When it comes to the aviation aftermarket, there are many factors that determine how likely you are to win the deal - availability of the unit, price, relationship with your buyer, etc. Today, we will discuss the anatomy of RFQs, specifically when they are sent on average, how quickly they are often replied to, and what time of day quotes are sent. Maybe some of the info here helps you win your next deal.
In the aerospace aftermarket, buyers often reach out to multiple sellers simultaneously in search of the best prices for parts or services. To meet their needs effectively, you must be agile and offer the right product at the right price without delay. Providing the required information quickly greatly enhances your chances of securing the sale.
When you receive a Request for Quote (RFQ), you already have an advantage, but to win the deal, you must respond quickly. This can be challenging, especially when facing mounting competition and relying on outdated systems and processes. It may seem like there's not enough time to handle the influx of RFQs from various marketplaces and customers. But fear not, there's no need to add an extra hour to your day. With the right tool, you can accomplish everything in record time.
Rotabull consolidates all the essential features into a single inbox, enabling you to effortlessly manage all your RFQs and generate quotes that practically complete themselves. Go beyond simply speeding up your response time; ensure you have instant access to all the necessary information for effective follow-up on your quotes, faster deal closures, comprehensive result tracking, and seamless team collaboration. Imagine the possibilities if teams of any size could redirect their efforts towards pursuing deals, whether in the office or on the go, instead of wasting time on data entry and information retrieval. With Rotabull, you can maximize productivity and achieve more within your existing work hours.
We analyzed a dataset of 100,000 quotes from Q2 2023 to provide you insight into how long it should take to get a quote. Check out the effects of time of day and priority on the response time below.
You are more likely to receive your quote within the first hour you send your RFQ. After one hour, a steep drop-off begins to plateau at around the six-hour mark.
If you don't receive an answer within 24 hours, there may still be a light at the end of the tunnel. Many RFQs are still answered after the 48-hour mark. If you're patient, you may get your quote yet... but you may want to bump your vendor.
If we look at the eight-hour period with the most quotes sent, we see that this is the standard working day for the east coast in North America.
If we turn things around, we'll see that this timespan is when most RFQs are sent as well.
Of course, this information is based on Rotabull’s network, which is weighted toward the Americas and Europe. Response times vary significantly based on buyer and seller time zone. However, based on this dataset, we can make some observations and suggestions: