Your quote management process is critical to how many deals your business wins, as it is a crucial part of a deal, taking place at the end of the sales process. Quote management software has become a commonly used application to help businesses, with Data Intelo sharing that the market is expected to grow from USD 1.02 billion to 2.48 billion by 2030. In this article, we will look at what quote management software is, and if it is worth the hype.
Firstly, let’s define what quote management is. This is the process of creating, managing and negotiating quotes with customers near the end of the sales cycle to try to agree upon a deal. It is important to have a smooth quote management process to keep your negotiations efficient and reduce the risk of an error occurring that can hurt a deal.
Quote management software is an application that will streamline a business’s quote management through automation and data visibility features. Businesses adopt this software to ensure they have a smooth quote creation process, with a 360-degree view of how their deals are progressing.
To know if you need a quote management system, identify if you face these challenges.
If you are attempting to manage a substantial amount of quotes a day, it is likely you need to consider adopting quote management software. In the long run, it is not sustainable to manage so many quotes a day, and with more business growth, it will only get more challenging.
Quote errors can be common during manual creation. If you are experiencing regular quote errors, you will be delaying deals from being won and risk losing customers. You should consider adopting quote management software to manage this challenge.
Follow-ups are crucial to winning deals, with MTD Sales Training Specialists sharing that only 2% of deals are agreed upon in the first meeting, and usually 5 follow-ups are required. If you find that when a quote is not agreed upon, you do not follow up efficiently, you likely need quote management software in place.
Manually creating quotes can use excessive time and resources. This will slow down your sales process leading to your customers getting a less efficient process. As a result, you will get a negative ROI from your quote process.
It can be challenging tracking your stock in real time and pinpointing certain inventory. This leads to many efficiency and productivity issues.
Adopt quote management software and get invaluable benefits such as:
Streamline the creation of your quotes with custom quote templates. This will reduce the chance of a human error occurring in a quote, and increase your productivity and efficiency with fewer manual tasks to complete.
All of your quote data will be centralized in one place for your sales representatives to access. This will ensure that your team is on the same page and aware of how your deals are progressing. Furthermore, management will be able to easily track how your sales representatives are performing.
Some quote software will let you assign tasks to team members, for example, assign a representative the task of generating a new quote. This will streamline the collaboration amongst your team and increase the efficiency of your processes.
Automated quote management is a great cost-efficient solution compared to manual quote management. Having a manual quote management process is not cost or time efficient as you will be managing substantial amounts of customer data on spreadsheets and creating quotes from scratch. Quote management software will streamline these tasks for you, resulting in costs saved.
Track your stock in real time, seeing what inventory has been purchased as quotes are being agreed to always be in the loop of how your deals are progressing. Furthermore, some software, like TEB Apps, lets you pinpoint the stock you need with ease.
Despite the benefits of adopting quote management software, there are some challenges to be aware of. These include:
Finding a cost-efficient software – Software can be costly in some cases and come with features that you will not need. For example, some software will come with lead management and opportunity management features pushing its price up. Find software that comes with the features you require to have a cost-efficient solution.
Find software with a fast-onboarding process – The onboarding time for quote management software can sometimes be months, so it is important to find software that has a fast onboarding process. For example, TEB Apps aims to complete your onboarding process in 14 days and comes with support and training to help you get started.
Integrating the software with your legacy systems – Compatibility between your legacy systems and quote management software is crucial to it being successful in your business. Take the time to ensure that the software can be implemented smoothly with your legacy systems. An example of a very compatible CRM and automation software with quote management features is TEB Apps.
TEB is an automation and CRM software that will completely transform your quote management with unrivalled data visibility on your deals and a streamlined quote creation process. TEB Apps is rapidly growing across the world, giving businesses a competitive edge as they lower costs, increase revenue and scale their business with the software. Game-changing benefits of TEB include:
Save time and resources – You will be able to automatically generate quotes from TEBs templates to streamline your quote creation process and reduce the risk of human error.
Easily track your negotiations – Get a holistic view of your quote activity to stay aware of the progress of your negotiations and how many quotes are being sent to your customers.
Avoid missing follow-ups – Schedule follow-up reminders with TEB to avoid missing them with your customers and increasing the chances of a deal being made.
Streamline the creation of reports – Generate reports covering your quote management software to guide your decisions and increase your data visibility.
Cost efficient – TEB has multiple packages that you can choose from to make it the most cost-efficient software on the market. Whether you just want quote management features or lead management features, we have packages for both.
You can see all of these features and more by booking a quick demo. With just 30-minutes of your time, you can see the future of your quote management process.
