What is a Proposal Management Software?
Have a look at the below scenario,
John and Ryan run two separate yet similar IT companies and both companies bid for Government contracts. John’s company has a very high win rate on the proposals they bid on and makes a lot of money from contracts while Ryan’s company often loses more proposals than they win and ultimately makes less profits in return. John’s company completes their proposals even in a shorter period of time, on the other hand, Ryan’s takes a much longer time to complete.
John’s proposals are
While Ryan’s proposals are
- Poorly formatted,
- Lack of compliance
- Not at all compelling
So, what exactly is John’s big secret?
Well, it’s the right proposal making process that matters — how one collects information (RFP, RFI, RFQ), how qualification is done whether to bid for it or not, which appropriate content, pricing should be written / used for proposal response, who will review, who will approve, how collaboration will happen etc.
The process that is dependent on people can make appear chaotic and may deliver inconsistent outcome. The process should be made less dependent on the individuals involved. Software can bring such consistency and predictability. It doesn’t mean proposal making will be entirely automated by software and no people will be involved. No. Finally, it is the responsible person (decision maker) who can sense opportunity or risks better than anyone else (including software).
The large of of the process is streamline with the use of software that makes things easier as counting 1,2,3 that’s right it is called Proposal Management Software. So, why suffer like Ryan when you can be like John.
The automation of customer journey right from identification of opportunity/lead to creating/ sending proposals, getting approval for proposal, turning proposal into invoice and onboarding customer for product/servicing is a mega trend in last few years, And that’s why sales proposal software has gained a lot of popularity.
Features of Proposal Management Software
1. Proposal Management and Automation
Proposal management software can automate the entire sales process right from developing proposals based on email obtained to securing approval from particular stakeholders, reminding them about pending approvals or even pushing clients about sent proposals and sending smart notification whenever clients interact with the proposal.
2. Content Library, Proposal Templates
Content library and proposal templates are two of the main reasons why the sales team would use proposal management software. Proposal templates not only helps you get started very quickly but also offer comfort. You do not have to keep copy-pasting or editing information such as client name, customer name, address, etc from one proposal to another. Organizing proposal content such as best copy of ‘Company Profile for Healthcare’, ‘About Company for Engineering Services’, ‘Pricing Table for Retail Distribution Services’ can save your time tremendously.
3. Proposal Dashboard, Analytics
Proposal managers along with senior management keep track of proposal deal flow at any time. Dashboard offered in proposal software gives a clear picture of how many proposals are live, how many of them won/ lost this month, last month/quarter/year.
As additional features, you may be notified with the information whenever the client opens the proposal, engages with the proposal, linger over the specific section, etc. This information can be very useful that any smart manager can leverage to convert the client by engaging with him/her appropriately — i.e. knowing the most opportune time.