Quote Tracking

What is Quote Tracking?

Quote tracking is a way for businesses to monitor and measure sales quotes. In quote tracking, every detail of a quote is accounted for. And each quote has a status (e.g., Pending, Accepted, Rejected).

A critical function of CPQ, it helps sellers understand the success rate of their sales efforts by tracking the numbers and details of the quotes they send out. It also allows them to record which customers were quoted for which products and services (and how they respond to them), which can inform future sales and pricing strategies.

By tracking the number of quotes sent (and their acceptance rate), businesses understand sales efficiency — more quotes accepted at a faster rate generally means the sales team is doing better.

Synonyms

• CPQ data tracking
• Quote activity tracking
• Quote status
• Quote tracking software
• Sales quote management

Importance of Quote Tracking in B2B Sales

Think of quote tracking as the act of measuring and recording all data related to a customer’s quote request. It’s an organized way to keep track of who requested a quote, what products or services perform the best, the terms of the quote, the status of the quote, and most importantly, whether or not the customer accepted it.

Increase Sales Efficiency

An efficient sales process starts with an efficient quoting process. Once a lead moves through the pipeline, the first step is qualification. After the rep qualifies them, the stakes are higher. The typical B2B sale takes anywhere from six to 12 months to close — plenty of time for a prospect to drop out of the process.

Numerous factors can bog down the quoting process. A missed approval from the deal desk, an incorrect product configuration, a missing line item from the quote, the list goes on and on. Quote tracking ensures these mistakes are a rarity by continuously knowing the status of each quote/deal and notifying the appropriate team member about any problems.

Reduce Errors in Your Sales Process

Since quote tracking is an automated process, it minimizes the amount of manual work involved. This cuts down on human error and makes sure there are no missed details in the quote. It also serves as a safeguard against any discrepancies between what’s being promised to the customer and what’s actually sent out.

Quote tracking software also helps with generating accurate quotes. As reps are creating a quote, they can see the current price of the product and check for any changes in pricing from prior quotes. This ensures that customers who accept quotes get exactly what they paid for.

Expecially for B2B ecommerce (e.g., a manufacturer with a customer portal for repeat orders) quote tracking is key. Now, 65% of B2B businesses offer some sort of ecommerce experience. Quote tracking automation helps B2B sellers meet the increasing customer demand for self-service and gives every online customer an accurate quote.

View Quote Status and Activity

The ability to view quote status and activity is useful for sales reps and managers alike. A rep can see the status of the quote and determine which of their quotes have been accepted, rejected, or are pending all in one place. Managers gain valuable insights into their teams’ performance by understanding who is sending out the most quotes and how many are being accepted.

Quote follow-ups are also important. A seller risks irritating a buyer or coming off as too “salesy” if they reach out too early after sending a quote. If they wait to long or forget, the deal is dead. Quote tracking tools provide alerts and notifications to ensure the rep follows-up at the optimal time.

Quote Data Analysis

How many buyers accept their quotes?

How much back-and-forth takes place during contract negotiation?

How long does it take to close a deal?

Quote tracking software ties quotes to metrics, such as accepted quotes versus rejected or the number of days it takes to close a deal. Sales teams use this data to refine sales processes and ensure there are no delays in getting quotes to customers.

Improve Win Rates

A faster, more efficient sales process means more customers will be able to take advantage of your offer. Quote tracking keeps reps organized and ensures each customer receives the best possible deal in a timely manner. Ultimately, it helps increase win rates by making sure no potential customer slips away due to slow response times or inaccurate quotes.

How Quote Management Software Ensures Efficient Quote Tracking

A quote management tool (like CPQ software) makes it easy to create, streamline, and track quotes. It automates repetitive tasks like generating a quote form or sending notifications, so reps can focus on building relationships with customers.

Plus, these tools help reps build out accurate product configurations quickly and easily. This not only speeds up the creation of a quote but also eliminates any inaccuracies that could lead to customer dissatisfaction.

Data Sync with CRM

CRM software is central to every company’s sales and customer success. Quote tracking data integrates with CRM software, so sellers always have a real-time view of every deal they’re working (plus timestamped documentation of communications). Keeping everything in one place makes it a whole lot easier to track and report on quote activity, as well as measure team performance.

Workflow Automation

Tracking quotes means having to manually update information every time a status changes. With automation, all reps need to do is enter the details and the software can take care of the rest — from setting reminders for follow-ups to sending automatic notifications when deals close.

By automating key steps in their sales process, sellers save time while maintaining accuracy and consistency. Plus, automated workflows provide sellers with in-depth reporting and insights into their teams’ performance, which helps them make the right adjustments to maximize win rates.

Informed Follow-Ups

Sales reps can use quote and email status tracking to inform their follow-up cadences. Suppose a seller sent a quote to a new prospect three days ago with no response or open. In cases like that, it would be smart to call the prospect and verify the email didn’t end up in spam or the buyer didn’t miss something.

Sales managers can see this same data. When they see discrepancies like the example above, they can follow up with the quote owner to ensure the deal gets back on track. They could also reassign pending quotes that are edging toward to an expiration date.

Reduced Errors

Every step — from the first quote all the way through order fulfillment — benefits from accurate quote tracking. For starters, it saves sellers from having to manually check for accuracy. Automated quote tracking also prevents communication errors and keeps reps organized.

Understanding which quotes are at different stages of the quoting process ensures sellers, managers, and deal desk members don’t leave money on the table. B2B deals worth tens or hundreds of thousands of dollars are commonplace. Businesses that use quote tracking software don’t have to worry about small but costly mistakes, like forgetting a high-value deal that needs priority.

Sales Cycle Visibility

Sending quotes from an email client or a spreadsheet has significant limitations when it comes to deal desk and management oversight. Sellers and leaders can’t track or report on details like Closed Won/Closed Lost, deals pending, and close rate. They also can’t reassign quotes to different team members or share information with reps.

With quote tracking software, everything is tracked in one place. And every quote will have a status:

• Pending Customer Review
• Approved by Deal Desk
• Changes Requested
• Accepted
• Rejected
• Ordered
• Fulfilled
• Won
• Lost

The quote/deal owner maintains the status of the quote, so the entire team can view its progress in real-time. Since quote management software segments deals based on their status, time since they were sent out, and owners, it’s easy to find out which deals need follow-up or additional attention.

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