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Reviewing Your Expiring Bids and Quotes to Follow Up and Close More Effectively

Reviewing Your Expiring Bids and Quotes to Follow Up and Close More Effectively

One of the most important advantages to running your sales process with SMP is the ability to leverage personalized sales insights using your own data. This empowers sales teams to make informed decisions and drive better results. A great way to improve your close rates is by reviewing your expiring bids and quotes.

Reviewing your expiring bids and quotes — highlighting quotes that are nearing their expiration dates – is as easy as making a few clicks on your Quote Review screen.

Watch this quick animation to see how easy it is to review your expiring bids and quotes:

Timely Action

Timing is everything in sales execution. The ability to easily highlight quotes that are nearing their expiration dates provides you with a valuable opportunity to take immediate action. After investing time and effort into nurturing a potential deal to the point of a bid or quote, it is essential not to let these crucial sales opportunities slip through the cracks. Regularly reviewing expiring bids and quotes allows you to maintain momentum and ensure that these opportunities are not neglected.

This simple review step helps you to prioritize your sales efforts accordingly. You can focus on these time-sensitive opportunities, allocating resources and attention where they are most needed when they are needed. You can take a targeted deal-by-deal approach and that increases your likelihood of successfully closing deals.

By regularly reviewing expiring bids and quotes, you facilitate proactive intervention and problem-solving. If a quote is approaching its expiration date without any sign of progress or engagement from the customer, you can reach out and address any concerns or objections. This gives you an opportunity to salvage sideways deals by addressing any issues that may be hindering their progress.

Higher Closing Rates

One thing is certain, all the bids and quotes that expire without follow up will result in lost revenue. By creating a specific focus on expiring bids and quotes you can maximize your sales potential in each deal, increasing your close rates and increasing your revenue. In fact, our users report up to 30% higher close rates on open bids and quotes by adding focus and automated follow-up through SMP.

Great follow up sends a signal to your customers that you care about their timelines and satisfaction. It shows you value your customer’s needs and are a proactive partner. This builds customer loyalty and engagement which also directly leads to more closed bids and quotes.

Don’t forget, you are not the only company being considered in large bids. Your competition is actively pursuing those deals as well. The more proactive you are in your follow up and responses, the more competitive advantage you gain. Follow through can be a competitive differentiator in close deals.

Encourage Collaboration

We suggest that you share and discuss expiring bids with your entire team during your regular sales meetings. This encourages collaboration and knowledge sharing. That way, you can learn from each other’s experiences and strategies. Team meetings focused on open bids and quotes provide an opportunity to exchange ideas as the brainstorm ways you can close specific deals.

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