What Are the Main Objectives of Proposal Management?
Managing proposal processes requires more than achieving RFP compliance and document assembly. It also requires demonstrating ROI and delivering mission critical growth for the business.
To do this, you need to use collaborative tools to democratize knowledge. This can help you create better proposals with fewer edit cycles. This approach is especially useful when working with subject matter experts.
Identifying and evaluating opportunities
An effective proposal manager must have the ability to identify and evaluate opportunities in order to maximize the potential of each proposal. They must be able to understand the client’s objectives and determine how best to meet those objectives. This includes identifying any possible risks and determining the impact of those risks.
A successful proposal manager must also have the ability to communicate effectively with all stakeholders involved in the proposal process. This will help them coordinate team activities, ensure that all necessary information is provided and ensure that the proposal is completed on time. In addition, a proposal manager should be able to develop a timeline and budget for each project.
The main objective of a proposal manager is to craft a quality response to an RFP, adhering to the company’s voice and tone while providing incentives for the customer to buy. A well-designed proposal management process also increases productivity and allows for faster start times each time an RFP comes in. It also improves collaboration by facilitating the formation of a team of allies, even in a distributed environment.
One of the most challenging aspects of the job is figuring out what to offer. This requires a lot of research, business insight and skilled storytelling. Luckily, these skills are useful for any business and can be easily learned through practice.
Developing a winning strategy
Whether you’re responding to an RFP or working with a sales team, a winning proposal begins with planning. The planning process involves identifying the customer’s needs and goals, researching comparable solutions, developing solution options tailored to the customer, and constructing pricing models based on estimated costs. It also involves determining the level of effort required to win the bid, and assessing risk.
A good plan should include a definition of winning proposal quality, and a mechanism for validating it. This should go beyond subjective milestone-based reviews and include an element of ROI if the function is going to be treated like a mission critical one.
Another key element of a winning proposal is to clearly articulate the customer’s business value. This can be done by using persuasive language and demonstrating how the project will benefit the buyer. This is especially important if the client is in a different industry or has a unique buying cycle.
Lastly, it’s important to develop a strong plan for managing the proposal team. Most people who contribute to proposals have other full-time jobs, and it’s difficult for them to drop everything on short notice to prioritize a proposal. A good strategy for overcoming this issue is to involve them earlier in the process and provide them with adequate time to work on the proposal.
Developing a winning proposal
When creating a proposal, you want to make sure it captures the attention of your audience. Your audience will decide whether to invest time or resources in the project based on how well you write and present it. To do this, you must understand your audience’s needs and goals. For example, if you are proposing a new editing tool for children’s books, you may need to use emotional appeal to convince the stakeholders that it is worth their investment.
When it comes to writing a proposal, you need to focus on making it as clear and concise as possible. This will help to prevent confusion for the reviewer and will increase the likelihood of a successful outcome. Additionally, a good proposal should be free from grammatical errors. To avoid a misstep, proofread the proposal before sending it out. Ideally, the reviewer should be someone who has not been involved in the creation of the proposal, so they can provide an unbiased perspective.
It is also important to communicate effectively with subject-matter experts (SMEs). This will ensure that you have the necessary information to create a winning proposal and meet deadlines. Using a proposal management system is one way to achieve this. It will help you manage the entire process from start to finish and will allow you to submit a response on time.
Managing the proposal process
Managing the proposal process is critical for driving new revenue. To do so, it’s important to use project management principles. This approach will help you streamline your workflow, track proposal and stakeholder progress, and provide a single source of truth for your content library. Additionally, you’ll want to democratize your content library by making it easy for everyone to access the information they need. Workers spend almost 20 percent of their time looking for the information they need, and are less likely to share it if stored company knowledge is inconsistent or hard to find.
Large organizations often have a dedicated proposal department with a manager and team of coordinators, graphic designers, and writers who focus on creating winning proposals. In addition to planning timelines and facilitating the completion of the proposal, these professionals are responsible for conducting research, articulating key differentiators, and writing polished responses that address the customer’s needs. They also review answers to ensure they are complete and accurate.
Summit Strategy co-founder Hayley and her partner Krystn Macomber have developed a robust proposal process that helps their diverse client base win more work, from federal contractors to woman-owned small businesses. Their process is simple, customizable, and helps their clients create better RFP responses with fewer resources. To manage the proposal process, you should use a software application that allows multiple team members to edit and review a document simultaneously. This will ensure that all comments are reflected in the final proposal. It is also important to conduct a thorough Kickoff meeting and assign roles to each proposal contributor.