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2013 Review of Sales Proposal Effectiveness

THE 2013 REVIEW OF SALES PROPOSAL EFFECTIVENESS Download the full whitepaper here: GetTinderBox.com/resource/b2b-sales-proposal-effectiveness AVERAGE Even though there are more tools and faster communication methods at SALES our disposal, the average sales cycle is 22% longer than it was five years ago?. In an effort to provide data on sales proposal effectiveness, the Sales Management Association (salesmanagement.org), along with the combined efforts of TinderBox and Miller Heiman (millerheiman.com), CYCLE LENGTH 22% has compiled a benchmark study' on current proposal management practices in 76 business-to-business sales organizations, surveying top 2008 performing companies from May to July 2013. Here are some of the key findings from that study: DO SALES PROPOSALS MATTER? 2013 In our study, we found respondents' ratings of their proposal capabilities were highly correlated with growth performance. 5.8 5.1 New Account Acquisition Sales Growth 4.4 4.4 3.8 5.1 4.5 4.3 4.1 3.5 RATING OF COMPANY'S PROPOSAL EFFECTIVENESS Not Effective > Somewhat Effective > Extremely Effective GROWTH RATINGS OF PERFORMANCE PROPOSAL CAPABILITIES Top performing companies believe these are the most important aspects of a proposal Buyer intelligence Clarity Timely delivery But, there are gaps in what sales organizations consider to be important and how effective they are in these areas Buyer intelligence Using feedback to improve Timely delivery Version control These businesses believe they are most effective at creating proposals with: Comprehensive contract details Up-to-date terms and conditions Our study found that the areas for greatest improvement are: Creating easy to understand proposals Providing managers with data on proposal activity THE IMPORTANCE OF SALES PROPOSAL ELEMENTS 7.0 Importance Effectiveness 5.3 3.5 1.8 Quick Turnaround Easy to Read Buyer Intelligence Surveyed organizations rated quick turnaround time, making proposals easy to read, and gathering buyer intelligence as the three most important elements of the proposal process at which they are least effective How important are each of these proposal elements to the success of your sales force? How would you rate your sales organization's effectiveness in each? Low Importance High Importance High Performance High Performance Up-to-date and accurate Ts and Cs Comprehensive contract with pricing detail Pricing consistent with company guidelines Consistent description of your offerings Timely delivery Collaboration on proposal Organizational capabilities presentation development Incorporates feedback to enhance proposal quality Proposal clarity Notification when prospect reads proposal Knowing what individuals are considering your proposal "Version control" proposal templates Not too much Low Importance Low Performance High Importance Low Performance salesperson involvement IMPORTANCE Therefore, the most impactful investments for companies improving proposal effectiveness are : Developing feedback mechanisms Improving buyer intelligence on who is evaluating proposals Improving proposal clarity To read the full benchmark report, download the whitepaper today: GetTinderBox.com/resource/b2b-sales-proposal-effectiveness Looking for a proposal automation solution that will help you improve your sales proposal effectiveness? Request a Demo from TinderBox Sponsored by Infographic by THE TinderB8x SALES MANAGEMENT ASSOCIATION Marketing TechBlog www.GetTinderBox.com www.salesmanagement.org www.marketingtechblog.com Sources 1 http://gettinderbox.com/resource/sales-proposal-research-update/ 2 http://gettinderbox.com/resource/closing-the-gap-between-sales-and-marketing-through-sales-enablement/ 3 http://salesmanagement.org/webcasts/single-article/research-update-sales-proposal-effectiveness PERFORMANCE i!! RATING OF COMPANY'S GROWTH PERFORMANCE

2013 Review of Sales Proposal Effectiveness

shared by GetTinderBox on Mar 18
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The 2013 Review of Sales Proposal Effectiveness explores best practices for effective proposal management. Based on survey results from a 2013 survey conducted by the Sales Management Association, the...

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