If you are a service-based business owner, and particularly if your customers fall into the realm of traditional business, the ability to write a strong business proposition is paramount to consistently and easily attract new business. However, if you’re not careful, you may end up spending a lot of time crafting proposals that never go beyond your outbox.
That’s why my first tip is to be selective when you agree to write a proposal to start. In many ways, this is something you learn over time. But most consultants find out pretty quickly that some potential clients are happy to say, “Hey, why don’t you come up with a proposal for me?” when in fact they don’t intend to hire you, and are just curious to know how much “something like that” would cost.
That is why I will only write a detailed proposal after having a serious conversation with the client, and once they have expressed a genuine interest in working with us, even when we talk about a rough figure.
My second tip is to put together a reusable frame for the two or three types of engagements you work on. I know. I know. “Every project is different.” But is it really? I suppose that while the details change, what you do at the end of the day (consult, write, manage the project, train, train, does it count?) Is relatively the same from one concert to another. So save a lot of time and heartache and create a template that you can use over and over again.
Third, and most importantly, you want to make sure that the time you spend writing a proposal will be worthwhile bringing in a new customer. With that in mind, here are some key elements you will want to include in each new business proposal to increase your closing rate.
Give it a compelling title. Don’t just name your proposal “Acme Proposal”. Attract your prospect’s attention from the start by using a title that immediately brings a benefit to them. For example, you might call it “ACME Human Resources Leadership Success Program” or “ACME 5-Step Plan to Increase Guaranteed Sales.”
Open with a testimonial. Start building your credibility and hook your reader right away by opening with a short, results-based testimonial. If possible, use a testimonial from a client who hired you to do a similar type of job for them. But at least make sure the customer testimonial focuses on what you brought to the project and the end results you experienced. For example, did it reduce your costs? Help them earn more money? Save them time? Improving customer satisfaction? Lower stress? You got the idea.
Provide an Objective Statement: Show your potential customer that you really “heard” their needs by clearly and concisely describing the main goal or objective you want to achieve. Don’t try to be smart. Name this section “Primary Purpose: For …” or “Key Purpose: For …” Be sure to use as much of the customer’s language, terminology, and keywords as possible so that they know you are on the same page.
Build the business case. Why is this project important? What will happen if you don’t follow it? Do a quick research on the Internet to see if you can find statistics or other test points that build a business case that reinforces the importance of effort. For example, if you are an executive coach, incorporate study statistics that show that professionals who work with a coach earn more and are promoted faster. Or, if you are a sleep consultant, enter data that shows the health benefits of sleep.
Describe the key deliverables. Next, you must tell your prospect specifically what they are going to receive as part of their services. But this is where many proposals go wrong by becoming confusing or overly detailed. You want to be clear and concise. Package the components of the proposal in small nuggets so as not to overwhelm the customer. Also, as a general rule, if your proposal includes multiple options, limit it to just two or three at most. Part of your job as an outside expert is to recommend what you think best meets the customer’s needs, not give them a menu of limitless options for them to rank on.
Summarize the investment. Notice that I said investment and not price. The client will receive value in exchange for the price he is paying. Therefore, it is an investment in your business or in themselves, not a cost (i.e. loss) for your business. We generally like to offer clients two investment options: one for full upfront payment (at a discount) and one for pay-per-use (full price). There may be other incentives or bonuses that you can also incorporate. People like to feel like they are getting a “deal.” So if you provide them with some kind of discount or bonus, be sure to show them how math adds up in your favor.
Reinforce the return. Now that you have just seen the investment price, it is important to have a Return on Investment section directly below that summarizes the benefits once again. Remind your new potential client what is the value you are receiving in exchange for that investment. I like to incorporate three types of returns: time, money and performance.
Close with credibility. You will want to conclude your proposal by reaffirming your credibility and why YOU are the best person / company to deliver these benefits to the customer. This is where you will want to include things like your bio, your customer list, the awards you’ve received, your certifications, trainings and titles, and any additional customer testimonials. As much as possible, avoid long paragraphs of text and instead use bulleted lists. The customer is more likely to actually read it.
And here is one last tip for good measure. Whenever you send a proposal to a customer, be sure to prepare for success:
* Appreciating the opportunity to present this proposal
* Recognizing that it is a valuable / important / exciting project
* Telling them that you WANT to work with them (yes, explicitly explain that you want the job)
* Affirm that you believe you are the best person / company to help you achieve your goal
* Offering to answer any questions they have
Together these components will create a very robust new business proposition that puts you head and shoulders ahead of your competition.
BTW, if you liked today’s blog post, you WILL LOVE our weekly ezine, Brilliance! It is packed with tips to help you get rich, work smarter, and be happier. You can sign up for your free subscription here.
by Angelique Rewers, ABC, APR
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