What is a sales quote: an overview.
Learn what’s involved in sales quotes and why they’re vital to your business’ success.
Successfully closing a sale is an art form and a sales quote is a vital part of the process. But their purpose can be unclear, particularly if you’ve just started working in sales, so let’s explore their meaning and why sales quotes are so important.
Sales quotes explained.
A sales quote is a document that tells a potential client how much your product or service will cost. It’s not a legally binding contract but rather a formal notice of the estimated price. They also introduce your company and product or service range, so it’s a good idea to provide an item-by-item breakdown of everything included in the quote.
Types of sales quotes.
There are three main types of sales quotes, each with a different purpose:
- Estimate: Estimates give clients an idea of a project’s cost without setting anything in stone. They can change based on the client’s and project’s needs — which allows for flexibility while still informing the client about your general price range.
- Fixed price breakdown: Fixed price breakdowns show your client the exact price they’ll pay, and they’re not subject to change. Use a fixed quote if you know precisely how much your products, like machinery parts, will cost.
- Request for quotation: Responses to requests for quotation, or RFQs, are highly specific, strictly formatted quotes that you send in response to an RFQ from a client. They help the client decide which provider can offer them the best deal.
Improve your sales quoting workflow.
A delayed quote could cause a client to choose another provider. A smooth sales quoting process is therefore critical for your business. Digital quotes are fast to deliver and process and can help you grow your business.
Adobe Sign lets you instantly share documents. Plus, you can add e-signature fields so your clients can quickly approve your quotes and track each document’s status.
Explore what more Sign can do to help you more easily manage your business’s documents and processes.