If signed, this deal could be the largest of any that have been finalized since the acquisition. The proposal software for preparing this deal has been key. After months of going back and forth on the costs, implementations, and deadlines for the data storage deal, the possible new client was making requests and demands until late last night. Your head of sales is certain that the contract will finally be signed by the end of the day, but he has a few more changes that need to be written in. Fortunately, the new proposal software that your company invested in not only allows you to make the necessary changes, it also helps you track the many many drafts of the possible contracts.
Looking back over these drafts may help the sales team be able to more accurately prepare a proposal for the next big customer.
The key components to proposal software include:
- Customization Features so your company can include only the relevent information. RFP software that does not leave room for customization means that your company’s proposal will look no different from the proposals of other company’s.
- Net Profit Calculators allow a sales team the opportunity to know what the proposed profit will be for a variety of cost analysis angles. If a company is allowed a reduced rate for the first three months of a contract, for instance the net calculations should indicate the expected profits from that deal so that those numbers can be compared to other projections.
- Company Branding features allow for proposal pricing that looks unique to that customer. No potential client is going to be impressed with a proposal that looks the same as others that have been submitted. Branding helps identify a company. Proposal writing software must be able to offer features that adapt to the brand of a company as well as to the details of the deal.
- Efficient, Fast Generation proposal creation software allows a sales team to immediately create a contract as soon as changes are agreed upon. Generating professional proposals quickly is essential in the back and forth negotiations that often go on. A sales team must be able to immediately present a new set of numbers for a potential customer.
The cost to prepare a complex proposal about a significant system or product design often costs as much as 1% to 2% of the total contract value. Being able to update and and adapt the proposal during the negotiation stage is essential to the success and acquisition of the contract. Part of the cost lies in the fact that the request for proposal process involves two interrelated events, the vendor selection process and the negotiation process. Vendor selection includes a a formal competitive bid where vendors are objectively evaluated and selected based on a set of criteria that is pre-defined. The second part of the proposal process includes negotiation, the process of two parties exchanging responses in an effort to reach an agreement.