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Instant Quotes

Instant Quotes

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Published by api-3696336

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Published by: api-3696336 on Oct 17, 2008
Copyright:Attribution Non-commercial


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Welcome to Instant Quotes, your do-it-yoursel\ue004 guide to winning more jobs,
especially those where you\u2019re quoting against your competition.

Once you\u2019ve been through this guide, you should know exactly how to put
together quote \ue004orms and \ue004ollow up scripts that beat the pants o\ue002 your
competitors (and anything else you\u2019ve ever tried). More importantly,
you\u2019ll have a new process to start testing.

Tis is the next step in your marketing success story. From this point
on, you\u2019ll have the skills to make quoting work \ue004or you.
How \ue003o Use Tis Guide
A\ue004ter reading the introduction and background, jump straight in and
start going through \u2018Te 5 Steps \ue003o Winning Te Job\u2019.

Each step covers an important aspect o\ue004 the quoting process - these are things that you must give care\ue004ul consideration to. Each step represents a cornerstone o\ue004 a great process.

You might be surprised by how much this exercise reveals about your business. It may get you
thinking about important issues that have never crossed your mind. I\ue004 some o\ue004 this in\ue004ormation is new to you, don\u2019t
be concerned - there\u2019s never been a better time to start seeing some real results \ue004rom your quoting procedure, and
your business \ue004or that matter.

Make sure you make notes in the spaces provided. When you come to write your new methods, you\u2019ll need to re\ue004er

back to these scribblings.
Section 4 contains examples o\ue004 power\ue004ul quote \ue004orms, some o\ue004 which may directly apply to your business.
Now, it\u2019s time to get moving - there\u2019s never been a better time to start using power\ue004ul quotes and reeling in more

Important: A Note About \ue003esting & Measuring
Te greatest business people and marketers are not necessarily the smartest or most innovative. Most simply
understand the concept o\ue004 testing and measuring.
When you are testing and measuring, there is no \ue004ailure (except the \ue004ailure to record your results and analyse them).
Every step brings you one step closer to the right \ue004ormula, and the right approach.
I\ue004 you approach your marketing expecting everything to work \ue001rst time, you\u2019ll be bitter and twisted when you
discover it doesn\u2019t. You may give up be\ue004ore you should.
Remember this: marketing has certain rules, but it\u2019s still largely trial and error. You give it your best guess, then \ue001nd
out \ue004or sure.
It\u2019s essential that you meticulously record every result. It\u2019s extra work, but you\u2019ll be glad when you have a marketing
strategy which you know will produce results. Tat con\ue001dence only comes \ue004rom testing and measuring.
Te Nature Of Quoting
What is a success\ue004ul quoting

Some business people tend to be unrealistic about the response to their
quotes. Whilst some people expect a response rate o\ue004 90%, the reality
is that even the best quotes usually only return hal\ue004 that (o\ue004 course it
depends on the industry, and the number o\ue004 competing companies).

No matter how good you are as an organisation, or how good the deal
you\u2019re o\ue002ering is, there are some \ue004actors you can\u2019t account \ue004or - personal
relationships with other suppliers, cash problems etc.

So is a 40% conversion rate unsuccess\ue004ul?

Not usually. Basically any quoting process that pays \ue004or itsel\ue004 can be
considered success\ue004ul. Here\u2019s a more in-depth guide judging the success o\ue004
your quoting procedure ...

1. Work out your costs. Tis includes the cost o\ue004 advertising, sta\ue002, phone calls, o\ue002ers

2. Know your margins. You need to know the net pro\ue001t you make \ue004rom anyone who buys your product or service.
By understanding how much you actually make \ue004rom each sale, you\u2019ll be able to work out how the % response
required to cover your costs and make a pro\ue001t.

3. Li\ue004etime Value. Don\u2019t view each new customer as a once-o\ue002 sale. Depending on the industry, you may lose money on the \ue001rst sale to a new client. Te average business will need to sell to a client 2.5 times be\ue004ore it begins to make a pro\ue001t \ue004rom them. O\ue004 course, i\ue004 you\u2019re selling larger items, it can be a di\ue002erent story.

Response rate is largely irrelevant - in some cases, a 1% response rate is something to be proud o\ue004. Here\u2019s an
example that shows you why. Let\u2019s say you run an ad that costs $400 - it gets you 100 calls. \ue003o sell to those 100
people, it costs you $200 in phone calls and letters. Let\u2019s also imagine that the product you\u2019re selling is priced at
$23,000, with a margin o\ue004 40%. You\u2019d have to be pretty happy to convert 1% o\ue004 those 100 calls, wouldn\u2019t you. Tat
means, \ue004or every $9200 you earn, you have to spend $600. Tat\u2019s a pretty good return on investment. At the end o\ue004
the day, that\u2019s all that matters.

What makes a success\ue004ul quote process?
Te actual speci\ue001cs o\ue004 how to write a great quote process are covered in the next section, but let\u2019s get a broad
overview now.

Te most important thing to consider is this: you are not giving quotes, although that\u2019s what people will ask \ue004or and
expect. You are providing a Plan o\ue004 Action (nothing to do with Action International) - an outline o\ue004 what will be
happening \ue004rom here on in. Te revised title assumes that there will be action, and that\u2019s a positive assumption to

Once you understand that, then it\u2019s ok to move on. \ue003o start winning more jobs, you need to think outside the box
- you must do things di\ue002erently i\ue004 you want to achieve better results.

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