The price quote template is a professional format used to prepare your own price quote or quotation on your own terms and understanding. It is the start of a transaction, and you don’t really wish to miss the business opportunity. Hence, providing a perfect quote to seekers might help you to get into the transaction. A good price quotation format must have all the necessary information which you should provide. Missing any single line of information can disgrace the interested candidate and your quotation will not be considered worthy. If you are really not willing to see your quotation in the dustbin, then you must have a professional format like we are presenting below. A good format helps you and your employees to fill all rows and columns accurately and will make sure nothing you miss. Therefore, you won’t require training from your staff or have to invest thousands of dollars in them.
Importance of Price Quote:
A price quote is actually a final price quoted by a sales person or company in response to inquiry about any or all products or services. It is the last minimum possible price of services or products for which a seller is willing to provide. As far as a stock quote is concerned, it is basically the most recent price of a commodity or service at that given time. While going through a bidding process where all sellers are requested to bid their price, this format is used to participate. There is a difference between bidding for a price or responding to a sales inquiry. When you are offered to participate in bidding, then you must offer a very competitive price, while in responding to a sales inquiry, you can use your brand popularity and goodwill. Therefore, the format which you will use in both cases will have a certain impact on decision-making. A discount on bulk purchase or rebate on early payment can also be mentioned in the price quote depending on the nature of the transaction. However, you can use it in your format to make your price quotation attractive.
Content of Price Quote:
There is a huge difference between a price quote and the price estimation. A price quote defines the accurate and studied price value of any particular commodity or service. Whereas, an estimation is just a random calculation of the price based on different speculations. The content of the price quote makes it worthwhile and crucial for business success. Here, I am going to elaborate on what sort of content you required while preparing your own quotation;
1- Product or Service details: A comprehensive format must have ample space for product details or service specifications. It will help the buyer to understand what sort of commodity or service he/she can offer. It also makes sure that nothing is hidden from the buyer regarding quality and quantity.
2- Price: This segment is the most worthy segment of any quotation and must be filled in after research and discussion. Once the price is quoted, it cannot change afterward. It further includes a discount or rebate on bulk purchase, if any given.
3- Terms of Payment: It discloses the information about the term and conditions that may be applied to a transaction which a buyer has to accept. It includes price variation on different quantities, time frame for payment, cash payment process, mode of payment, payment terms and credit time details.
4- Cost breakdown: This segment will disclose information about cost specifications. It may include service charges, freight charges, factory overhead chargers, transportation charges, post delivery inspection charges, insurance charges, extra printing charges and all other elements which are affecting prices.
5- Product Delivery: If the buyer is looking for quick shipment of products or commodities, then it must clearly be mentioned in the quotation about the expected time of delivery. Normal course of delivery time and fast delivery time, including any extra charges, applied.
6- Quote Expiry: Your referred price quote must have an expiry date which should be clearly mentioned in format. If the product or services are subject to specific terms, then these are also mentioned with expiry. The buyer should know how long your quote is valid for acceptance.
7- Acceptance Signature: There should be space for the signature of the buyer once he/she is ready to purchase. It must have a checkbox above your signature, where the buyer should have checked before your signature.
Price Quote and Business Development:
Business expansion requires a lot of sales and marketing efforts, and it is not easy to do so. A price quote serves here as a “tool” which can be used to attain sales as well as marketing goals. By sitting in one corner of this world, you can get deals from another corner of this world and this can happen with price quotation. You can be part of any bidding procedures happening in any corner of your sales territory with this price quote. Whether the customer is willing or not, you can present your company with an attractive price quotation which can change his/her mind later on. Sometimes, randomly offering commission or discount can also lead to big deals, and you should never underestimate these tools. A good marketer always uses price quotation as a tool to develop relationships which can be very good for business afterward. It gives you a chance to understand what your buyer is looking at and how your products or services can satisfy them even in the future. It develops understanding between you and your buyer about whether a transaction is happening or not. It boosts confidence of buyers in services even whether a purchase transaction has happened or not.
Price Quote as Marketing Strategy:
Marketing efforts are a continuous process and yet price quotation is one tool which needs to be prepared any time whenever required. Perhaps it is the beginning of a new relationship, either in the present scenario or in the future. With the comparison of your past quotations with current, you can determine the price fluctuation range and time frame. Moreover, with those quotations where you didn’t get buyers at that time, can help you to make future strategies. Making comparison with your quotation and competitor’s quotation can help you understand your negative areas and how you can overcome them.
Quotas can be displayed at various outlets for brand development and, nevertheless, for marketing. By preparing charts, banners and brochures, you can promote your quotations around your market. Especially when some events are nearby, you can boost your sales by offering a wide range of discounts. Launching different sales promotions at the right time can also boost your sales figures. A time frame can also be given for those quotations only which will be brought back to the company by the buyer during distribution. Nominating specific outlets in specific areas can also boost demand for price quotation and a lucky draw can also be conducted in those areas.
Online mediums are also very effective in having a similar impact on sales volume. A wise selection of online media and price quotations can increase brand loyalty. Adding them to various social websites, either for free or through paid campaigns, then produces tremendous results. It will increase your subscriptions, willing to yes and top trends on different platforms. This is especially significant for subscribers who wish to make a decision based on recent activities or with new discounts. You can convert them into direct customers in the shortest possible time. Moreover, by updating them with your recent changes either in price or quality, they can sign up for new price quotations. Thus, price quotation is a wonderful tool and has a deep impact on your marketing strategies.
Templates for Price Quote:
Price Quote Template Word
Price Quotation Template
Price Quote Template PDF
Free Price Quote Template
Price Quote Template Excel
Hourly Price Quote Format
Price Quote Sample
Price Quote Example
