Captain’s log, stardate 20220406
Fellow list member “Fred F” wrote in with a big success story related to writing proposals, raising fees, and closing deals (shared with permission, name withheld by request):
I wanted to reach out following a 1-on-1 we did a few years back.
At the time you helped with a proposal for a client who said they’re budget was $15k, but you helped us get this up to the point where they were strongly considering option #3 - $75k, so it was very easy to nudge them into the $35k option we wanted them to go for.
Since that time, we’re done a few things you recommended:
We’ve niched - we used to do everything. Now we only do eCommerce, and found that there are still so many opportunities to make money, we’re never going to run out of ideas. We have a solid 3-4 month pipeline, and new business coming in all the time.
We charge a lot more - we’re now at the point where our minimal project is $30k, and most average $90k. We signed a $150k project last month.
Know your lines - through doing the above, we have demand, better and better work, to the point where our business has flipped to the point that people try and convince us to work with them. Combined with "knowing your lines", the pipeline, we’re now in the strength position where there is no "need" to sign the client.
We haven’t lost a proposal in 7-8 months (though we have turned down a lot - today we turned down a $150k job due to "opportunity cost, and not being eCommerce", so we should probably be charging more - and we do continue to increase pricing.
But through all of the above, the "sales" process is now so easy. The $150k project was one of the easier projects I’ve ever signed, and ultimately through a solid "why conversation" on the phone, said we wouldn’t touch for less than $150k, and then got stakeholder approval before evening writing it - this meant internally the approvals were already there before writing the proposal.
We then put forward a proposal for $150k, $175k, $225k - probably not a price curve you would approve off, but I already new 99% what they were going to go for, but a solid one. In the end they were considering option #2, but we want them to do #1 - so it was easy. 40% deposit in the bank 7 days later.
There is no doubt that your resources and help have changed my life - ever since hearing about you on the Web Bos - Syntax podcast.
I’m now getting into systems so I can have a small but highly profitable team, and work out the easiest way to earn the most in my life, with as little work.
It’s also worth noting that on our website, a client may say their budget is $35k- then they sign a $100k contract - the power of why and showing value - these clients are VERY happy with what they get.
Watch this space.
Thank you so much!
Success stories like this make my day! I love ’em :-)
There’s a lot in that message so if you skimmed, here are the highlights:
Pretty sweet, right?
If you’re interested in learning how to do this for your business, check this out...
Starting on Monday next week, I’m running a brand new workshop called Automatic Proposals.
Automatic Proposals is a 5-day interactive online workshop to teach you how write better proposals in half the time it takes you now.
Proposals that will get you higher profit margins, better close rates, and fewer price negotiations.
Automatic Proposals includes a full month of 24/7 peer discussion, downloadable video lessons, bonus templates and content, and yes, there’s a 100% money-back guarantee.
If you’d like to be part of the exclusive initial cohort, reply to this message with YES! and I’ll send you more information.
I hope to see you there :-)