So, at work we're having this little debate. Right now, when we send out a price quote, we hold it valid for 30 days. But some folks think that's way too long—prices fluctuate, suppliers change their minds, you know how it is. They're suggesting we shorten it to like 7 or 14 days tops. Others say customers need time to decide and cutting it short might annoy them or lose us business. I'm kinda stuck in the middle here... what do you guys think is better?
I have encountered such a situation. I have tried 30 days, 14, and even 7. When the term is too long, there are real problems with changing the prices of suppliers. If I reduce it to 7 days, some customers do not have time to make a decision, and several times I have lost deals. In my opinion, 14 days is optimal: not too long, and the client has enough time to think.
Have you thought about maybe offering a flexible approach instead of a fixed 14-day window? Like, what if you gave a shorter standard quote—say 7 days—but then clearly mentioned you're open to extending it slightly if the customer genuinely needs more time? As someone who's always watching the budget, I appreciate knowing upfront that the price I'm seeing is accurate and current. But I also get that sometimes decisions can't be rushed, especially for bigger purchases or home projects. Maybe having a shorter official period with some wiggle room could help you avoid supplier price hikes without losing those indecisive customers. Have you tried something like that before, or do you think it would just complicate things?
Yeah, shorter quotes with some flexibility make sense. But how would you handle customers who always push for extensions? Could get tricky if people start expecting exceptions all the time...
I get why shorter quotes might help, but from experience, 7 days is tight. Had a client once who needed an extra week to finalize financing—almost lost the job by pushing too hard. Maybe 14 days is the sweet spot.