Speed to quote is extremely important for online equipment sales, and in many cases, it can be the single most critical factor in winning a deal.
“It’s the number one thing in our business, and our number one differentiator,” says Daniel Brockett, owner of BX Tank Supply, who supplies tanks and equipment for the oil and gas industry across the United States. “You can talk about quality of products, but it’s whoever gets the quote to the customer first- that’s who wins.”
Here's a breakdown of why speed to quote matters so much:
1. Customer Expectations: Today's B2B buyers have gotten used to buying like consumers. They expect a seamless, fast, and transparent process. A slow quote can feel like a red flag, signaling that the company is inefficient, unresponsive, or difficult to do business with. Research has shown that a significant portion of customers consider an "immediate" response to be essential, and that means 10 minutes or less.
2. Competitive Advantage: In a competitive market, the first supplier to deliver an accurate and professional quote often gains a significant advantage. The first quote sets the benchmark for the buyer's evaluation of other offers. If a competitor is still working on their quote, the buyer may have already moved forward with the first option.
3. The "Time Kills Deals" Reality: A long quoting process gives buyers more time to reconsider, get distracted, or find another solution. It also allows competitors more time to influence the buyer's decision. By reducing the time between the initial request and the quote, you minimize the risk of losing the deal to a competitor or to buyer indecision.
4. Enhanced Customer Experience and Trust: A fast and accurate quote demonstrates efficiency, reliability, and respect for the customer's time. This builds trust and positions your company as a dependable partner. Conversely, a slow process can damage your reputation and erode the customer's confidence in your ability to deliver.
5. Sales Efficiency: A slow quoting process doesn't just frustrate customers; it also creates internal inefficiencies. Sales teams spend valuable time chasing approvals, clarifying specs, and manually formatting documents instead of focusing on selling and building relationships. Streamlining the quoting process frees up sales reps to close more deals.
How to Address the Challenge
Many equipment dealers are turning to technology to solve this problem, specifically Dealer Management Software (DMS) like Machinio System. These solutions can be tailored to fit your business and your workflow:
- Fast Quoting: Create and send quotes in seconds by having contact and inventory information pre-filled.
- Automatic Sending: For businesses with firm pricing, software can generate and send accurate quotes automatically upon receiving a sales lead, eliminating the need for any manual work.
- Ensure Accuracy & Maintain Control: Eliminate human error by using a single, unified source of truth for product and pricing data.
- Automatic Follow-Ups: Some platforms allow customers to configure and automate follow-up messages to clients, ensuring the quote stays top-of-mind and the sale stays on track.
In short, for online equipment sales, speed to quote isn't just a "nice to have"—it's a critical component of the customer experience that directly impacts conversion rates, customer satisfaction, and a company's competitive position. Modern DMS platforms are more important than ever in helping businesses improve these key objectives and win more business.
