After you have wrapped up a great sales presentation with a potential prospect, the next step is them asking you for a sales quote. A moment every business eagerly awaits. This can be the next step in the process by closing the deal or losing it completely. How?

Depends all on how well you craft your sales quotation. A confusing, messy and overpriced quotation will drive away the client while a clear one will secure you the bag. 

This blog will cover essential elements, significance, common mistakes, and the advantages of utilizing digital tools. 

What is a sales quotation?

It is considered the official price list, depending on which the customer can choose to move forward or withdraw from the process. 

What are the components of a sales quotation?

To deliver an impactful sales presentation, your sales deck or quotation must include the following elements:

1. Company details

Start by introducing your company. Why should the client be interested in you, what do you do, and who are you? This is the first step in building trust and helping the client recognize your brand. 

2. Customer information

Address the buyer by name and customize the sales quote to meet their individual requirements. Understanding the other party's pain points is critical, and your solution should be tailored accordingly. 

3. Product/service you are offering

The product or service you provide should be clearly stated and explained. Emphasize its benefits, features, customization options, and ways in which it solves the customer's issues.

4. Quotation details

Provide a full breakdown of the expenses associated with each product or service. List the unit pricing, quantities, and totals. Be honest about any additional charges or fees. This part is essential for building credibility and creating a strong foundation for a long-term relationship with the client.

5. Discounts (If any)

Everyone loves a good deal! So if you’re offering special discounts, mention them clearly in your sales quotation. 

For example: “10% discount on orders above $5,000.”

6. Payment terms

Clearly specify the allowed payment methods (credit card, bank transfer, etc.), payment schedule, and due dates. This helps to manage expectations and ensures timely payments. 

7. Terms & conditions

Include information about warranties, return policies, delivery dates, and other legal requirements. This provision functions as a safety net for both parties.

What is the importance of a sales quotation?

In a sales presentation, a sales quotation is more than just a price list. It is a powerful tool in your sales deck. Here’s why:

🔎 It fosters transparency

By explicitly stating all associated expenses, a comprehensive sales quotation eliminates any possibility of misunderstandings or unpleasant surprises down the road. This increases your potential customer's trust.

🤝 It helps build trust

By delivering a clear, straightforward, and unambiguous sales quotation, you are gaining your client's trust and confidence in your company as well as your product or service.

👨🏻‍⚖️ Acts as legal protection

By having well-defined terms and conditions, a sales quotation acts as a legal document detailing the agreement between you and the client. It safeguards both parties in case of any disagreements.

📝 It’s a basis for negotiation

A well-structured sales quotation serves as a starting point for negotiation. It allows both parties to discuss and adjust the terms, if necessary, and arrive at a mutually agreeable deal.

Examples of Sales Quotation

Let's take a look at some examples of quotations your sales deck should have for both product- and service-based businesses:

1. Product-Based Example

Company Details: Furniture Retailer

Customer Details: Hotel

Product: 10 Dining Chairs (with specifications)

Unit Price: $150

Total: $1,500

Delivery Fee: $50

Total Amount: $1,550

T&C

2. Service-Based Example

Company Details: Digital Marketing Agency

Customer Details: Rebel Foods

Service: SEO Optimization (3-month contract)

Cost Per Month: $1,000

Discount: $200 for upfront payment

Total Amount: $2,800

T&C

What are the benefits of using digital sales quotation tools?

In today's digital age, there are a number of tools available to help you create professional and effective sales presentations. Here are some of the benefits:

⌚ Time-saving

Focus more of your time on growing your business and let the repetitive and mundane tasks be left to automation tools. Not only does this retrieve better results, it takes away the burden from your plate.  

💪 Improved efficiency and accuracy

With pre-filled templates and automated calculations, errors are minimized, ensuring professional and precise quotes.

⏳ Real-time updates

Make real-time changes and track revisions so your clients always have the most current version.

Examples: Popular digital sales quotation tools include Superleap CRM. It offers a range of features, including customizable templates, electronic signatures, and payment integration. 

What are the mistakes to avoid in sales quotations?

Even the best sales presentations can be derailed by a poorly crafted sales deck or quotation. Here are some common mistakes to avoid:

👀 Omitting critical details

Ensure your sales quotation is thorough, covering all details like product features, quantity, cost, payment conditions, and relevant terms. Do not omit any details. This might lead to back-and-forth communication, eventually leading to lost interest.

✍ Vague language

Never use ambiguous language that could lead to misunderstandings in the future or give rise to too much confusion. Be clear and concise in your descriptions.

❌ Inaccurate pricing

Double-check your calculations to ensure the pricing is accurate. Even the smallest errors can damage your credibility and you could possibly lose your sales.

⛔ Missing deadlines

If there are any deadlines associated with the sales quotation, make sure to clearly state them. Additionally, a delayed quotation can result in lost opportunities. So send your client a quote as soon as possible, to remind them of the deal among the many they might have been offered.

Conclusion

A well-prepared sales quotation is essential for an effective pitch. It creates clarity, builds trust, and provides the perfect framework for effective negotiations. You may improve the process by carefully preparing your proposal, focusing on what the buyer genuinely wants, tailoring your approach, and employing the appropriate tools. With the appropriate method, your sales quotes may become effective tools for closing business.

Now that you have a solid framework, put it into action and start closing deals!