Optimize Quote Management for Enterprises

Business quotes are not only a proposal for the customer, but they are the first and formal introduction of your brand to the customer. So, you need all your vigilance and wits while doing quote management.

You need to make detailed and effective business quotes that the customer can never reject. And to do that, an automated and intelligent quote-to-cash process management tool like SubscriptionFlow offers seamless quotes along with contract terms, pricing and plans options, and contract duration and renewal triggers.

Let’s dive deep to understand what role effective quote management play in offering recurring services to high-profile enterprise-level clients and what is the quote-to-cash process.

Also Read: How To Manage The SalesOps And RevOps Of A Subscription Business

What Is a Quote & Quote-to-Cash Process?

Quotes are the documents in which you, as a retailer, tell your customers what you offer and what you charge for it. And when it comes to the quote-to-cash process, it means to get the quote accepted and bring the customer to pay you for the subscription plan that he buys.

The quotes of SaaS businesses differ for most of the SaaS businesses work on the subscription business model. The customer is to be charged after a defined time ends. So, the charges that you offer for different subscription plans should be mentioned in the quote. However, the template and format of the quote will depend on your business niche.

Quotes for a Better Sales System

Quote-to-Cash (QTC) is an important part of the sales system, and if you wish to increase your sales, then you need to make your quotes attractive to the customer. When you have a perfect quotation, the chances of onboarding a customer are high. When teams work to make quotations, this process of formulating quotes makes them feel that they are ready to grab every opportunity on their way.

Quotes shorten the sales cycle because though a quote is not a contract, it makes various terms and conditions clear to the customer. The affordability and needs of every customer vary. You will also need to research the business of your customer so that you can offer a price that is competitive enough. While formulating a quote, you will also need to keep an eye on your competitors. If you are forwarding a quote, then most probably your competitors would be doing the same. And you need to make quotes that can help you beat other retailers and create a win-win situation for you and your customer.

Quotes also portray an image of your business. It is a way to market your SaaS product or services. You should market your SaaS product in the best way so that new customers board side by side new deals and leads are created.

Minimal Invoicing Errors

Today, SaaS businesses need to give customer acquisition and retention equal importance. If customers are not retained in the SaaS subscription business market, then your credibility will be affected. Your customer acquisition rate will automatically decrease. One of the huge causes of subscription cancellations is invoicing errors. Any error in the invoicing means you are delaying your payments yourself.

And SaaS sales quotes play their role in this. Accurate invoicing is one of the biggest tasks for SaaS businesses. When the charges are predecided in the quotation, the invoice will be generated around this quotation. That’s how the chances of any error or mistake will be minimal. Customers will stay on board longer because accurate invoicing will keep the payment processing streamlined for you and the customer both.

Also Read: Leverage SubscriptionFlow To Make Recurring Invoicing Process More Efficient

Quotes Based on the Customer Data

Today, SaaS businesses treasure datasets. They use AI-based tools and software to analyse customer data to offer customers what they need. However, when business quotes are based on the findings of customer data, the chances of locking more deals increase. Data-oriented quotes also provide opportunities to cross-sell and upsell. Customer data shows the purchase behaviour of your targeted customers which helps you identify what you need to offer to your end customers.

Also Read: Subscription Data Is A Hidden Treasure—Learn How Recurring Billing Data Can Be Used to Drive Growth in Revenue

Quote-to-Cash Process with SubscriptionFlow

SubscriptionFlow now offers quote-to-cash management. This feature will help users overcome the following challenges:

Inaccurate invoices
Late or failed payments
Poor revenue management
Customer dissatisfaction
Increase in customer churn rate

At SubscriptionFlow—subscription management software, the quote-to-cash process works in the following steps

Selecting the Template of the Quotation

The first and foremost thing is to decide the template of the quotation. The template of the quotation will completely depend on your business. When you are using the SubscriptionFlow—quote-to-cash management, you have the option to select the template. You do not need to spend time and resources to come up with a workable template because here you will get everything. We help users avoid all hassle that they otherwise need to deciding what to add and what not to add in a quote. In the templates, everything is already defined and decided. Just input the details, and send them to your targeted customers.

Sending the Quotation

Keep in mind that the quote that you send for the first time is not necessarily accepted. If the customer does not accept or respond to the quote that you have sent, then SubscritpionFlow allows you to amend the quotation accordingly. You can resend this quotation. However, when you send a quote, do not forget to mention the expiry date. As the prices and currency rates fluctuate, the quotes must have an expiry date. Our system allows you to send your quotes with a specific expiry after which the quote does not remain valid.

Subscription Billing Process

Once the quote is accepted by the customer, the QTC system of SubscriptionFlow will take him to the next step which is the billing process. A subscription plan will be created for the customer, and an invoice will be generated. And all these tasks will be managed automatically through our cloud-based platform.

Adjustments in the Quote

In case, the quote gets rejected by the customer, SubscriptionFlow quote-to-cash management enables users to make adjustments in the quote as per the customer’s needs and requirements.

Our team has come up with this amazing feature that will surely boost your sales. If you want to lock in more deals from now on, then join hands with us. We offer you wings for your SaaS subscription-based business.