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In the first part of the series, we talked about the 3 myths of business proposals and how to avoid them. In this part of the series I am going to share with you THE most important thing that you should know when submitting a proposal, I’ll also share with you the template I use for all of my proposals. Most proposals get a 25% win rate, my business proposal template gets about 60%-80%. Yes, it’s that good.
The most important part of a proposal
You may be thinking that there is some secret way to write a proposal, the truth is that your proposal is only a small part of the proposal process. Relationship with the buyer (the decision-maker) is the fundamental part of any sales/proposal process.
Know your prospect’s needs
Your prospect isn’t buying a website, a book, or a logo – they are buying an online means of reaching customers, ideas that will bring more revenue, and a powerful new image. Look past the tools and items that you offer and focus on their pain. You should know their pain before writing, and their pain should be the first thing that they see when given your proposal.
Communicate the value you have to offer
Once you know your prospect’s needs, and you’ve summarized their pain in the first part of the proposal, start explaining how you are going to relieve that pain. Don’t give them a method. Your potential client wants to see that you are on the same page that they are. They want to see that you care about the welfare of their business. They want to know that they can trust you to make their business better. What better way to do that than to show them the value that they’ll be receiving?
Some examples of Method vs. Value:
- Building a Website/Creating an online audience that can buy your product 24/7.
- Designing a brochure/Enhancing the professional image of your prospect.
- Selling a book on virtual assistants/Empowering new business owners to reject being their own boss, and to become THE boss (cheap plug, yes I know).
- A new sewing machine/The ability for a mother to create powerful and intimate memories that span generations.
You get the idea. Get to WHY your customer is buying and you will stomp on your competition every time!
The easiest and most effective proposal template you’ll ever see
I have to give credit where credit is due. A large majority of my business proposal template was inspired by Alan Weiss, the author of Million Dollar Consulting. The reason why I haven’t changed it much is because IT WORKS. As long as you build a relationship with the decision-maker prior to the proposal, you’ll be in a great spot.
@OakleyOC
February 11, 2011 at 7:32 amDean, I appreciate you staying up in the wee hours to complete this video …it was a great watch to start off my Friday.
I'm very much in line with the importance of relationships and value, as two of the key factors in the success of proposals. It's especially important when interacting with the potential client, as when they "haggle" on pricing at the end, and you do drop your pricing instantly, then there is a mixed message of the value they initially saw. Great job in addressing the "I can remove these value points, if you prefer to pay less," so it's known that you WILL lose out on some value, rather than, yes, my pricing was a bit higher.
I look forward to the continuation of this series on proposals, as well as it follows the value-added commentaries you've shared in the past!
Dean Soto
February 14, 2011 at 1:29 pmThanks so much!
Great point about dropping the price and how your perceived value goes down the tubes. I'm not sure if that's an American thing to feel bad about pricing yourself high, and remaining there, or if it's something else.
I have to admit that I still have that problem sometimes and it's really hard not too. The only way I can NOT cave is through the value trade-offs.
Dude, I'd love to interview you on the podcast if you ever have time =).
Abner Solano
February 15, 2011 at 1:27 pmI am signed up for the newsletter. Will I get this?
Dean Soto
February 15, 2011 at 1:57 pmOnly if you ask nicely.
Abner Solano
February 16, 2011 at 6:50 amDear Sir,
I would be greatly appreciate the access to the highly wanted template….PLEASE SEND IT TO POOR ol ME
how was that!?
Dean Soto
February 16, 2011 at 7:49 amLOL. Just sent it.
Doug
November 15, 2011 at 7:44 amPlease, send me the proposal template. I already subscribed to the newsletter. Regards.
Dean Soto
November 15, 2011 at 9:26 amHi Doug,
The link should have been sent to you via email after you subscribed.
Dean
Scelo
November 17, 2011 at 2:58 amHi Dean,
Please send me the proposal template, i subscribed but the link does not take me to the template.
regards,
S’celo
Dean Soto
November 17, 2011 at 8:31 amIt should be sent to you via email after you’ve subscribed. Did it show up in your inbox?
MAYA
November 28, 2011 at 11:51 pmDear Dean,
I would like to ask you to send me those business proposal templates.
Thank you very much in advance
Kind regards
Maya
Bulgaria
Dean Soto
November 29, 2011 at 10:11 amHi Maya,
There is a link at the bottom of the post where you can download the template.
26buckets
January 19, 2012 at 2:43 amDear Dean,
Thank you very much. This was the first decent proposal template i found that suits me as a person! Quick question. I like what you said concerning the legal mumbo jumbo and the full refund….. however, how do you handle this with your subcontractors. If for some reason they can not live up to their promises or proposal, i hang in the middle with a ‘big’ problem? Any idears!?
Hope to hear from you soon!
regards,
Nico