Businesses that have complicated pricing models or offer customized products and services greatly benefit from using Request for Quotation (RFQ). It is a document asking the store owners to tell you how much they would charge for something you want to buy, so you can decide where to get the best deal. Whether you're an established online retailer, a budding startup, or an ambitious entrepreneur, mastering the art of creating a successful RFQ is crucial to your success.

How to create a successful Request for Quote? Let's find out the 2 easy steps to success through this blog.

Businesses that have complicated pricing models or offer customized products and services greatly benefit from using Request for Quotation (RFQ). It is a document asking the store owners to tell you how much they would charge for something you want to buy, so you can decide where to get the best deal. Whether you're an established online retailer, a budding startup, or an ambitious entrepreneur, mastering the art of creating a successful RFQ is crucial to your success.

In this blog, we will explore the two key factors that can make all the difference in your RFQ journey: trust and professionalism. 

Key factor #1: Trust

E-commerce is a high-risk landscape. To make a buying decision, customers need to carefully consider many factors. Consequently, as an e-commerce seller, establishing trust becomes crucial. For businesses that deal with custom products or services that have no fixed pricing, this is even more important. Because customers might feel confused and not safe if the price is unclear. With businesses that have the above traits, the Request for Quote (RFQ) process is a critical stage in the customer journey where trust can be fostered. 

Why is trust important?

Imagine you as a customer, browsing the website to find a gift for your lovely mom for her birthday. You already have what you want to buy in mind, but now the problem arises, the website selling it looks unsafe. The product has no review, and the price is hidden. Will you buy it confidently without any fear of getting scammed? I doubt that.

You should not ignore the importance of trust in your eCommerce business. Why? Because:

1. Trust increases the conversion rate: Trustworthy e-commerce businesses are more likely to convert RFQs into actual sales. The more sales you make, the more revenue you get.
2. Trust reduces risk: Businesses that use RFQs often deal with complex, high-value transactions. Trust reduces the perception of risk for both parties, making customers more comfortable with making larger purchases.
3. Trust creates repeated buyers: Satisfied customers are more likely to return for repeat purchases. 
4. Trust improves negotiation: Trust can facilitate smoother negotiations during the RFQ process. When both parties trust each other, they are more willing to collaborate, leading to mutually beneficial agreements.
5. Trust creates better relationships with Suppliers: Trust is not limited to customers; it also extends to your suppliers. Suppliers are more likely to offer favorable terms and pricing when you have a reputation for reliability. This can lead to cost savings and improved product availability.
6. Trust makes business growth: Ultimately, trust can lead to business growth. Satisfied customers, positive reviews, and strong relationships can attract more customers and opportunities, leading to expansion and increased revenue.

Key factor #2: Professionalism

Imagine you need a laptop on a tight budget. You find a website selling it but hiding prices, so quote requests are necessary. The process was unprofessional, and filled with errors and delays. Buying a whole new laptop is a big decision that needs to be carefully considered. Will you easily choose to spend such a big amount of money on a firm that lacks professionalism? That’s why professionalism is important in building trust!

How to Build Trust and Professionalism with RFQs

1. Understanding the process of Request for Quote:

John, a potential customer, found your website. He wants to have a customized pen to give his beloved mom. Then, John filled out a quote form. He shared his dream pen's details, budget, and timeframe. Your team carefully reviewed his request and created a customized quote with different pricing options. Excitedly, you sent the quote to John via email. You continued to communicate through email, answering his questions and finding common ground. Together, you embarked on a journey to create his perfect pen.

Through John’s story, we can tell the typical RFQ process involves several key steps:

• Get quote details: Customer fills out a quote form on your website. This provides their requirements, budget, timeframe, and contact details.
• Prepare & send quote: The RFQ is reviewed, and a customized product/service quote with pricing options is emailed to the customer for their review and potential acceptance.
• Follow-up: Communications continue between the customer and sales rep via email to finalize any questions and reach an agreement.

2. Where's the space for professionalism and trust-building?

At every step, there is a great chance to demonstrate the professionalism of your business and gain trust. Our aim is to provide thorough guidance through this blog, so let's explore together how to make the most of each small step. 

Step 1: Get Quote details

The first meeting is crucial for making a good impression. If John can't figure out how to tell you what he needs, he might quickly lose interest. Typically, you can place contact information where it's easy to find, so customers can reach out to you. However, customers will appreciate it if you make the process more straightforward. Using advanced methods not only makes it more convenient for customers to send you a quote but also makes it easier for you to handle all the requests. And after all, a more professional image will be created in your customer’s mind.

So what are the advanced ways that we are talking about?

• Request a Quote Button: Add a "Request a Quote" button on product pages for quick access to a quote request form.
• Dynamic Pricing Tool: Use a tool that shows real-time price changes as customers choose options, allowing them to request a quote based on their preferences.
• Built-in form: Include short customizable quote request forms directly on product/category pages for one-click convenience.
• Chatbots and AI Assistants: Implement chatbots or AI assistants for guidance and collecting information when customers request a quote.

Step 2: Prepare & Send Quote

Now that you know what John needs, your duty is to review the Request or quote (RFQ) and prepare the customized pen that John asked for. Then, offer him the  During this process, by going above and beyond the basics, this is a great opportunity to showcase your business's professionalism. 

• Timeliness: Once you receive the RFQ, quickly let the customer know you got it and that you're checking it. If you have any questions about it, ask right away. Sending an instant confirmation message after form submission is crucial. To automate this task, use a tool that automatically sends confirmation emails to customers. This eliminates the need for manual email sending and the constant monitoring of your inbox for new requests.
• Attention to Detail: Even a tiny mistake, like getting the quantity or customer name wrong or making a typo, can make your business seem unprofessional.
• Customization: Make sure to offer your customer a high level of service by providing personalized options or solutions to their demand.
• Presentation: Presenting the quote in a visually appealing and well-organized format showcases professionalism. Using a consistent and branded template, including the company logo. If you use an application for this quoting process, there are many templates for you to choose from.

Step 3: Follow-up communication

Throughout the RFQ process, John has already shown a strong commitment to you. Now, it comes to the stage where you and John talk together to reach a consensus. However, it's important not to lose your focus at this point. During this process, you are closer to the end point of having the final deal and getting the revenue. By maintaining a professional approach, you can secure an enticing offer and potentially gain a loyal customer. Now, in this final stage, what should a professional business do?

• Flexibility & Problem-solving: Be open to your customer’s specific requests or modifications to the quote. With any challenges, approach with a problem-solving mindset.
• Written communications: Ensure proper grammar, spelling, and punctuation. Avoid slang and informal language. Maintain a well-structured, easy-to-read email. Address the customer respectfully and professionally.
• Be transparent: Once you have reached an agreement, be sure to put it in writing. This will help to avoid any misunderstandings down the road.

The bottom line

A successful Request for Quote brings you the dream revenue and more potential loyal customers. To achieve that, trust and professionalism are absolutely the keys to opening the door to success. For businesses dealing with custom products and hidden pricing, earning your customers’ belief and showcasing your professionalism is even more important. 

Maintaining a professional and trustworthy image is not easy. It requires experience, time, and effort. To make it simpler, you can use advanced tools like a user-friendly "Request a Quote" button and a quote management system. These tools simplify the process, help you pay attention to detail, and maintain transparent communication with your customers. One tool that can make your work easier while still being professional is Quote Snap - Request a Quote, Hide Price. If you're interested, you can request a demo or sign up now to see the amazing benefits for yourself. We guarantee you'll be pleased with the results!

In the fast-paced world of eCommerce, the checkout process stands as a pivotal factor as the sales volume you’ll process in your store depends on the effectiveness of your checkout. It's where potential buyers either seal the deal or abandon their carts. Thus, checkout optimization has long been the holy grail of eCommerce businesses. 

Shopify, with a range of powerful tools for checkout optimization, has long been a go-to platform for online store owners. One such tool, the one-page checkout, was once an exclusive privilege reserved for Shopify Plus users. However, here's the exciting news: this feature is now accessible to online store owners across all Shopify plans!

In this comprehensive guide, we'll delve into the topic of one-page checkout, exploring the strategies to create and optimize them for your Shopify store. We'll unveil the secrets to boost conversions, reduce cart abandonment, and enhance the overall shopping experience for your customers. Let's embark on this journey to a more efficient, profitable online checkout process together.

Here we go again, diving into the eternal battle between Email Marketing and SMS Marketing! The age-old question of which one is better, which one to choose, seems to haunt us endlessly. But why confine ourselves to such a dilemma when we have the power to implement both methods? 

Now, you might be thinking, "Wait a minute, it's not that easy to handle both Email Marketing and SMS Marketing!" Well, fear not, because you've come to the right place. This blog will show you that it's not as daunting as it seems to conquer both worlds. And, of course, we'll explore the myriad ways in which running both Email Marketing and SMS Marketing can greatly benefit your business.

Double the Impact of SMS and Email: It is easier than you think! 

Let's face it, in today's fast-paced digital landscape, customers are bombarded with countless messages from various channels. Their attention span is shrinking, and capturing their interest has become increasingly challenging. That's precisely why we need to adopt a multi-channel approach to reach them effectively. By combining the power of Email Marketing and SMS Marketing, you can create a powerful synergy that engages your audience on multiple fronts. 

Email Marketing has long been hailed as a cost-effective tool for reaching a wide audience. With various email marketing platforms available, you can choose one that suits your budget and provides the necessary features for your campaigns. Plus, the scalability of email allows you to effortlessly scale your efforts as your business grows. It's a tried and tested method that continues to deliver strong results.

On the other hand, SMS Marketing offers unparalleled immediacy and directness. With text messages, you can instantly reach your customers' mobile devices, ensuring your message is seen promptly. While some may argue that SMS Marketing is intrusive, when used strategically and with permission, it can be a powerful tool to engage customers who are always on the go. And with advancements in technology, sending SMS campaigns has become more accessible and affordable than ever before.

What is your concern? Solve it here!

First and foremost, let's address the common concerns surrounding implementing both methods. Budget constraints and time limitations are genuine obstacles, but they shouldn't deter you from exploring the possibilities. The good news is that both Email Marketing and SMS Marketing offer flexible solutions that can be tailored to your resources and goals.

Problem 1: Balancing Budget and Benefits

We work for profits, of course! So everything we do should be optimal for your money bag. That’s why implementing two marketing strategies simultaneously can raise a concern about costs. However, both Email Marketing and SMS Marketing are proved as a cost-effective marketing solution. According to Direct Marketing Solution, with every $1 you spent, you can bring back $40 with Email Marketing. That is 40x! For SMS Marketing, you might once hear that over 90% of text messages are read within minutes of receipt. Holding the power of a high open rate, SMS Marketing’s ROI can also be as high as 13X+. 

Problem 2: Resource Allocation

It demands the business owner to wisely allocate resources to run two marketing campaigns concurrently. While looking for outsourcing or freelancers might be an effective solution, we are aiming for the most cost effective road. So, one option is to leverage automation tools and platforms that streamline campaign management, reducing the need for extensive manpower. 

Bridging the Gap: Merging Email and SMS Marketing Pros and Cons

SMS Marketing’s Cons = Email Marketing’s Pros

1. Overcoming limited content.

Now, let's delve into how Email Marketing can address some of SMS Marketing's cons, and vice versa. One of the downsides of SMS Marketing is the limited character count, which can make it challenging to convey detailed information. However, by incorporating email into your strategy, you can provide in-depth content, such as newsletters, product updates, or blog articles.

2. Enhancing visual engagement

SMS messages lack visual elements, but Email Marketing allows you to include images, graphics, and even videos. Humans are visual creatures! Simply saying: "This ice cream is delicious, come eat it!" may cause the customer to ignore it without a second thought. However, by presenting the enticing strawberry ice cream image, you can effortlessly capture their desire.

3. Mitigating privacy concerns

Some users might hesitate to provide their mobile numbers for SMS due to privacy concerns. Email Marketing offers an alternative way to reach these users, as they might be more comfortable sharing their email addresses. Emphasize the value of your content to encourage users to subscribe to your emails.

Email Marketing’s Cons = SMS Marketing’s Pros

1. Standing out in crowded inboxes

On the flip side, email can sometimes get lost in the sea of messages flooding your customers' inboxes. With the average person receiving a multitude of emails daily, it's crucial to stand out. This is where SMS Marketing comes to the rescue. By sending concise and attention-grabbing text messages, you can cut through the clutter and deliver time-sensitive offers, reminders, or exclusive promotions that demand immediate action.

2. Urgent Calls to action: 

Sometimes, Email Marketing's lengthier content might not be suitable for conveying urgent calls to action. SMS, with its concise nature, excels at prompting immediate action, making it the ideal channel for flash sales, limited-time offers, and event reminders.

3. Engagement and Interactivity:

SMS allows for real-time, two-way communication with customers, fostering immediate engagement and interaction. On the other hand, Email Marketing, while visually appealing and informative, generally offers less interactivity. Emails can be less engaging, with lower click-through rates.

The bottom line

Using both Email Marketing and SMS Marketing allows you to leverage their unique strengths to enhance customer engagement and retention. For instance, you can use email to nurture leads over a more extended period, gradually building trust and providing valuable content. Meanwhile, SMS can be employed for personalized and timely interactions, such as abandoned cart reminders, order confirmations, or event notifications. The combination of these two methods enables you to create a comprehensive customer journey that keeps your brand at the forefront of their minds.

In conclusion, the battle between Email Marketing and SMS Marketing doesn't have to be a battle at all. Instead of limiting yourself to one or the other, embrace the power of both channels. By harnessing their individual advantages and addressing their limitations, you can create a dynamic marketing strategy that amplifies your reach and drives meaningful results. So, let's break free from the never-ending story of choosing sides and embark on a journey where the only limit is our imagination.

Have you ever wondered how a modest 10% discount can affect your profit? As a store owner, you know the importance of using discounts for Black Friday. But here's the thing... Do you actually know how to pull it off successfully? 

In this blog, we will describe circumstantially the psychology behind discounts and how to apply these discounts most effectively based on the fact. Interested? Let's get started!

Have you ever wondered how a modest 10% discount can affect your profit? Imagine you sell a product and make a 30% profit. If you offer a 10% discount, you'd need to sell 50% more to maintain the same level of profit.

As a store owner, you know the importance of using discounts for Black Friday. But here's the thing... Do you actually know how to pull it off successfully? Or are you just thinking, "Well, let's see... I'll slash the prices by around 40%, and I should still make some profit. It'll be a killer deal for Black Friday!"

If that shows exactly what you did, you are in the right place! This is not a general blog that tells you how many types of discounts there are. Go ask ChatGPT, or simply search on Google, they know better than us!

In this blog, we will describe circumstantially the psychology behind discounts and how to apply these discounts most effectively based on the fact. Interested? Let's get started!

What is a discount?

Before you think: “Such a silly question! Discount means cutting down the price, the lower the better!” Let's think deeper. Why do we find it necessary to lower prices? Does it genuinely make our product a more appealing offer, or are we simply sacrificing our profit margin?

My dear, you're operating a business, not a charitable fund! So please bear that in mind, and continue with the fun part!

What discount types are suitable for you? And why?

Psychology #1: The Rule of 100

What is this psychology about? Let's make it simple in a picture!

What types of discounts can be applied?

Percentage discount and Dollar value discount would be the most ideal type of discount applying the Rule of 100.

Consider this example: without doing the math, which scenario would be the most appealing discount to you?

In the first option, we got 20% off for a $30 purchase. Tempting, right? In fact, in this situation, you only got $6 off. Option 2 gives us a better deal with $7 off. Let’s take a deeper look:

20% of $30 = $30 * 0.20 = $6

However, customers feel more attracted to the first deal than the second option.

The same pattern holds true in this scenario too. Surprisingly enough, a 15% discount in deal number 1 actually brings more value to customers than $20 off. Let’s do a quick calculation:

 15% of $150 = $150 * 0.15 = $22.50

$22.50 is obviously a better deal than $20 off. But hey, let's be honest, that $20 off sure knows how to grab our attention and make us think it's the superior deal. Sneaky, sneaky!

Psychology #2: Scarcity and Urgency

When scarcity and urgency join forces, they form a dynamic duo that triggers FOMO in customers. Suddenly, they're hit with a fear of missing out and feel an irresistible urge to act fast or risk losing out on something exciting. It constantly nudges you to stay connected and keep up with what everyone else is doing.

What types of discounts can be applied?

• Flash Sales: Quick, time-limited discounts.
• Low Stock/Limited Inventory: Discounts due to scarcity.
• Doorbuster Deals: Heavily discounted offers available for a limited time
• Early Bird Discount: Reduced prices for early purchasers.

Psychology #3: Protect Perceived Value

How do you position your product? Is it positioned as a luxury item or a product found in a drugstore? It's important to note that not all products benefit from discounts, particularly high-end ones, as it can diminish their perceived value and brand image. You may feel fearful: "Does this mean I can never, ever participate in Black Friday? Are we unable to reduce prices since we are a high-end brand?". In fact, many brands out there even raise their prices to the highest during Black Friday. But hey, if you're dead set on showering your beloved customers with discounts, fear not! There are plenty of clever ways to make it happen and keep those wallets happy!

What types of discounts can be applied? 

• Limited and Exclusive Discounts: Offer time-limited or exclusive discounts to selected customers, maintaining exclusivity and creating a sense of privilege.
• Value-Added Offers: Provide complimentary accessories, extended warranties, personalized services, or exclusive events as incentives instead of direct price discounts, enhancing perceived value.
• Upgrade Offers: Give customers the chance to upgrade to a higher-end model or version for a slightly higher price, tapping into the desire for premium options without heavy discounts.

Psychology #4: Reciprocity

On a delightful Saturday afternoon, while strolling down the street, you encounter a kind-hearted woman who eagerly offers you a complimentary sample of a new snack. The offer is so enticing! As a gesture of appreciation, it is probable that you will feel inclined to purchase a complete pack as a way to reciprocate the kindness she showed you.

This is Reciprocity! People are more likely to make purchases when they feel they are getting something in return.

What types of discounts can be applied?

• Buy One, Get One (BOGO): Offer a free item when a customer purchases a specific item, creating a sense of reciprocity.
• Free Gift with Purchase: Provide a free gift as a way to reciprocate the customer's purchase.

SMS Marketing: The Ultimate Discount Delivery

To fully capitalize on the power of reciprocity and ensure your discounts reach customers effectively, SMS Marketing is the way to go. With its high open rates and immediate impact, text messages capture attention instantly. Personalize your offers and create a sense of urgency that drives immediate action. Engage in real-time conversations to build stronger relationships. Incorporate SMS Marketing into your Black Friday strategy and unleash the potential of direct communication to make this year's event a remarkable success.

Discounts to boost sales, not shrink gains

So, as a store owner, you're probably well aware of the most crucial aspect of Black Friday - discounts! If this upcoming Black Friday is your first attempt, let's make it truly spectacular. And if you've already experienced it before, you know the drill and can handle it with ease now!

Here's a great idea for store owners: give SMS Marketing a try as an extra way to boost your sales. Text messages can be a powerful tool to maximize the impact of discounts. Not sure where to start? No worries! This beginner's guide will provide you with the necessary guidance. Let's make this Black Friday a remarkable success!

Hey there, marketers and business owners! Today, we're diving headfirst into the world of calculating Marketing ROI, aka. Return on Marketing Investment. Get ready with us to uncover the ins and outs of this essential metric. But don't worry, we're keeping it light and informative for you. So grab your coffee and let's embark on this ROI adventure together!

What is Marketing ROI

Alright, let's start with the basics. Marketing ROI or ROMI, standing for Return on Marketing investment, is a metric that measures the return you get on your marketing investment. 

According to Wikipedia: “Return on marketing investment is the contribution to profit attributable to marketing (net of marketing spending), divided by the marketing 'invested' or risked.” 

Simply, it tells you how much sales you're getting for your marketing buck. It's like a superpower that helps you measure which spending on marketing contributes to profits.

Why you need to calculate Marketing ROI

Now, let's get serious for a moment. Why should you bother calculating Marketing ROI? 

Well, my friend, it's all about making informed decisions and maximizing your marketing efforts. I bet you don’t do all those marketing tricks just for fun. We all need the results. 

By measuring your ROI, you can identify which campaigns are hitting home runs and which ones might need extra effort. It's like having a secret weapon that guides your marketing strategy and helps you allocate your resources wisely. 

What you need to calculate Marketing ROI

Now that we know what Marketing ROI is, let's explore what factors contribute to this magical number. We'll dive into key components like revenue generated, customer acquisition costs, and even the intangible benefits of customer loyalty. 

Based on the above, we provide you a simple formula that you can fill in your business information. 

Note: This is the simple formula, you can add in more factors that have an impact on your number.

• Revenue: The total revenue generated from your e-commerce business includes the sales revenue from your online store, including product purchases, subscriptions, or any other revenue-generating activities.
• Cost of Goods Sold (COGS): COGS includes the expenses directly associated with producing or acquiring the products you sell, such as manufacturing costs, wholesale purchase costs, or drop shipping fees.
• Additional fees: Apart from COGS, these are other relevant expenses specific to your e-commerce business, such as shipping costs, packaging materials, website maintenance fees, payment gateway fees, and customer service costs.
• Marketing Cost: This includes expenses for digital advertising campaigns, social media marketing, email marketing software, SEO efforts, content creation, influencer partnerships, and any other marketing-related expenditures.

How to calculate Marketing ROI

Here comes the main character! I bring you the ROI calculator - a handy tool that will make your life much easier. Trust me, it's as satisfying as finding the perfect GIF to express your emotions.

Note: Set a time frame for gathering data. For example, you can calculate ROI in Q1 2023.

What’s a good Marketing ROI?

Ah, the million-dollar question (pun intended): What's considered a good Marketing ROI? Well, the answer can vary depending on factors like your industry, business model, and marketing goals. But fear not, we'll explore some benchmarks and industry standards to give you a general idea. After all, every business is as unique as a snowflake (but hopefully without the melting part).

Source: https://firstpagesage.com/seo-blog/digital-marketing-roi-statistics/

Conclusion

Congratulations, my guys! You've successfully navigated the world of calculating Marketing ROI. We've covered the basics, explored the factors, discussed benchmarking, and highlighted the importance of ROI.

Remember, ROI calculation isn't just about the numbers; it's about optimizing your strategies and ultimately achieving your business goals. So, grab that calculator and let the magic unfold. 

P.S. If you need extra guidance or want to share your ROI triumphs, we’re all ears here. Let's keep the conversation going and support each other on this ROI adventure. Cheers!