Best Quoting Software
Buyer's Guide
Whipping up accurate quotes manually at a moment’s notice isn’t for the faint of heart. Modern problems require modern solutions. That’s where quoting software, a subset of CPQ software, comes into the picture.
In this buyer’s guide, we’ll give you a backdrop into what a quoting system is, how it can help and what features to look for. We’ll also provide pricing details, top products, software considerations, trends and questions to ask vendors.
Executive Summary
- Quoting software reduces sales cycles by helping sales reps generate customizable quotes and proposals with automation, templates and collaborative workflows.
- Look for capabilities like customizable templates, status tracking, a quote line editor and a centralized database to streamline the quoting process.
- Ask vendors about industry-specific templates, integrations and pricing plans before purchasing.
- What is Quoting Software?
- Primary Benefits
- Implementation Goals
- Basic Features & Functionality
- Advanced Features To Consider
- Current & Upcoming Trends
- Software Comparison Strategy
- Cost & Pricing Considerations
- The Most Popular Quoting Software
- Questions To Ask Yourself
- Questions To Ask Vendors
- Next Steps
What Is Quoting Software?
Quoting software is a sales-centric solution that streamlines and automates the quotation process. It helps sales reps generate comprehensive, professional quotes and proposals quickly, efficiently and accurately for higher productivity and win rates. Customizable templates, updated prices, past quotes and approval workflows optimize the quote creation process.
Sales reps can meet specific client asks with personalized quotes by extracting pertinent data from your CRM system and applying condition-based pricing rules and taxes. Download and share business documents in several formats through multiple channels. It also facilitates integrations with third-party solutions to make the quotation process easier and more efficient.
Primary Benefits
Did you know sales reps spend only 28% of their week actually selling? Bump those numbers up with a bit of help from quoting software. We’ve rounded up the primary benefits a quoting solution brings to your business.
Boost Win Rates
Imagine you had access to a top-secret spell that could help you construct the perfect quote. A quoting solution is as close as you can get. Quote tracking, analysis and reports will tell you what’s working, (just as importantly) what’s not working and when to send quotes. Quick responses to RFPs and RFQs also increase your chances of winning bids.
Optimize Sales Cycles
Searching through spreadsheets, waiting on approvals and manually entering data is a recipe for time wasting. Use collaboration tools, centralized data, pre-saved templates, automation and easy data import to help speed up the sales process.
Improve Accuracy
Mistakes happen. But tallying up the wrong pricing, promotions and discount plans for complex configurations can be a punch in the gut. Inaccurate quotes can cause long hold-ups and back-and-forths, resulting in business loss. Create error-free quotes using centralized data, updated prices and discount limits. Alert management when discounts and prices require additional approval.
Build Brand Recognition
No graphic designer? No problem! Create business documents incorporating brand logos, colors and icons using customizable templates. Increase brand recall with professional, standardized documents that fit your brand guidelines.
Implementation Goals
| Goal 1 Quicker Quote and Proposal Creation | Generate quotes and proposals using customizable templates, past quotes and automation. Edit line items to adjust pricing and discounts and collaborate with team members using pre-set workflows to merge changes for the final quote. |
|---|---|
| Goal 2 Standardized Documents | Get all your sales reps on the same page by creating standardized documents from templates and old quotes. Set up pricing and discount rules to standardize pricing. |
| Goal 3 Streamlined Communication | Collaborate with team members in work-in-progress quotes using comments and tags. Communicate via instant messaging and attach documents in chat. |
| Goal 4 Better Approval Processes | Set up workflows to streamline price and discount approval. Assign tasks to team members and add new project users. Create role-based permissions to override pre-set price and discount limits. |
Basic Features & Functionality
| Quote and Proposal Creation | You can’t have a quoting solution without quote and proposal creation. Access professional-level and industry-specific templates to create standardized, comprehensive quotes and proposals. Drag and drop applicable sections from other quotes. Optimize tasks by ensuring correct formatting and data input, customize quotes and proposals by adding brand-specific details and export documents in PDF and Excel formats. |
|---|---|
| Auto-fill & Automated Renewals | Skip the double entry and tedious refilling of customer details. Use auto-fill to populate quotes with information from the system. Generate quote renewals identified by opportunities. |
| Quote Attachments | Sometimes, you need to give a little more information. Attach PDFs, Word Documents, URLs and images to your quotes to give your clients additional clarity. |
| Status Tracking | This module helps you track customer activities so you can strike while the iron is hot. Receive notifications when a client views a quote, underlines content, asks questions, signs digitally or initiates a payment. Gauge and review metrics like conversion rates, largest quote orders, sales per product, outstanding quotes and more. |
| Robust Integrations | Sales processes require a plethora of documents like sales templates, customer info, ROI sheets, SOW and more. Optimize workflows and provide quick document access through integrations with most CRMs, PSAs, accounting platforms and project management tools. Leverage native and third-party integrations to assign tickets, share data, track time, access quote history and communicate with clients. |
| Customizable Templates | Don’t start each quote from scratch. Use customizable templates from a library to create documents quicker. Save popular templates for easy access in the future. |
| Quote Conversion and Line Editor | Minimize the possibility of human error and save time on double entry by converting quotes into invoices and orders. Edit quote lines and adjust discounts using predefined parameters. |
Advanced Features & Functionality
| Payment Processing | Quoting solutions help streamline quote-to-cash processes. Use in-built payment processors to connect to payment gateways like Stripe and PayPal, enabling clients to make payments as soon as they accept the quote. |
|---|---|
| eSignatures | Speed up sales cycles by enabling clients to sign sales documents digitally. Receive electronic certificates after every signature and add on terms and conditions to ensure eSignatures are legally binding and follow major compliance rules. |
| Quote Expiration | Tired of waiting endlessly on client responses? Set deadlines and expiration dates for quotes and actions taken before sending quotes to clients. |
| Customer Database | Set up a customer database with contact details, past purchases, sent quotes and sales interactions to streamline quote creation and identify opportunities. |
Current & Upcoming Trends
All things change, including quoting software. It’s important to stay on top of trends to ensure you’re not left with a CD player while everyone else uses Spotify. Here are some quoting software trends to remember when looking for a new solution.
Chatbots
Meet consumers’ need for instant gratification with conversational chatbots. Chatbots will fill in using machine-learning insights or pre-populated answers instead of customers waiting on sales reps for clarifications and support. It also helps clients build quotes and RFPs to speed up sales cycles.
AI & Predictive Analytics
AI has its finger in every pie these days. According to Forbes, 40% of companies use AI for data aggregation, and 38% for idea generation and minimizing safety risks. AI-powered algorithms can help predict prices, costs and sales so you can quote competitively and accurately.
Automation
Automation is the name, and reducing manual dependency is the game. By automating administrative and repetitive tasks, like quote follow-ups, you can focus on what matters — selling. Access relevant information like pricing and inventory details without switching to another system and autofill and format data correctly to deliver documents quickly.
Software Comparison Strategy
Unlike handbags or briefcases, quoting software isn’t a universal fit for all. The success of your software buy depends on how well your needs align with what the vendor offers. Before zeroing in on a solution, here are a few things to consider:
Domain Expertise: Start by making a list of vendors. You can do so by consulting your peers or visiting review sites. Note competitors who already use quoting software, particularly those similar in size to yours. Ask peers about the pros and cons of implementing a quoting system.
Deployment: Think about the IT infrastructure you have in place. Can you host the solution on-site, or will you need to use the vendor cloud or a third party? Cloud deployment is usually cheaper, but you may have less control over updates, customizations and tech support. On-premise deployment is useful for larger companies with multiple locations and a well-oiled tech team.
Data Security: You don’t want trade secrets floating about in the internet-verse. Check if vendor security meets industry standards. Ensure the right procedures and protocols protect both your data and your customers’ data.
Cost & Pricing Considerations
The size of your organization is an important factor in pricing plans. Many quoting solutions offer a per-user, per-month subscription model or a one-time license fee for unlimited users and customization. Additionally, deployment modes, special features and business-specific needs can increase prices.
It may be more cost-effective for SMBs to opt for scalable subscription packages. Enterprises can consider tailor-made solutions for large-scale operations. Consider additional service costs like implementation or migration services and training and support packages.
The Most Popular Quoting Software
Googling new software can leave you with more questions than answers, so we’re here to give you a benchmark for comparison. Below, we’ll look at the most sought-after quoting software in the market!
Note: These are the most popular CPQ solutions with quoting capabilities, not explicitly the most popular quoting software.
Jobber
Jobber is a cloud-based solution that helps streamline the sales quoting process using automation, customization and templates. Businesses can deliver personalized, brand-specific and accurate quotes remotely. It streamlines quotation processes through one-clock conversion, batch invoicing and on-site assessment features. Other capabilities include dispatching, billing, CRM integrations, expense tracking and invoice creation.
Add optional line items to quotes. Source
PandaDoc
PandaDoc is an automated solution designed to create efficient and accurate professional documentation. It helps businesses meet proposal deadlines using personalized documents or pre-existing templates via a free library. It provides workflow creation, legally binding eSignatures, robust integrations and document tracking features.
Advanced Quote Tracking on PandaDoc. Source
FPX
FPX is a cloud-based software custom-built to meet the quotation needs of manufacturing companies. Configuring complex quotations helps businesses optimize the sales cycle and increase operational efficiency. Other functionalities include a purpose-built selling engine, project management and multiple integrations.
Collaborative Selling on FPX. Source
PROS
Pros is an integrated solution used to optimize sales cycles using automation and data-driven insights. Sales teams can create and manage quotes for any selling scenario using guided quoting workflows, templates and machine learning algorithms. Other tools include AI-powered recommendations, integrated quote performance and customer and market insights.
PROS Quote Management. Source
Conga
Conga is a cloud-based suite solution that helps speed up sales cycles with accurate and efficient quoting and pricing. Users can create on-brand quotes using templates, team collaboration workflows and pricing guidance. It also offers e-commerce capabilities, automated billing and contract management.
Conga e-Signature.
Questions To Ask Yourself
Starting an internal dialogue is a crucial step in your software selection journey. Ask the following questions to understand your requirements and the features you’ll need to improve operations:
- What’s our budget?
- How much time does our sales team spend on manual processes?
- What are the key pain points we’re facing in our operations?
- What features do we need the most to address those pain points?
- Have our competitors implemented any quoting solutions? How has it helped them?
- Will this software meet our future needs?
- Does this software integrate with current systems?
- Will our employees need additional training?
Questions To Ask Vendors
A clear understanding of what you need helps separate the wheat from the chaff when looking for vendors. Use these questions to start the right conversations with vendors:
About the Software
- How many line items are in a standard quote template?
- What kind of API do you use?
- Does the software provide industry-specific templates for proposals?
- What integrations does the software offer?
- To what extent can the software automate repetitive tasks?
About the Vendor
- Do you offer migration or implementation support?
- What features do you include in the basic plan, and what payment plans do you offer?
- What training and customer support do you offer?
- What does a successful deployment look like?
- How does your technical support team handle help requests?
- How long does onboarding typically take for your product?
- Do you have experience working with businesses in my industry?
Next Steps
Implementing new software may be the nitro boost you need to speed past the competition. With the right quoting software, your sales team can churn out more quotes and proposals by the day, save time and bring in new clients.
But you need the right solution. Instead of relying solely on vendor write-ups and trial and error, use our free comparison report to tally industry leaders against your requirements. Happy shopping!
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