Product Quote Template
The business world is becoming increasingly competitive, just when we thought that was hardly possible. Everyone is stretched to their limit after two and a half years of Covid 19 restrictions. Old ways of doing business that relied on a handshake are a thing of the distant past. When you are trying to sell your products and services, especially if they are custom-made for an individual client, you need to be precise, professional, and price sensitive. With inflation raging, you must pay particular attention to possible future price rises along your supply chain. To win new business, it can be very helpful to offer your clients a professionally produced product quote. This helps them clearly understand what you are selling, when you can deliver it, how much it will cost, and any warranties or guarantees that you can offer.
What is a Product Quote?
A product quote is a summary of the specification, costs, and delivery schedule for your product. It is laid out in an easy-to-read format and contains the name of the client that the quote has been prepared for and ideally, branding for your company.
The objective of a product quote is to ensure good communication of what you are offering so that the client can understand what he is paying for.
“T-shirt with logo, $10 each” is not a very clear description.
“Pima cotton slim-fit t-shirt in marl gray with the slogan, “Carnival 2023 – Bring Your Moves!” in Pantone 876 Red – sizes, Small, Medium, Large, and Extra Large – $10 per unit, 10 – 100, $9 per unit 101 – 200 (can be mixed sizes)”
may be long, but it is clear and gives the client information that helps him decide whether or not to buy. (It also contains a quantity/price incentive offer.)
What is a Product Quote Template?
Product quote templates are blank forms that can be downloaded free of charge online. They enable you to prepare a professional-looking quote and they prompt you to include cost elements that you may have forgotten. Product quote templates are available for a variety of industries and product types, so you can search around to find the one that best suits your needs.
Templates can usually be filled in online and then printed out if you feel that you want a hard copy. Alternatively, the whole process can be online.
How to Complete a Winning Quote Template
- Head up with your company details. The physical address, PO Box Number, website, phone, and e-mail
- Add the name and contact details of the person in your company who is responsible for managing the quote
- Add the client details, including the name and contact details of the decision-maker at their company
- Put the date of the quote and importantly, how long the quote is valid. In these times of rapid inflation, it’s very important to set a short date or you may find yourself losing money on the job. Make sure that you have a time and price commitment from your suppliers for major items. (For example, cabinets for a new kitchen.)
- Itemize each item with a good description. You may want to attach brochures or further technical specifications, but the product should be clearly described in the quote.
- Make sure the unit cost is clear.
- If there are any price breaks for larger quantities, make sure this is included in your quote
- Give the total cost as well as the unit cost for each item.
- Give the total cost for the product with taxes, if any, broken out separately and clearly indicated, as these may be reclaimable
- Give a clear grand total at the end of the product details
- You can add the time frame for delivery of the product, and you should also indicate if the price is a delivered price, free on board, or ex-factory.
- If relevant, indicate the currency that the quote is made in
- It’s very important to make it quite clear for how long the quote is valid
- If you offer more than one quality or type of product, it’s best to create a quote template for each variant, rather than trying to cram them all into one quote template, which can become confusing
Quote Terms and Conditions
It’s important to avoid confusion when you are making a quote, and you don’t want to be accused of putting everything in the small print. So a good Terms and Conditions section is important. This makes any special conditions clear to the customer. For example, you might want a percentage deposit upon ordering. You might be offering credit terms or a discount for early payment. You should make clear the payment methods that you can accept, and any discounts you can offer – for example, for cash payment.
Here is the place to highlight the extent of your offering. For example, you may supply kitchen sinks, but you don’t offer plumbing services. Make it clear what you offer so that there is no confusion.
If you offer guarantees or warranties, this is the place to list them. These can be an important aspect of your offering, so make sure that they are clear.
Using a Quote Template as a Marketing Tool
A clear and easy-to-understand quote will help you sell your product. A good quote template should have a notes section at the end where you can add any special information that will help your case. For example, you could mention other related products and services, information about your company, and further information about the product.
Gone are the days when a rough idea of price scribbled on a napkin and accepted with the shake of a hand was the way to do business. Even for the smallest sale, a professional quote is both a protection against misunderstanding and disappointment. It’s a good way to make your company appear professional and on the ball.
With readily available and free quote templates at your fingertips, you can find the right format for your company and its products and services. Looking professional from the very beginning is a great way to establish client trust and long-term relationships.