You started with a lead, you secured the meeting, you created a proposal, and confirmed the sale…right?
But, how many of your proposals are converting—30%, 50%, 70%?
Are you happy with your current conversion ratio? What would it mean to you if you could get your conversion rates higher?
Proposals that convert
I have been asked on numerous occasions, “how do I craft a proposal that converts?” It is never a short answer about layout, headings, and scripts. It’s actually the contrary—an effective proposal begins way way back, even before your initial meeting.
There are four key things to keep in mind when getting your proposals to convert:
- Know your customers
Having a solid knowledge of your customers’ business and industry before a meeting is crucial to uncovering your client’s needs.
- Pinpoint customer needs
Uncovering the true depth of your customers’ needs involves asking the right questions at the right time and active listening.
- Present at the right time
Studies show that customers go through predictable steps in the buying process. Slowing down and matching your sales techniques to their buying process will yield more success.
- Talk to the right people
Buying teams (i.e. groups of people making a buying decision together) are becoming increasingly popular in corporate settings. Even within families, there is generally more than one decision maker. Identifying the decision maker, and others who may be influencing the sale, allows you to work with all parties from the beginning of the process and craft a more effective proposal.
Your proposal conversion ratios are an indicator of the health of your entire sales approach. Increasing conversions is not about a band-aid solution, it is about looking at your sales process as a whole and taking a holistic approach.