Should Proposals Expire?

Today’s question: Is it a good idea to put an expiration date on your proposals? Yes, I believe so. Let’s go through the steps first and then the logic.

The Steps

(1.) Before you submit your proposal, ask your prospective client the following questions: How long will they need once they receive it to decide to move forward or not? Who will be reading it and what steps will they go through once everyone has read it? Is doing nothing one of your options?

(2.) Paraphrase what they just told you in order to confirm the information conveyed.

(3.) Let them know the date they can expect to receive the proposal and what will be in it (not the details, just the main categories) including how long the proposal will be good for (i.e. the expiration date). Ask if you haven’t heard back from them by their decision date if it would be okay to contact them. Be sure to let them know you won’t be pestering them as they read through the proposal and decide but that you also welcome any questions they have. Finally, let them know you’ll add a couple of days onto the date because in real life, things do come up.

(4.) Create your proposal and add an expiration date to it. Pad the amount of time you give them. For example, if they said they needed 2 weeks after receiving your proposal, set the expiration date for 3 weeks. If they said they need one week, add an extra 3 days. (These times may vary. It’s up to you.)

The Logic

By going through these steps, you’ll learn more about their decision process and you’re setting expectations for the proposal to come. Plus, you’re letting them know you’re not going to be a pest. Prospects hate it when you hound them at decision time. But you’re also letting them know it’s okay if they’re a pest - you’ll be happy to answer any and all questions.

It’s a fair trade - They let you know when they’ve decided and we agree not to pester. They don’t get back to us in a timely way and we get to contact you.

The Real Benefit

The reason you pad the date is not just to look magnanimous. It gives you a legitimate reason to call between the decision date and expiration date. You can even ask them if they’d like you to extend the expiration date on the proposal. If they say yes, you can get a reading on why the hold up. You can ask them what steps they’ve gone through so far and what steps still need to do. You can ask them if they’ve eliminated any vendors yet and why. So many possible questions.

And that’s why you put an expiration date on your proposals. It makes for better follow-up.

Have a great week!

Bob

P.S. This is one of more than 150 (and growing) situational strategies available to you as a founding member of WTDN. Like to know what some of the other strategies are? Go here https://www.labarberagroupuniversity.com/what-to-do-next-situations to find out more.