Creating quotations is a commercial practice used to reply to clients’ inquiries. There is however far more to a quotation than simply giving price estimates. In fact, it directly relates to the client’s first impression of you and your company.

Today, Ddu, the global leading pharmaceutical & medical devices B2B online platform, would like to give you our insight on how to make a quotation work for you.

1. What's does a good quotation look like?

A good quotation usually includes the following details:

a. Detailed product specifications

Detailed, comprehensive and clear information such as an image, model, size, packaging and payment methods will allow you to create a good impression of the product.

b. Convenient for statistics and summary information

c. Clients will usually compare quotations from different suppliers, choosing the one that best suits their needs and budget.  Making your quotation easily accessible and directly downloadable will improve your chances of being selected. Convenient for building contacts

Keep in mind that even if the client decides to make use of another supplier, if they received your quotation, they have your details and will be able to contact you in future.

2. Common foreign trade quotation

a. Image based quotations

This is a common method for quoting. Image based quotations contain a product image, product name, classification, price, packaging and delivery details. This allows the client to see both the product information and the price at the same time.

b. Comparative quotations

Clients are able to compare prices of the same product from different time periods or even different products over different time periods, giving them various options to meet their diverse requirements.

This also allows clients to gain clarity about the estimated price, services and goods and then price the products according to quality and market positioning.

c. Analytical quotations

This quotation requires an offer as well as some analysis of the product (foreign market standards, certificates, off-season and peak-seasons etc.). It is mainly used to develop new markets and intended to win clients over and is occasionally used by the experienced foreign trade salesman.

d. Split quotations

This gives clients a clear indication of what is included in the price. It is useful for the development of new clients and comes in handy when they are unhappy with or query the price.

3. Creating a quotation form

a. Product details

This includes the product name, attributes, materials, size, weight, packaging, color, certification etc.

b. Price terms

Any other charges such as shipment charges or insurance expenses should be listed in the quotation for the clients’ reference.

c. Payment method

Prices can vary drastically depending on  payment methods and so, this plays a pivotal role in the bargaining process.

d. Product price

This mainly consists of three parts: a specific price figure; a currency type and a monetary unit (such as weight, volume etc.).

e. Validity of the quote

f. Due to the fact that prices fluctuate according to currencychanges, it is important to clearly state the date on which the price was agreed upon (6)Caution during drug transportation

Air shipment services are usually used for drug transportation due to the high requirements on the validity period, temperature and humidity. In the event that profits are low or the transportation expenses are too high, shipping may also be considered. Charges like cold chain transport, real-time temperature monitoring or extra treatment for the safety of the drugs, should be mentioned for the client’s reference. 

4. Notes onpreparing quotations

a. Key point in the quotation body

Keep it clear and simple for the client’s convenience.

b. Company and product name as the quotation name

This can help save time and effort by immediate showing the client from which company and for which product the quote is.

c. Specify the recipient

Recipient, date and validity of the quote should be mentioned at the beginning of the quotation.

d. Company detailsin the quotation header

The necessary company details (company logo, name, telephone, fax, email) are important for every quotation since it enhances the image and shows professionalism.

e. Highlight the advantages of yourcompany

When possible, a short company introduction with highlights of you the company’s advantages looks good at the beginning of a quotation. This introduction can include the company’s establishing date and certification.

f. Different quotation formats

Ddu usually provides a quotation in both MS Word and PDF. This is due to operating systems constantly changing and the incompatibility of various files on different systems. 

g. Preview before sending

Double and triple check everything before sending it to the client. Tiny errors have a tendency of slipping by and though small, they can have a big impact on the final outcome.