In our recent series of focus groups, 90% of the distribution executives we surveyed indicated that closing more open bids and quotes was one of their top priorities this year. In fact, one of the main issues that keeps distribution sales managers up late is keeping track of all of their open bids and quotes. We know that there is a lot of low-hanging fruit in those bids and quotes, but without a consistent follow up process it can be difficult to get them over the goal line.
SMP designed a special process to follow up on open bids and quotes and SMP users are increasing their close rates by 25% to 30% on average.
Having the right technology in place can help you close more open quotes and bids in many ways, such as:
Report: Close More Open Bids and Quotes
Blog post: Adding Focus to Open Bids and Quotes
Companies that actively track and follow up on open bids/quotes close 25% more open bids and quotes than those that don’t. Let’s assume Cregger Company currently has $3MM in open bids in Eclipse that are over $5,000 and less than 90 days old for an annual pipeline of bids and quotes of approximately $12MM.
A 25% increase in close rates on bids and quotes would allow Cregger Company to close an additional $600,000 of sales per year, adding $120,000 in GP each year from better bid and quote follow up.
Current Close Rate
Improved Close Rate
Additional Annual GP