Responding to RFPs: What's keeping you from getting started?
With huge revenue potential, RFPs can be a very appealing option for many businesses. You search for the perfect RFPs, save the due dates, and add them to your to-do list to get started.
And before you know it, the due date passes with no proposal submitted.
If this has happened to you, don’t worry. RFPs can be overwhelming and challenging to complete. While they sound great in theory, in practice it takes a lot of energy to actually respond to the RFP (and even more to win!).
Below are some of the most common challenges companies face that make getting started with RFPs difficult.
Challenge 1: No Time to Hit Deadlines
This first one is a big challenge for most companies. Unless you’re responding to RFPs all the time and have a dedicated team, you likely have to squeeze in RFP work between the rest of your responsibilities.
If that’s the case, then there is one strategy that can help: prioritization.
Instead of responding to every RFP that comes your way (or planning to respond to every one), create some sort of criteria to easily determine if it’s an opportunity worth pausing the rest of the items on your to-do list. Factors I watch for include: relationship with the customer, fit of solution, references, example projects, and so on. Once you have this type of evaluation in place, you can more confidently turn down RFPs earlier and devote more time to the ones that are a good fit.
Another option if you’re short on time is to streamline your process. You might be able to delegate or outsource tasks such as design, outlines, and first drafts, which will allow you to focus on incorporating the win strategy. If delegation isn’t an option, work to build up your content library and make your template easier to use.
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Challenge 2: Not Sure What is “Right”
RFPs combine detailed instructions with legal language making them confusing and difficult to navigate documents.
Unfortunately, often the best way through this challenge is experience. The more RFPs you see, the more you’ll know how to handle different situations.
In general, the “right” way to respond to RFPs is to follow the instructions. They tend to tell you exactly how to lay out your proposal and how they will evaluate the content. However, there are some details to watch for when you review RFPs that can give you insight into how you should change your approach. If you’re new to RFPs, some sort of training tends to be the best option to make sure you don’t waste time on opportunities that aren’t a good fit.
As you work on more RFPs, you can start to focus on creating a winning strategy and use different stages in the RFP to increase your chances of winning.
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Challenge 3: Lost Too Many in the Past
If you’ve lost a lot of RFPs in the past, then when you see an RFP you might think “Why bother?”
The unfortunate truth of RFPs is that most companies have low win rates. Your win rate is tied to your response strategy, so if you want a higher win rate, it’s often best to stop responding to RFPs where you don’t have a relationship with the customer or a very clear win strategy.
Win rates are fluid and a tricky topic, but if you’re not happy with your win rate, go back to the beginning and review your win strategy for a few of the proposals you thought you would win. Compare that strategy with the company who won, and try to talk to the buyer to learn more about their impression based on your proposal. This can help you to identify areas where you might need to improve.
Two proven ways to improve your win rate are to prioritize opportunities you are likely to win and spend more time incorporating a solid win strategy into your proposal.
Read our blog about 2 writing techniques that persuade buyers.
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Challenge 4: No References
Many RFPs require references from past clients as part of the proposal. If you don’t have any references in that industry or that align with their criteria, it makes responding to RFPs harder.
How can you enter a new industry if they require references first? It can seem like a catch-22, but there are options.
One popular option is to first subcontract with another company who has the experience. In some cases, your company would be the subcontractor and in others you might be able to subcontract to someone else and use their references (depending on the RFP). This is a great way to get those contracts and gain more references.
Another option is to take on smaller projects in this area that don’t require an RFP. For example, if you sell marketing services and are trying to get into government contracts, you might first work on a small campaign for your local government to use that as a reference to win more work from other municipalities.
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Challenge 5: Not a Writer
If you’re not a writer by trade and find yourself responsible for responding to RFPs, you can start to feel your writing isn’t quite up to the task.
If that’s the case, don’t worry! Writing is something you can learn, and the more you work at it, the more you’ll improve.
The first step you can take is to develop a good content library when you’re not on deadline. You can then use this content as a starting point and know that it’s good.
Another option is to find ways to improve your skills. Trainings, books, journaling, and similar avenues can help you to grow as a writer.
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