After that, we implement all our business tools and start to make the business grow. Then, it is time to face our clients. It is one of the most important part. It maybe the most important part, after all. We present to them our company profile, then to make things a little straight to the true point of business, we send them our price quote. It is one of the most crucial point in business. A business owner may be always in excitement as they reveal the price quote to their clients. As we give our price quote, we do not know how the clients will accept it. If they will accept the price quote, then the business is half done. Price quote somehow decides whether a business deal will start.

What is a Price Quote?

A price quote is a document that states the fixed price in which an asset is traded. It is also known as “quotation” or “quote”.  It can sometimes be relayed in verbal communication. It is the last price that a seller can avail a product or a project. It is given by the seller at the start of every deal or is sometimes a request by the buyer. The buyer and seller agrees with this certain cost and it was what they are going to use in their transaction. Price quotes are valid for the time that would be given by the seller. The buyer should follow this price once they had agreed upon it. They can never alter it anymore. A quotation can be given through different outlets.

There are trading platforms where we can post our quote. We can also put it in investment websites that provide business news to people. It can also be send to the email of buyers. Any quotation price should be simple and directly states the price of our commodity. This proposal should not make anything hard for the buyer. A good quotation example is the one that clearly states the price. Stock quotes are used in all kind of businesses. Whether your business is in interior design, photography, web design, food catering, or simply just selling any products, we used price quotes to relay the price of our products or projects. It is the formal way of telling our prices.

What Does a Price Quote Consists?

This official document in business has important contents. It is consists of the following:

Kinds of Price Quotes

Price quote has different kinds. It is because the way of how a buyer want to avail a product or service varies.

Bid quote

It is the current price that tells how a share can be availed. It states the cost and also the quantity that a buyer wants to avail the stock price. In other words, it is the most likely price that a buyer chooses from all the price quote that has been presented to them. It is their best option and what has make them to agree to purchase from the buyer.

Ask quote

The ask quote shows the price in which the seller wants to sell their services. It may be a total bargain or is something that a seller has put discounts. They will tell that it is the last price that they can give.

Real-Time Quote (RTQ)

A real-time quote (RTQ) is the quote that is given in the exact moment. It can never be delayed. It has security of the actual price for the present time. This is a price that is displayed on a distinct website or ticker tapes.

Market Vs Quote (MVQ)

It compares the last price to the bid quote and also to the ask price. With this, the buyer will have to choose what price can they ask for the buyer to give them according to the compared bid quote and ask price.

Level III Quote

A level III quote is a detailed price of a security of a trading service. It includes the bid price, the ask price, the size of the quote, the cost of the last trade, the quantity of the last trade, the high value within the day, and the low value within the day.

Buy Quote

A buy quote is a price of the following purchase of security. It may be the best price to buy a security within your trading deal. The buyer will pay the best ask price and they can acquire the security with the seller’s offer.

Strategies You Can Use in Making A Price Quote

Your price quote should be something best that you can give. Apply these tips and strategies to make your price quote works best.

Have a good constructed price quote. Give your customer a nice and clean layout. If your quote is well-written, you will have a chance for the customer to accept it. Use a comprehensive language in your writing. Be brief and concise. Your price quote must have a good presentation so the customer can approve of it in a glance.Be quick in sending a quote. Any client can be busy. Do not waste time and send your price quote fast. With this, the client will be more likely to reply and accept your quote. You cannot be slow in sending your quote or you will lose the opportunity. If you can send it fast, the client will react on the current moment and the transaction can start instantly.Automate your system of providing a price quote. To automate your way of providing your price quote, provide it with a CPO software. Use a management system to update everything especially when the customer agrees on your offer. This will truly help your business as everything digital makes everything more convenient and faster.Follow up to clients. If you did not get an immediate response from client, you should have a follow up. Clients are busy most times and they cannot find the time to reply to you or to think about your offer. If you continue on asking them to buy your services with your provided price quote, they can decide to finally accept your offer. You can also adjust your price quote when necessary. You can apply some certain rules and techniques in pricing to make your client agree with you. Do not stop until your client finally agrees. With persistence, even a wall can break.Analyze all your processes. Check all the processes that you have been doing with your price quote. Know what is that something that is not working. Optimize the things that you do. If you will know where you have erred, you may be able to correct your mistakes. Recall why could be sometimes the client did not accept your offer. Have in mind the reason of circumstances when they agrees with you on the other hand. You can perfect your quote by analyzing important matters. Have a conclusion and adjust your price according to it.Be sure you can meet deadlines. Deadlines is an essential factor in the delivery of your services. Do not commit your staff on the things that all of you cannot be able to accomplish. You cannot pay for extra workers and destroy your profit. Be also sure that you have all the resources so that the work can be delivered and you will have the integrity with your customers.All your prices should be updated. Your quotation should go along with the prices on the market. You cannot be left out with the current trend. You cannot let your quote be outdated. It should be competitive enough with all your competitors so that you will know if you have a good ace with your business.Include a good profit with your price quote. The quote should include a nice profit that you will get in doing your business. Put a profit margin that is good enough for you. Do not overprice your quote as there will be a chance that you will not make the client to agree with it. Just well enough for you to reward all your hardwork and will keep your business running.

How to Have a Good Price Quote

Certain things have to be done to make a price quote. You have to include all the necessary details in the quote that you are going to make. Have these steps:

Step 1 Choose a Template.

There are many available quote templates in Word, Excel, PDF, and Google Docs. Pick one. You can also find some website with templates with a graphic design. Choose a professional-looking quote format. One that is comprehensive and can make your quotation detailed. Put the letterhead of your company or your company logo in it.

Step 2 Include all the client’s information.

To properly address your client, put all their information in your price quote. It is an act of respect to them. The client’s information includes the business name, the business address, their phone number, the contact name, the title of this contact person, the email address, and the fax number if your client has any.

Step 3 Put the quote number and the date when it was issued. 

Automatically, your accounting software gives a quote number for your price quote. You can edit it if you need to. Also, put the date when you give the quotation to your customer. Add how long should the quote be valid.

Step 4 Be clear about your products and services.

Put your products and services with its description and quantities. Put the product number and the total cost of every item. You can also make different stages within your product. You can separate the labor price and the material price. Include the definite service or product that you can give and what is not included in the package.

Step 5 Put all your terms and all your policies.

To be sure about the possible variations within the trade, you must add some terms and conditions. This will make everything clear between you and the client. The client also will know what to do if ever they have a specific question.

Step 6 Have a place for a personal note.

You can put here whatever you need to include in your quotation. Summarize the scope of your service here. You can even put a thank you note to your client to express your gratitude. It would be nice if you will have the time to do that simple thing.


Can’t I Buy Without a Price Quote?

Price quote is an essential element in any trade. If it is not in a form of a document, it is by verbal means. So everytime you avail a product or service, a quote is included. Also, there are companies where you cannot buy unless they have given you a price quote first.

Is a Price Quote Final?

Most times it is the final price of any product or service. But there are rare times that you can get a second quote. It depends upon the seller whether they would adjust the price or not just to make you accept it.

Quotation is the normal way of making the prices known nowadays. We usually encounter it every time we need to buy something. We can learn of some tips on price quote in the trading business. Well, who would want a pricy quotation? Accept a price quote that can suit your financial capacity.