. So, all they need is a tool that allows them to spend more time with their clients and less on paperwork.
Still, thinking? What are you waiting for!
The market is full of different types of quotation software tools that leave customers spoiled for choices. You just have to pick the one that lets you create clean quotes and estimates, easily convert approved quotes to sales orders and that into invoices – a complete quote management system.
A quote may be the first formal document that is shared with a new customer. If you get it right, the first impression will count. Good quoting software will do that for you and the better it gets the more likely your customer will sign on the dotted line.
RevvSales new generation quoting solution lets you create and manage quotes quickly and accurately. You can try it out for yourself. Click here to sign up and enjoy the free trial for 30 days. You can also set up a demo to know about the product in detail.
10 Evaluation Questions to Ask When Choosing a Quoting Software!