Proposal or request for proposal (RFP) is part of most buying decisions and especially in a b2b selling environment. I have outlined 3 scenarios of proposals here.
- The buyer requested a proposal primarily to understand the pricing right in the middle of the discovery phase. This is a little tricky for the sellers as they are yet to establish a value proposition for the buyer at this stage.
- The buyer wanted a proposal after the demo phase to evaluate our solutions and core benefits further.
- Few buyer entities (especially the large or the public sector buyers) have a practice of RFP where the seller needs to submit a set of standard details alongside other competitors without the guarantee of moving to the next level of discussions in the sales cycle.
A typical question that tinkers in the minds of sellers is, will the buyers really go through the exhaustive document they receive as most of the details like features, advantages & benefits are shared with them during the demo phase? Does the buyer need a proposal primarily to assess the pricing and for cases of comparison with the competitors?
In any case, let me tell you, a well-documented sales proposal is the first step in winning the deal? This document not just covers your features, advantages or benefits and pricing but should also cover your expertise, your previous engagements, SOPs, and testimonials, and the impact your offer can bring to the table.
Here is how you can go about crafting the proposal:
The Content –
Make note of points stressed by the prospect in the discovery or in the demo phase. Go deeper to understand the buyer’s industry, presence of competition in the deal, etc.
For example, if you are selling a business loan, add some analytics to the document, such as the credit score of your BANK or NBFC in the market and how many happy customers benefited from your financial products.
Quote some buyer specific industry use cases, e.g., Chosen by the World’s Largest Travel and Tourism Company.
Adding such information in the proposal builds confidence in your offer.
Visual effect –
Add some visuals about your product and services, keep them brief and easy to understand. Add more benefits and relate them to your product or service features.
Explain why the prospect should choose your offer –
If you have sensed that your prospects are evaluating the competition, sharing competition comparison analysis is appropriate. This offers more clarity to the buyer. You may use different headers – it can be your product feature-specific analysis and not necessarily a pricing comparison. Below is an image for some reference while explaining the positions yours vs. your competitors on a scale of 1 to 10.
Pricing –
I have seen many sales guys make the mistake of sending the standard rate card to every prospect which does not cut the sales cycle in any way. Standard rate cards should be shared for buyers who are curious about our pricing even before going through the demo.
Adding a customised price table in the proposal based on the discussions held with the buyers is a better approach.
For a prospect who moved from the demo to the proposal stage, always set the pricing to what the client asked for. Do not try to add some brownie points to attract prospects expecting to even buy other scopes of services. You can do that as the proposal progresses.
For a prospect who has asked for an RFP to be submitted, you can share the standard pricing with all possible product or service combinations. Value adds can be proposed when you see progress in the deal or during negotiations.
Add some Testimonials –
Add some testimonials from your existing clients or any press releases that your prospects want to see. This will definitely boost your brand reputation.
Add best practices and SOPs
You can add some best controls or processes that your organisation believes and practices. How the process is streamlined, for example, customer support query resolution TAT, etc.
Execution methodology: you can add an escalation matrix to the document; this will give the prospect trust.
Tools that help you –
If your organisation permits the use of AI, then please take advantage of its inputs in crafting a proposal that best covers all the points you must share.
Final Thoughts –
With all the above inputs, let your proposal do the talking and I am sure you will move forward to sales closure.
