Proposal software can make a big difference in your business by saving time, boosting productivity, and helping you win more deals. But how do you know if it’s working?
To measure its success, you need to track some important metrics, which show you if the proposal & engagement letter software is refining your proposal process and getting you better results. Let’s break down the key metrics you should watch.
1. Proposal Win Rate
The most obvious way to measure success is by tracking your win rate. This tells you how many of your proposals get accepted relative to the total number you send out. If your win rate increases after using proposal software, that’s a good sign it’s helping you craft stronger proposals.
To calculate your win rate, use this formula:
Win Rate (%) = (Proposals Accepted / Total Proposals Sent) x 100
A higher win rate means the software is likely helping you present your ideas more clearly and meet client needs.
2. Proposal Cycle Time
Next, consider proposal cycle time—how long it takes to create and submit a proposal. If your proposal software speeds this up, it’s a clear win. Measure the time from the moment you start a proposal to when you send it to the client.
Shorter cycle times mean you’re getting proposals out faster, which boosts the chances of closing deals. If the software helps speed this up, it’s working.
3. Client Engagement
Client engagement is all about how much your clients interact with your proposals. Modern proposal software tracks when clients open your proposal, how much time they spend on each section and whether they leave comments or ask for changes.
More engagement usually means your proposal is hitting the mark. The more a client interacts with the document, the more likely they are to be interested in your offer. Tracking these interactions helps you understand where your proposal stands and how to follow up.
4. Proposal Approval Time
Proposal approval time measures how quickly your clients approve your proposals once they’ve received them. If you use e-signature features in your proposal software, this becomes even easier to track. A shorter approval time means your proposal is clear and convincing, leading to quicker decisions from the client.
Faster approval means your software is helping your clients move through the decision-making process smoothly.
5. Proposal Customisation Efficiency
One of the great benefits of proposal software is the ability to use templates and automate customisations. Proposal customisation efficiency measures how much time you save by using these templates to personalise proposals for different clients.
You can track how long it takes to customise proposals before and after using the software. If the software helps you do this faster, it’s making your team more efficient.
6. Cost of Proposal Creation
The cost of proposal creation looks at how much time and resources are spent on creating each proposal. Proposal software that automates tasks like document formatting, pricing, and editing can lower the overall cost.
If you track this cost before and after using the software, a reduction shows the software is saving your team time and money.
7. Proposal Quality Feedback
Client feedback is another important metric. Are clients finding your proposals clearer, more professional, and easier to understand? You can collect feedback from clients or through surveys.
If clients frequently comment that your proposals are more polished after using the software, that’s a strong sign it’s raising the quality of your work.
8. Software Adoption Rate
Last, track how quickly your team adopts the proposal software. If your team is actively using the software and engaging with its features, it’s a sign that it’s making a positive impact. If adoption is low, it might mean the software isn’t easy to use or isn’t meeting your team’s needs.
