With the ever-changing supply chain risks how is a business able to provide accurate quotes to clients? Will the quote be competitive in 3 months? How do you mitigate the risk of rising material costs and still make money?
All very good questions that companies are struggling with. To make an accurate quote that will bring in clients there are several steps that must be examined.
The first step is to know your product. You must know what your product is worth and how supply chain issues can affect your quotes and profits. Without proper knowledge of your products, you will be essentially driving blind, which is a scary thought. Research what your product is and how the market will respond to your products worth.
Secondly, you must understand your competition, who they are, the products they offer and what they value their products at. To understand all these factors, you must do a deep dive into your industry. Understand how your competitors source their materials. Understand how they quote their products. Finally understand the competitive advantages that your products as well as competitors’ products offer.
Finally, you must understand where the industry is headed. Without this information you will not provide competitive quotes and will either over price or underprice your services or products. A lot of this step is predictive in nature. To predict this information accurately all the above must be applied. So rather than a blind stab in the dark takes the time to educate yourself on relevant topics and give your customers what they deserve and that is high quality services or products at a competitive price maximizing your potential customers.
