Retention Proposals Are Repeat Business
Proposal writers are encouraged to keep
chasing new business instead of concentrating on the contracts they
have.
The argument is that by spreading your net, you're increasing the chance
of landing new contracts and increasing revenues.
But it doesn’t factor in hidden costs.
Such as writing the Business Proposals, getting the feedback, making
presentations, and other Request For Proposal related tasks.
An alternative strategy is to ‘tighten’ the relationship with
existing clients and see where and how you can serve them better.
This is where retention proposals pay dividends.
How To Write Retention Proposals
Retention Proposals are when you bid (i.e.
submit a Business Proposal) on an existing contract.
Unlike the first bid you submitted, your client already knows about
your company, the key people and your costs.
So, the Retention Proposals needs to be written from a different
perspective.
Think of this document as a ‘request’ to extend your contract.
And to do that successfully, you need to show:
-
Value - Demonstrate where you’ve
added value in the course of the contract. This could be offering advice
or sharing resources beyond what was expected of you.
-
Performance – print out the Service
Level Agreement and show how you’ve met the criteria in the SLA, e.g.
response time, and where you’ve excelled in your performance.
-
Guarantees – if you’ve committed to
specific targets, show where you’ve met these. If appropriate quote
communications that complimented your team’s dedication.
Remember, the Business Proposal evaluation
team may not be familiar with the good work you’ve done. Remind them of
this by showing where you’ve worked well with their team and how well
you understand their requirements.
Conclusion
Instead of chasing new business leads,
look at ways to extend and renew your current projects.
This allows you to concentrate on servicing
your best clients, increasing your cashflow, and being more selective
with future clients.
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