A company that is serious about building its customer base is always looking for new ways to attract customers. Advertising in the Yellow Pages, promoting your own website and blog, ads in community newspapers are all part of the marketing mix. However, if getting business is largely dependent on submitting and winning business proposals or project proposals, here is something you may want to consider; Present a speculative proposal to a client, or as it is also known, a concept document.

You have not been asked to respond to a request for proposal. This is purely speculative. So what exactly is it? What you have done is search and discover a need. For example, you may have completed a project and recognized an additional job opportunity that would benefit the client. Or you could have a process that would help cities repair the soil of industrial sites more effectively, save them money, and restore the site to tax-paying productivity. If you think this type of marketing has potential, look for the needs that your business could meet for local businesses and the government. And in your network, ask about any problem or problem that a CEO wants to solve.

The best avenue for speculative proposals is with existing clients, those who know their work and respect their capabilities. You can also come by referral. For example, we knew of a hospital that was considering the development of a new functional plan. They knew that we had already finished one for a hospital in another community. We simply prepare a short proposal, describing our services and experience, and how we value the work. They came back and asked for a full proposal and we got the job.

If you are thinking of developing a speculative proposal or concept paper to market your business, here are four things to keep in mind:

Can you discover a viable need?

Your business may not readily lend itself to this practice. Think about it with your team. It may be easier and more profitable to continue your current marketing.

Can you afford the time and costs?

Preparing even the simplest speculative proposals requires an investment of time and money. Is it a productive way to use your people?

Don’t develop a full proposal

It’s tempting to get carried away with your efforts, especially if a client has shown great interest in what you’re proposing. Unless you have some formal agreement with the client, don’t commit to providing more than a brief summary of the proposal with suggested costs and timelines.

Your current and continuous work schedule

If you already have enough work and the ongoing portfolio is filling up, be very careful when dedicating resources to a speculative proposal unless you have the time and resources available, or are fairly certain that it is an opportunity not to be missed.

Speculative proposals or concept papers can be go-to-market for entrepreneurs and small or home-based businesses, especially when they are starting up. Yes, they are an investment, especially of time, but the payoff may be worth it. It can also be a way for an existing business to prove its interest in a new product or service. If you are considering using a speculative proposal or concept paper as a marketing tool for your business, the suggestions in this article might be helpful.