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close more bids and quotes

The Simplest Way to Close More Expiring Bids and Quotes

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. One report that stands out as a favorite among clients is the expiring bids and quotes report.

The expiring bids and quotes report highlights quotes that are nearing their expiration dates. It is grouped by sales rep, making it easy to distribute and discuss in team meetings.

Timely Action

Timing is everything in sales execution. The ability to easily highlight quotes that are nearing their expiration dates provides sales reps and managers 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.

When you add focus on expiring quotes to your sales management process, you establish a sense of accountability within your sales team. Each sales rep is aware that prompt follow-up is necessary to secure deals before they expire. This accountability encourages a proactive approach to sales and fosters a sense of urgency among team members.

When sales reps and managers are alerted to quotes on the verge of expiration, they can prioritize their efforts accordingly. Sales reps can focus on these time-sensitive opportunities, allocating resources and attention where they are most needed when they are needed. You can encourage your reps to take a targeted deal-by-deal approach and that increases your likelihood of successfully closing deals.

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

In addition to prompt follow-up and intervention, reviewing expiring bids and quotes reinforces the value of each sales opportunity. Each rep worked hard to get a deal to the bid or quote phase. Sales managers can use this report to acknowledge the significance of each opportunity so that sales reps are further motivated to give them the attention they deserve.

Strategic Prioritization

Whatever you choose to highlight with your team in regular meetings becomes a priority for your reps. We like to say, “what gets measured gets managed.” Reviewing the expiring bids and quotes report helps your team stay focused on these strategic opportunities. You can discuss which quotes have the best chance of conversion, which are important revenue opportunities and what are the best ways to nurture relationships with decision makers.

The report is grouped by sales rep – that visibility adds an extra layer of accountability. Sales managers can track performance and follow-up by rep and identify gaps for improvement. The encourages ownership and responsibility in the deals that you name as strategic priorities.

You can move the focus of the report to the status (open, expiring, etc.) you want to cover in your next team meeting or one-on-one sales rep coaching session. Timely follow up on all these unconverted bids is extremely important. You’ve already put a lot of effort into getting the bid, if it gets to the expiring zone without proper follow through the opportunity is probably dying or already dead. SMP then makes it easy to prioritize and automate follow up reminders for all your most important bids and quotes.

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 the expiring bids report with your entire team during your regular sales meetings. This encourages collaboration and knowledge sharing. Sales reps can learn from each other’s experiences and strategies. Team meetings focused on open bids and quotes provide an opportunity for reps to exchange ideas as the brainstorm ways they can close specific deals. So while it is useful to review deals individually with reps, by reviewing them as a team you can improve the effectiveness of all your reps.

Performance Evaluation and Coaching

Reviewing the expiring bids and quotes report gives you an opportunity to evaluate the performance of your reps. You can identify trends in performance and step in at the right moments to help, train, coach and encourage your reps. Your sales managers can see patterns that help identify common challenges so they can provide targeted coaching and training based on specific situations. Data-driven evaluation is objective and dispassionate, so reps can take the emotion out of the evaluation and work with you on improving their execution. This can boost morale and sales execution.

It also gives you a chance to optimize your entire sales process. When you track progress and outcomes on your bids and quotes, you can help to identify obstacles in your sales process and streamline opportunities for greater effectiveness. One of the biggest issues in distribution sales is that lost sales can seem to come from so many different factors: pricing, lack of experience, poorly crafted proposals, failure to dig deep into client needs, weak customer relationships and more. Regular review of bid performance allows you to see trends with individual reps and with your entire team so you can make changes to improve.

Here are some places to start your discussions to help diagnose sales issues using expiring bids and quotes as a driver.

  1. Conversion Rates: Staying on top of your close rates on your important opportunities allows you to identify differences in rep techniques and identify areas for training such as presentation skills or handling objections.
  2. Win/Loss Analysis: Why are some reps closing higher than others? Can you identify patterns and pinpoint strengths and weaknesses in your approach?
  3. Sales Pipeline Health: Regularly reviewing your bids and quotes keeps your finger on the health of your sales pipeline. Are you increasing your overall number of open bids and closed bids or is there a bottleneck or gap you need to address.
  4. Individual Performance Assessment: Because the report is broken down by rep, you can identify top performers as well as others who may need more guidance and coaching. It can help you create individualized development plans for each of your reps.
  5. Market Demand and Trends: The expiring bids and quotes report can even give you insights into market trends. You can see patterns in customer preferences, competitors who keep showing up in similar deals, pricing issues, product line preferences and help your reps stay ahead of emerging trends.

Ready to take control of your expiring bids and quotes? Don’t miss out on improved closing rates and higher revenue. Contact us today to schedule a free test drive of SMP and see the power of our expiring bids and quotes report with your own data. In the test drive we will show you things like the quotes that are coming up on expiration, quotes that are recently created or anything in-between. You can prioritize by quote size to make sure you don’t drop the ball on your biggest opportunities. Don’t wait, secure your deals before they expire. Act now and unlock the full potential of your sales process.

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