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How to use quotes to increase average transaction value

February 15, 2023by Jason Willis-Lee0

Today I’d like to talk about quotes and how I use quotes to position yourself as a premium market translator and to weave an upsell into your quotes for your professional services and your translations before clients; and how this ultimately increases your average transaction value with clients. So the quote is like a binding contract. It is a written agreement between the service provider and the client. That could be in an e-mail but I prefer to do this as a formal document. I have a quote template and this is sent as a PDF. If the quote is four figures or possibly higher, this always goes out requesting a signature and a date from the client. So there is your written contract. if ever there is any problem with payment, late payment or non-payment you have that contract for future reference. So if you are moving upmarket or if you are in a premium market position, I work as many of you will know in the sector of medicine, I studied medicine as an undergraduate. So it’s an easier sector for me to position myself before doctors and researchers. And basically, I do two very simple things, I always give clients an option, particularly if they are a direct client. Option A or Option B, Option C, people love having options. And there is usually a middle price option, a lower option and a premium option. And nine times out of 10 clients will plump for option B the middle of the road option, but you can guide them towards the high option A, the premium option, if you weave an upsell into your pricing system. So for example, I work closely with a lot of clinical researchers, clinical investigators, principal investigators on research articles submitted to academic journals. And my upsell is I offer to format the references for example, sometimes there are articles with 50, 60, up to 100 references, or just working through a final checklist prior to submission to the journal. I always put the name of the journal on the file, this is something in the conversation with the client. I’m not just translating the article, I always give them this premium feel by getting involved more as a consultant and ask the name of the journal and help them with that choice. And finally, there might be a checklist before the article is submitted to the journal or you may offer to do the submission yourself. Many clients prefer to have the entire process taken off their plate as they are busy clinicians or investigators with a day job. My job is to make that publication process as burden free as possible for the client. So basically those are the things I do. I use the quote as the first opportunity in the sales transaction and process to position myself as a premium market translator and hopefully to weave an upsell into the transaction.

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