Getting sales is like a race; only the fastest, most accurate quotation can make or break a deal. And that’s proven. Around 35-50% of the sales go to businesses who respond first as per a research by Marketing Leadership Council and Google.
But winning orders isn’t just about crossing the finish line first, it’s about generating sustainable profits every time. This is where quoting software for the manufacturing industry makes all the difference.
Designed for businesses like you who refuse to compromise on accuracy or efficiency, it empowers sales teams to prepare an accurate quotation. In this post, we will understand why speed matters in sales and how to quote price to the customer with a quoting software.
Accurate Quotation and Speed: The Constant Pressure for B2B Manufacturers
Let’s face it: the quicker you send a quote, the better your chances of securing a deal. Buyers in the manufacturing space don’t have time to wait for weeks to hear back from potential suppliers. In industries where demand can change overnight, businesses that respond first often win the contract.
But here’s the kicker—speed without precision isn’t a winning strategy either. An inaccurate quote risks losing the client’s trust and the contract itself. There are more reasons to quote faster to the client.
Why Speed Matters ?
1. First Responders Get the Deal
If you’re the first to respond with a detailed, accurate quotation, you set the tone for the rest of the sales process. It shows the client you are serious, responsive, and easy to work with.
2. Stay Competitive
With competitors constantly vying for the same business, even a slight delay can be enough to lose out. A fast quote demonstrates that you are on top of things and that your company can efficiently handle the client’s needs.
3. Faster Responses Equal More Deals
Speed also means your sales team can handle more clients in less time, ultimately increasing your chances of closing deals.
So, What’s Slowing You Down?
For many manufacturers, preparing an accurate quotation is a work of hours. This can lead to long lead times, frustrated clients, and missed opportunities. But what actually makes the process slow?
1. Fragmented Data Systems
In many manufacturing businesses, costing data is spread across different platforms-ERPs, CRMs, spreadsheets, or even emails. When this data isn’t easily accessible, teams waste time searching for what they need, which only delays the quotation process.
2. Manual Workflows
Many tasks, such as data entry, internal approvals, or even sending emails, are still done manually. Each quote takes longer to generate, and there is a higher risk of errors or miscommunication.
3. Miscommunication Between Teams
Many departments are involved in the quoting process-sales, engineering, procurement, finance, etc. Information can get lost or delayed without smooth communication, leading to long back-and-forths and missed deadlines.
4. Inefficient Version Control
Accurate quotations do not happen in the first go; multiple revisions and changes exist. Without quoting software for the manufacturing industry, keeping track of all the variations and versions can become a nightmare for your team. They may also send outdated or incorrect quotes to the clients, leading to confusion and no deals.
How to Quote Price to Customer Faster
Improving your quotation speed doesn’t require overhauling your entire system. There are several straightforward solutions you can implement right away.
1. Centralize Your Data
Ensure all your critical cost and supplier data are in one place. Integrate your ERP, CRM, and other tools to access up-to-date pricing, availability, and customer details instantly. How? Use quotation software designed for the manufacturing industry.
Think of this software as a single source of truth, eliminating the need to dig through endless files or wait for emails. With all the info at your fingertips, your team can calculate a quote faster.
2. Automate Routine Tasks
Software like “Cost It Right” can automate quotation calculation for materials, labor, and overheads, so you don’t have to calculate the quote manually.
3. Standardize Your Workflow
Creating a standardized process for quote generation will ensure that each team knows what to do and when to do it. Sales can gather the initial info, engineering can validate technical specs, and procurement can check pricing—all without unnecessary delays.
4. Improve Collaboration Between Teams
Efficient communication is key. If everyone from sales to procurement can access the same quote in real time, there are less chances that they will step on each other’s toes. This is where collaborative software or a cloud-based quoting platform makes a huge difference.
Gain Speed with Cost It Right
Cost It Right software takes the guesswork and time out of quoting. Built specifically for manufacturers, this software is designed to handle all the nuances of creating complex quotes.
Why Should You Use It?
1. For Generating Automatic Bill of Materials (BOM)
Instead of manually calculating and entering material costs, Cost It Right automatically generates a detailed BOM for each client. This alone cuts hours of manual work from your team’s day.
2. For Getting Real-Time Costing Data
It pulls up-to-date cost information directly from your existing supplier database or ERP system. This means you’re always working with accurate, live data, ensuring your pricing is competitive and current.
3. For Scenario Planning
With what-if scenario analysis, you can see how different options impact your quotation calculation. This allows you to offer clients multiple options while staying within budget.
4. For Version Controlling
Cost It Right lets you easily create and manage multiple quote versions. If a client asks for a revision, you can instantly adjust the quote and send them the updated version without worrying about mistakes or losing track of the details.
Quick Tips for Getting the Most Out of Your Quotation Process
Prioritize High-Value Opportunities
Do not chase every lead; focus only on those that sound profitable. A scoring system for RFQs can help identify which ones are worth prioritizing so your team can spend time chasing the best opportunities.
Use Templates for Common Requests
Instead of generating new quotes from scratch every time, create a library of standard pricing models for frequently requested items. This will save your team time when clients ask for routine quotes.
Track Your Quotation Metrics
Monitor the time it takes to send out quotes and measure win rates. By identifying where delays occur, you can make tweaks to continuously improve.
Ready to Double Your Sales?
Switch to Cost It Right and take the first step toward faster and accurate quotation. With Cost It Right, you can accelerate your response times, ensure greater accuracy, and ultimately win more business. Don’t let slow quotes hold you back, get a personalized demo of our software and experience the difference.
