Pause and Ponder series
Are you wondering why your proposal got rejected?
#Reason 1/10: You didn’t lay the ground work
There are several reasons for a proposal rejection but few are big bloopers. Nobody gets a second chance and so you can’t afford to miss your first shot.
You heard about the opportunity and sent in a proposal, hoping that it would be the lowest bid. It’s dumb because if the prospect doesn’t know you, who you are, they are not going do business with you.
Knowing your customer and making them know you is the first and foremost driver of your business success. Before you go to your prospect with your proposal, it is fundamentally essential that you understand their business, their business challenges and needs. Find out what they are looking for and whom they are looking for. Put yourself in their shoes to find a right fit and then propose the right solution. It requires a lot market research, certainly, Company Profiling and Executive Profiling works at this stage. The successful vendors engage their prospects at the early stage of the buying lifecycle by sharing their thought leadership,demonstrating industry expertise, leveraging relationships and showing commitment towards their business success.
Besides, many vendors believe in pre-cooked boilerplate proposals for faster time to market, certainly it does, however, they pay the price of buying the time. Pre-cooked proposal rarely work as it does not cater to the customer’s requirements at macro level and does not address the business goals in a way the customer wants. You really need to tailor your proposal at every level of the prospect’s business goals. Another perspective is Competition, you cannot work in isolation and so you will have to have a competitive strategy in place. You need to do your homework before you propose your solution. Performing competitive analysis, SWOT analysis and how to address competitor’s strengths works at this stage. Always find an alternative to your competitors’ strengths and highlight your sweet spot while creating pre-proposal strategies which will add additional weight to your proposal. Their Strength Your Weakness Address with an Alternative Their Weakness Your Strength Highlight your Sweet Spot.