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The tutorial highlights the significance of crafting an effective cover letter as the first step in creating a great proposal. Many people neglect this component, but it is crucial for capturing the client's attention and encouraging them to engage with the proposal. Given that clients often receive multiple proposals simultaneously, the cover letter should be enticing, similar to a landing page, to prompt further reading. The speaker emphasizes starting the cover letter by acknowledging the client's problems and requirements, laying the groundwork for a successful proposal that can lead to higher close rates, as evidenced by their experience with major clients.