[CLOSED] Ask Me Anything: Professional Proposals AMA - 11 to 18 June 2021 - live each day.

[HubDoPete]

Hi, my name is Pete Nicholls CF APMP, HubSpot Certified Trainer, member of the Professional Pricing Society (PPC) and Proposal Certified by the APMP  and host of The Proposal.Works™ Podcast where proposal experts share real stories of how they win.

To my knowledge, I am still the only certified business proposal specialist in the HubSpot Partner Community.

My company HubDo is a HubSpot Partner since 2015 (Reviews are here)

Please also connect with me on LinkedIn

With 23 years in Sales and Business Development, my focus on business proposals stems from “really disliking” doing proposals 🙂 until I learned how professionals write proposals. Now I quite enjoy them. I created the Proposal.Works™ Grid which is a proposal platform powered by PandaDoc, supporting hundreds of companies to create proposals integrated with HubSpot.

Our Proposal.Works™ Grid generates thousands of agreement per month, so I get to see and help with hundreds of proposals across many industries and sales scenarios. Unfortunately, most proposals that I see are fundamentally not very good. They are written by talented, passionate people, who simply never learned how professionals write businesses proposals. This means that you do not have to be remarkably better to stand out with a great proposal, you only need to 5% better, to be the 100% best proposal that the customer sees.

Welcome to "ask me anything" about how professionals write proposals and the overall sales process, especially those proposals integrated and automated with HubSpot CRM.

This “Professional Proposals AMA” runs from Friday 11 June to Friday 18 June 2021.

I’ll be monitoring regularly for questions and will be online each day for 30 minutes at 8 am, Pacific, 10 am Central, 11 am Eastern, 4 pm UK and 5 pm Europe

If you are not sure what to ask, here are some ideas:

• What do professional proposal writers do, that others don’t?
• How do most people do proposals well, in HubSpot?
• How and what can I automate in HubSpot to handle proposals?
• When should I use HubSpot Quotes versus 3rd party proposal tools?
• When should proposals have an executive summary?
• Why do professionals focus on discriminators more than differentiators?
• How do you write a proposal for both the economic buyer and line manager?
• How do you write an executive summary?
• Can proposal software really save time? How much is typical?
• Why do professionals use a content library? What should it contain?
• When is the right time to submit a proactive proposal?
• How can I sell value in a proposal?
• What is Value-based Pricing?
• And anything else that comes to mind about how to write proposals that win.

[FatimaDS]

Great AMA @HubDoPete I hope it's not too late to ask the last question, this is something we are always struggling with, how can we sell value in a proposal? I saw this question posted as an idea but nobody asked and I'm curious to know. Thanks!

[HubDoPete]

Hi @FatimaDS  thanks for asking

Actually, I have provided an initial answer above on Value-based Pricing for @jennysowyrda

Please take a look at that answer and feel free to ask a further question, to delve further into the fascinating topic of Selling Value.

cheers

Pete

[HubDoPete]

Wrapping up this Professional Proposals AMA today.

I have enjoyed checking in each day and putting together as comprehensive answers as I can, based on experience and my certifications through the APMP, Professional Pricing Society and as HubSpot Certified Trainer.

Thank you for your questions and especially @sharonlicari for suggesting and supporting my first HubSpot Community AMA 🙂

While this topic remains open - please mention me and I'll be happy to oblige.

cheers Pete.

You can also connect with me here: https://www.linkedin.com/in/penichol/

[sharonlicari]

Thank you for hosting this AMA @HubDoPete !

Your knowledge about this topic is incredible and I can tell you are really passionate! 😉 Thank you again for sharing with so much detail your expertise with our Community! I hope we can keep learning from you moving forward! 

[LauraStein]

Hi @HubDoPete,

Interesting topic! I've tried the quotes feature in HubSpot, but it seems you're pretty limited in terms of design - the position of the logo, adjusting the products columns ... Does the classic template work well for you or are you using your own template? 

Thank you for your answer in advance! 

Laura

[HubDoPete]

Hi @LauraStein thanks for your question!

Yes I agree, the strength and weaknesses of HubSpot Quotes are that you have a few basic designs to choose from so are easy to use, yet limited.

For basic quotes, we find that the native HubSpot Quote tool works great.

Beyond that, we turn to richer features via integrations such as PandaDoc, QWILR and Proposify or other RFP tools.

We have ended up being PandaDoc's biggest partner because it's flexible for a wide range of use cases for layout and automation with HubSpot & other tools.

Plus regular users can create and edit templates and design themes.

Good news... there are custom quote templates coming to HubSpot, currently in Beta.

Here are the Beta Program details: https://developers.hubspot.com/docs/cms/building-blocks/templates/quotes

The new Custom Quote Templates are very similar to creating CMS templates for web pages, with a lot of flexibility. At the same time, Custom Quotes Templates are not something a regular HubSpot user will create. Rather, it is intended that your Website CMS template designer creates your Quote Templates.

We are on the HubSpot Custom Quote Templates Beta but probably won't do a great deal with it when released, only because once we go beyond basic quotes, we need the content library and other features of the specialised proposal platforms, where regular users can also create their templates and designs.

I'm interested to hear if you think the HubSpot Custom Quote Templates currently in Beta will be a good solution for what you need?

cheers

Pete

[EJS]

thank you for this AMA @HubDoPete I've been reading your replies and it's all very interesting! 

Can you talk more about the content library and what it should countain? What are the best practices for that? 

thank you for your time, 

Emmanuel

[HubDoPete]

Hi @EJS thank you I appreciate that. It has been fun hosting an AMA thanks to HubSpot.

The content library is your repository for re-usable modules, ready to insert into a document to:

• Create customer-focused documents where less is more, and you are adding valuable material for only the modules that matter to the recipient.
• Save time by having the up to date, vetted and approved materials for all teams to use.
• Keep content up to date by loving your content library, nurture it with fresh material and keep tabs on which content library items are being used the most.

Content libraries commonly contain product and service agreement sections. For example, a section to drop into a proposal, that details a service relevant for this client.

Better content libraries also contain customer-focus materials, that I call "Hot Packs'

Hot Packs start by knowing all the "Hot Buttons" of why customers come to our company to buy what you do.

A Hot Pack contains items that decisively position your company well, in the ability to hit that hot button, with independent proof that you do.

For example a Hot Pack in the content library for a voice coaching company:

• Hot Button: "More Confidence - Friends & Family"
• What that sounds like: "The ability to sing with confidence in front of my family and friends at any occasion"
• Benefit Statement: "We enable you to grow in confidence, to feel comfortable in your own skin as you take the stage in front of the people you know and love, to delight them with the sound of your voice and to feel uplifted after the experience"
• Features: "Our XYZ method eases you step by step outside your comfort zone, to measurable gain confidence over time"
• Proof: "As a kid, I always hid at the back during family gatherings wishing I was brave enough to sing. Because of the XYZ method, now I watch my family cry when I take them on an emotional joyous journey with my voice and they ask for more. It feels magical, I love it." Sarah Jones, Mother of two, age 38, Boston US.

That is a fictitious example, but it is a Hot Pack for that hot button - to drop into the proposal, when you have learned that a potential voice student mentioned that being confident to sing in front of their family is important to them. Sarah's statement is directly relevant proof. 

The content library has just what you need to drop into a proposal and hit the button.

These are some examples of a good proposal content library. It can include videos, graphics, case studies - anything you need to make a customer-focused proposal.

I hope that helps!

cheers

Pete

[jennysowyrda]

Thank you for starting this conversation, @HubDoPete! I'd love to hear more about what value-based pricing is.

[HubDoPete]

Hi @jennysowyrda that is a great question and "big" question...

Big, because value-pricing is like choosing between the Red Pill versus Blue Pill. in the movie The Matrix.

The scene where Morpheus says he can show just how far the rabbit hole goes...

Value Pricing is a mind shift. Instead of pricing by the hour or pricing as cost-plus-margin deliverables (as many businesses do), it is about creating value and capturing value.

What is value?

Like beauty is in the eye of the beholder, value is in the eye of the customer.

So value-based pricing requires a deep understanding of the true value to the customer of the benefits that you provide.

Benefits can have tangible (measurable) value and also intangible value (more emotionally driven). Value Pricing incorporates both.

Some say that you measure what matters, so what really matters should be measurable.

But...

Usually the opposite is true. How do you value your mother, your child, winning the marathon. Intangibles are usually more impactful and valuable.

Yet we also need sound tangible value, as we often make decisions based on intangibles (emotion) and then justify it to others, and the business, with logical tangible metrics.

I am a member of the Professional Pricing Society, where around 5,000 members tackle this very topic - how to create and capture value.

Reading books is a great way to start. understanding value-based pricing.

Either take the blue pill and remain in the easy to comprehend land of hourly billing and cost-plus-margin deliverables.

Or take the red pill by reading some of the following and see how far down the rabbit hole you go:

Recommended reading on Value-Based Pricing:

• Pricing on Purpose - Ronald J Baker
• Implementing Value Pricing - Ronald J Baker
• The Strategy and Tactics of Pricing by Thomas T. Nagle & Geog Müller

Also consider listening to the "Impact Pricing" Podcast by Mark Stiving, Ph.D.

It's a fascinating topic, also heavily influenced by behavioural economics too.

I hope that helps open a crack in the door on value-based pricing.

I hope that if you choose the red pill, it leads to your valuing what you do, creating even more value, and increasing your profits by learning to measure and capture that value too.

cheers

Pete

[jennysowyrda]

Thank you @HubDoPete! That is fascinating - I have a feel we could chat about this topic for hours and only skim the surface! I appreciate the podcast and book recommendations, too! I'm going to have to pick them up! 🤓

[VanessaR]

Hi Pete,

Do you (Did you help to) integrate HubSpot proposals with ERP systems? If so, which tool would be more compatible with HubSpot in your experience?

[HubDoPete]

Hi Vanessa, Sorry no, I have not integrated HubSpot proposals with ERP systems.

I have been in planning conversations to integrate PandaDoc with ERP, but it usually becomes apparent that the HubSpot Deal should be a single source of truth (SST)

So the focus then shifts to integrating the HubSpot Deal Line Items with the ERP system.

That becomes a custom API build so we redirect the project to those with the skills to map and build the custom integration.

cheers

Pete

[Rubee]

Hi Pete, I appreciate you're having the time to host this event.

All the questions that have been answered make so much sense, I think this is so valuable. I'm wondering how and what can I automate in HubSpot to handle proposals? what strategy would you recommend? 

thank you in advance

[HubDoPete]

Thanks @Rubee !

HubSpot makes it simple to create and send a quote, and you have the ability to add some custom text.

HubSpot is also developing an enhanced version of quotes, with a template like you would use with HubSpot Emails.

That extra flexibility will allow you to send a more extended quote as a proposal. It is still a manual step though, for the sales team to do.

A popular way that we set up proposal automation in situations where it suits very well, such as a private school application, is to:

1. Integrate PandaDoc with HubSpot
2. Create PandaDoc templates to suit each type of customer (I recommend segmenting by customer needs)
3. Use Zapier to trigger when a deal reaches a certain stage, like "Proposal Stage", to automatically create, customise and send a proposal
4. PandaDoc can then handle the automated reminders to the recipient to sign it off before it expires
5. Then when the document is signed and/or paid, have Zapier detect that, update HubSpot and move the deal to the next deal stage
6. At that point, HubSpot automation can take over any next steps for activating that client's service.

We usually create the working system as proof of concept and if it meets the objectives then the system can take care of itself 24x7, which gives you that sweet feeling of "automation Zen" 🙂

I hope that helps!

[Rosita44]

Hi @HubDoPete 

Thank you for hosting this AMA, I think this topic is really interesting. 

What would be the first steps to take into consideration to start with a good proposal? Would you say investing in proposal software will make my team save time? and when would you recommend using quotes? 

Thank you for your time

Rosa

[HubDoPete]

Thanks @Rosita44 I hope some of the tips shared here will help!

First steps for a good proposal:

• I like to challenge each business owner to tell me the top seven reasons their clients decide on them. Many struggle to answer that, so discovering those hot buttons across all existing good-fit clients is a good place to start.
• For your proposal, make sure you are clear on this client's priority hot buttons. Their wants and needs (especially wants) and why they matter.
• Each priority customer hot button that aligns to a differentiated benefit from your organisation, is a potential "discriminator" in your favour.
• Decide on one of more "win themes" that tie your discriminator to their want or need, and weave it cohesively through the proposal.

Investing in proposal software typically does save time. Most companies that we support, report time savings of 5 to 20 hour per month.

By valuing your time, the saving alone might be enough of a payback to give you a strong return on investment for the software.

Other benefits that proposal software users tell me about are professionalism (look the part); ease of getting sign off & payment; and a streamlined sales process.

Proposal software usually includes a content library, which is a perfect repository for drop-in discriminators with benefits, features and independent verifiable proof.

HubSpot quotes are great if the client's decision is made and they just need the price confirmation to place the order. If however, you are supporting the case for a transformation (before vs after) for the client, then a proposal is a stronger framework to present that investment for their transformation.

I hope that helps, let me know how you go!

[dennisedson]

@HubDoPete ,

Can I cheat and ask you to answer all of the questions you offered?  They are really good questions!

And because you have been in the trenches for a very long time, I am curious on

A:  what you consider to be the bedrock components.  The things that don't change with time.

B:  what has changed with time.  I imagine that over the last 20years, there has to have been quite an evolution of what a proposal is, how it is delivered and how it is perceived by the potential customer.

Lasty and unrelated, how are you enjoying the podcast world 😀  I poke around in that area, too. 

[HubDoPete]

Thanks @dennisedson 🙂 

For your A/B questions:

(A) Bedrock Components that do not change:

• Consider the different readers of the proposal.
• The Economic Buyer who has ultimate approval, wants to see outcomes and be assure that the proposer can deliver those outcomes. 
• Outcomes are often not represented very well, as proposals often focus on deliverables. 
• Deliverables are important to those who report to the Economic Buyer.
• So a Bedrock Component is to consider each of those who will read the proposal and to cater to each.

(B) What "has" changed in 20 years: is a reduction in trust, better-informed buyers and an increased need for customer focus.

• Current proposal writers need the sales process to uncover customer hot buttons, so the proposal can address those hot buttons within the "win theme".
• Each hot button is met in the proposal with customer benefits, ideally the value of those benefits, and then differentiated deliverable features which deliver those benefits.
• Boilerplate-text sticks out like a sore thumb because of email spam. Always use boilerplate only as a starting point.
• Things that anybody can claim without validation, like "world-class", are just fluff and are best left out.
• So to address reduced trust, each combination of hot buttons, valuable benefits and deliverable features, is backed up by independently verifiable proof. If there is no proof to back up a claim, then consider leaving it out, or if it is an important hot button consider addressing it another way.

I hope that helps!

Asking all the questions... haha that might take me a while 🙂

Are there one or two example questions that stand out for you, so I can answer in context for you?

cheers

Pete

[dennisedson]

Thanks for the answer!

These 2 questions standout to me (again, they are all good)

What do professional proposal writers do, that others don’t?

When is the right time to submit a proactive proposal?