Would you like to have a 100% closing rate on the proposals you pitch? If so, read on. If you prefer to continue with a 33% or less closing rate, opt out now and stop reading. You are obviously satisfied with a low closing rate.
There are two simple steps to reaching a 100% closing rate, or in other words, closing every proposal you pitch.
- Don’t write the proposal until you have all the agreement details in place and a “yes” to all of them.
- Customize your proposal—no stock packages!
If you follow these two steps, your closing rate will skyrocket. I get this question all the time— “Why can’t I use stock packages?” Let’s address that first, then come back to the don’t-pitch until-you-have-a-“yes” situation. Here are some of the reasons why stock packages don’t work.
- Sponsors want customized packages. Deliver what the customers want.
- A stock package will not yield results for everyone. If it works for EB Games, how likely is it to work for Reitman’s? They are different audiences with different demographics. It’s not likely that the same assets will work for both.
- If you have a $10,000 and $5,000 package, but the sponsor wants to spend $7,500, which package do you offer? If you offer the $10,000 package, they assume you are not listening. If you offer the $5,000 package, you leave $2,500 on the table.
Those are my top three reasons why you should not use stock packages. You shouldn’t need anything more than that.
If you do discovery sessions, you will determine the budget, and the need and objectives of your prospect. Through the cultivation process, you can build a customized program and step-by-step design, and get buy-in for each asset and activation you propose. Once that is all in place and the prospect has agreed to it, it’s time to build the proposal. In many cases, you will go straight to contract and not even build a proposal, because you have already agreed on everything!
Talk about simple! Don’t pitch your proposal until you have a “yes”—and pitch customized proposals that meet the prospect’s needs and budget. Details on building proposals can be found in Reality Check – Straight Talk about Sponsorship Marketing. Or if you attend the 2021 Western Sponsorship Congress – Alberta Forum you can get all this from great speakers and presenters. Register today for limited time discount offers.
And remember, if you have questions you want answered, feel free to shoot them to me through this link Questions for Brent to answer in an upcoming TMC.
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Hey Brent, as you know, I often preach the customization model to my colleagues. Many of them like the packages because (I’m sure you have heard this countless times before) they “look clean and neat.” Ughhh. Have you ever had clients do semi-customized packages? (Have a package created that lets the sponsor choose their top 2-3 assets and have the remaining few in “stock form”?
Great read, as always!
Josh, as soon as you let “a prospect choose their assets” you are in trouble. So by creating a menu of assets they will not get the benefit of your expertise with your own organization. That is like a doctor saying “here is what you need to do as everyone with a stomach ache should be doing this if they have a sore tummy, whether it is indigestion, cancer, ulcer etc., (which is wrong) and by the way, here are 3 drugs you could take – let me know which one you would like and I will write the prescription.
The key here Josh is the discovery. Understand their specific needs and then it is fine to build them 2-3 detailed and customized options, but as long as you are offering a selection of assets (versus a selection of customized integrated programs) you are like a doctor giving you the option to select the prescription form a list. The doctor should be saying if we know this is an ulcer, here are three different drugs and the here are the reasons we e=recommend how each will support fixing your ulcer, some faster, some more harmful but effective while another is more natural and less corrosive to your body but will need to be repeated every 6 months etc.” You need to provide options with explanation on how to solve the diagnosed problem, just not a list of assets (or drugs).
I hope that helps.