The Secret to Converting Sales Quotes into Cash

Posted by Joe Musitano on Jul 27, 2017 2:00:00 PM

integrated paymentsConverting leads into sales is the bottom line of business. Getting a lead to the quoting stage of the sales lifecycle can be challenging enough. Depending on the length of your sales cycle, the process to generate actual cash flow from a hot prospect turned new client can seemingly move along at a snail's pace.  Here are 3 secrets to close the deals faster, converting leads and turning quotes to cash for your business: 

  1. Quick Initial Turnaround. The Harvard Business Review revealed research that found leads addressed within the first sixty minutes are seven times more likely to develop into sales conversions. This holds true not only for the initial conversion, when the customer downloads a resource or fills out a form on your website, but throughout the whole sales process prior to closing the deal.  Strike while the iron is hot... be sure to reply to any questions, emails, phone calls from leads quickly while you are still on their mind. This not only provides confidence to the prospect, it speeds up the sale significantly. The less time that you take to respond to your client after they have viewed an email or marketing tool, the greater your chance of closing the deal. 

  2. Use Templates Carefully. Ensure your message is consistent across all sales personnel during their quoting process. Incorporate marketing's messaging and company direction into your message. Creating templates to use is a nobrainer for keeping the message on point, but also for speed and efficiency. However, do not sacrifice quality and customization for speed. Be sure any templates you use allow for customization so the prospect feels special, and aspects about their business are included. Try incorporating something specific that you have learned about the customer. Perhaps you and your customer both share an interest in sports or you know that your client is a car collector. Be sure to add a personal touch to your templates so that your client feels appreciated and is treated like an individual. Most importantly, be sure to thoroughly proof all parts of a template - yes, it may slow the process down slightly, but sending a quote to a prospect with another prospect's name left in there from an old template could potentially stop that sale in its tracks. 

  3. Make the Close (and Getting Paid) Easy. Once you have sent a quote to the prospect, you get so close to the cash flow you can smell it.  Waiting for approval on the quote can take time, adding more time when you have to generate a separate invoice, and even more time for the invoice to be paid. This is both an inconvenience for you as well as for the eager customer who is ready to move forward with your product or service. There is an easier way. 

The secret to quickly converting quotes to cash lies in the tools you use. If you are a NetSuite shop, for example, you can generate and deliver quotes directly from within NetSuite to prospects and clients for review and acceptance. In addition, you possess the ability to instantly process a payment from within the quote with Solupay's eQuote-2-Cash feature. Using Solupay for NetSuite SuitePayments, you also gain the benefit of continuing the ease of payment acceptance with your newly signed customer on a regular basis with eInvoice-2-Cash. This allows you to email invoices directly to customers for review and payment and instantly record the payments in NetSuite upon approved payment. 

Find out if Solupay's eQuote-2-Cash and eInvoice-2-Cash can be put to work to get you paid fast.

 Get the Solupay for NetSuite SuitePayments Data Sheet

 

Topics: Integrated Payments, Payment Gateway Solutions, NetSuite SuitePayments

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