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Caught in a Price Quote Dilemma?

4/7/2016 | Rosalie Marcus, Promo Biz Coach

Has anything like this ever happened to you?

A promotional products distributor recently posted in a Facebook group that a client who hasn’t purchased anything in the past few years is continuously asking her to quote on orders – the type of orders that involve multiple products and time consuming research – but she’s not winning their business. What should she do?

Early on in my promotional products career I spent countless hours on price quotes that never materialized then I designed a better way... a way that worked for me and I know can work for you too.

My strategy is to build a connection before the sale. Meet your prospects face to face or, if that isn’t possible, develop a dialogue with them via email or over the telephone that involves more than just submitting a price quote. Get as much information as possible by asking better questions before you spend countless hours trying to figure out the best price. 

Sounds obvious, but many distributors waste time on price quotes because they haven’t asked the right questions upfront.

Here are some basic things you should know before you submit a price quote: 

• What is purpose of the promotion?

• Who is the end-user?

• When do they need the items?

• Are they getting quotes from different sources?

• How will they make a decision on the quotes?

• What are their payment terms? Can you get a deposit up front?

• Are they willing look at other ideas that may work better for their needs?

• What price are they looking to pay?

I’ve made it rule never to submit price quotes to people I don’t know or haven’t asked good questions to and received detailed answers from. If a prospect or client is unwilling to answer your questions and share information, he/she is probably not worth your time.

Here’s another thing to keep in mind. It’s important to understand your prospects buying process. Many prospects and clients may ask for price quotes just to go through the buying process because that’s their company policy. They may need to get several quotes. They may even have a favorite vendor picked out ahead of time. Do you want to be the lowest price or do you want clients calling you for the best advice?

Like all businesses, the promotional products business is a profit driven business. It doesn’t make sense for you to sell an order unless there’s enough profit in it for you.

 As a promotional products sales professional, your time is a precious commodity. Decide how to best spend your time by focusing on your most profitable projects and clients, not no-win situations.  Be willing to walk away from clients that are just shopping price.

Most importantly, know that in order to make money in your promotional products business you have to give your clients a reason to buy from you that isn’t based on the lowest price.  

And if you do decide to walk away, always remember tomorrow is another day with new and better opportunities to explore!   

Rosalie Marcus, The Promo Biz Coach is a promotional products business expert, coach and speaker. Combining her skills and years of experience in promotional sales, she helps her clients sell more at higher profit margins and dramatically increase their incomes. Get a free special report: 10 Proven Ways to Thrive in Promotional Products Sales… in Any Economy   at www.promobizcoach.com. Reach her at Rosalie@promobizcoach.com or (215) 572-6766.

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