Ultimate Guide To Succeeding In The RFQ Process

Ultimate Guide To Succeeding In The RFQ Process

RFQ Process

Are you running an online wholesale business and struggling to generate enough sales this year? Well, maybe you are missing out on something. Operating an online wholesale business is a challenge as this model used to be run using traditional methods. However, as technology is transforming how businesses are run, going online is the right decision. Yet, it will take a few more years for people to start getting the hang of it. You need a flawless RFQ process to make your B2B organization more effective.

RFQ Process

No matter how many people visit your website, if they aren’t talking to you, that signals that you’re doing something wrong. On the other hand, if you manage to move a potential prospect down your sales funnel to the point where they reach out to you regarding price, you’re on the right path. This indicates that the information on your product page is enough to make the buyer purchase from you. However, without a “submit an RFQ button,” this process will be incomplete.

In this blog, we’ll help you succeed in the RFQ process to witness growth in your business.

What is a Request for Quote (RFQ)?

An organization will often utilize a request for quotes (RFQ) when looking to purchase a specific item or service. Usually, a business draught and submits an RFQ, after which vendors submit price quotations. The company then selects the vendor with the lowest bid and enters into a contract with them. An invitation for bid (IFB) or invitation to bid (ITB) is comparable to an RFQ. Any of these forms might be used by a business to get quotations from possible suppliers during the procurement process.

A wholesaler can benefit from receiving RFQs as it will mean that buyers are showing interest in their products. Also, once you get into a conversation with the supplier, send the RFQ, and with the right negotiation, you may even get your next order. However, all of this is possible after you add a request for quote functionality to your website.

If you are operating a customer PHP website, then you’ll require the services of a professional developer to add the functionality to your website. However, if you have a WordPress website, which is something we recommend, then all you need is the right plugin, and you are good to go.

How to Add a Request for Quote Button on your WP Site?

The easiest way to start getting ahead in the RFQ process is by installing Quote for WooCommerce. This amazing WP plugin allows you to add a request for a quote button on the product, checkout, and even category pages. Take a look at this video for a better idea of how this fantastic plugin works.

Here are a few more features that will convince you to get this plugin for your online wholesale store.

  • Set rule priority for multiple rules
  • Customization options for quote-button color and text color
  • Send an email with quotations to multiple users
  • Option to hide/show add to quote button
  • Limit the add-to-quote option for selected products
  • Convert quote into order
  • Request quotes for single or multiple products simultaneously

And much more.

RFQ Button Being Used by Leading Marketplaces and Organizations

If you still think adding such functionality to your website will just waste your time, then that’s not true. We agree that replying to all requests can be time-consuming. However, in order to make the most of the RFQ process, you need to spend time managing all the queries. Also, you need to sit back and negotiate with your buyers to get the best deal that is favourable for both parties.

Currently, you’ll find many leading B2B marketplaces, like Alibaba, TradeKey, ThomasNet, Made-in-China, etc., that use the RFQ button on their websites. You can also go through the websites of registered suppliers on these marketplaces; they also use this button on their websites. This clearly indicates that such functionality is vital for a successful RFQ process.

Customer retention is a crucial aspect that’ll help you survive and grow your business over the years. Therefore, a good deal is ideal for a client to come back. If you quote a price too high, they may think twice before coming back to you in the future.

If you aren’t good at dealing with leads, you should hire a sales agent who has the skills to convince a lead to convert. Also, these agents can work as account managers who’ll stay in touch with the buyers assigned to them. Such relationship building is crucial for businesses looking to grow.

Final Words

The selling process is called a process for a reason. Your actions, tone, and response as a supplier give off the right signals that indicate to your buyers that you are interested in selling to them. Getting an RFQ and sending a price quote can be something you can practice to generate more sales and develop a strong relationship with your prospects. Always be clear in your RFQ process, and never be afraid to give them your best offer.

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