If your business caters to other companies in the same or different industries, you will likely respond to RFPs from time to time. Companies looking for products or services from other businesses publish RFPs. Businesses wishing to deliver the required products or services must respond to their RFP to offer them a proposal. How you respond to an RFP makes a big difference between attracting new businesses and missing golden opportunities. That is why many companies use Qvidian RFP content management software to create impressive RFP responses.
Before you respond to an RFP for services, here are a few things you must consider to maximize chances.
Understanding the RFP Process
RFP is a document where the customer lays out all their specific questions and needs related to the project. They send this RFP to several competitive bidders, which they shortlist based on their RFP responses. Then the finalists create and submit their final proposals, and the client selects the best bidder to do business with. Depending on the project’s complexity and size, the RFP process may take several weeks to months.
Creating a Thoughtful, Well-Written RFP Response
A well-written RFP response often consists of your company information, your USPs, your thoughts on the project, and how you qualify for it. Answer any customer-specific questions in the RFP response, quote a price, and include references from your happy clients. The RFP response you create should be visually appealing, consisting of graphics and images rather than plain text. Use a language that shows you understood your customer’s business and customized response for the project needs.
Handling Tight Deadlines and Last-Minute Requests
Sometimes, RFPs may arrive with tight submission deadlines. Pulling together an impressive RFP response is challenging in such a short period. For this reason, Qvidian RFP facilitates standard materials that you can quickly customize to create that specific proposal. The content management program prepares you for such last-minute responses without any distractions.
Quoting Bundled Pricing
Instead of mentioning pricing for each item or service line by line, consider quoting aggregate pricing for the project as a whole. The more details you provide, the more lines the customer finds to negotiate the price. Quoting bundled pricing makes it harder for the customers to understand your project’s net margin and find loopholes for negotiation.
Besides that, do not quote the lowest price in the RFP response. If the customer shortlists your RFP response, they will try to bring down the price as far as they can. Quoting a higher price and then reducing it after negotiation will project the client as a winner and still give you the profit you expected.
Retaining Secrets
While trying to pose yourself better than your competitors, avoid disclosing all your secret sauces in the RFP response. There are high chances that the client will ask other bidders if they can provide the same service you are offering at a lower rate. There are two disadvantages of disclosing your secrets in the RFP response: first, your competitors get to know your recipe, and second, they become ready to offer the same service at a reduced rate to beat you.
Leveraging the Q&A Process
Q&A is the process in which you protect your business and leave your competitors behind. Most importantly, don’t ask any questions, the answers of which may reveal your secrets. Since the client will most probably share your questions and answer with other bidders, you must keep them retained until you are finalized. Highlight areas where you outshine your competitors and excel.
Using Back Channels
Don’t try to promote or push yourself during the RFP process while the customer is busy receiving and evaluating RFP responses and shortlisting candidates. However, you need intelligence to make an impression. Take the help of experts who know the process well and guide you through the response system.
Creating an RFP response is critical to achieving success and attracting businesses. Take time to understand these crucial things and handle the RFP response process like a pro. Use the Qvidian RFP content management system to create an impressive RFP response and tailor your proposal to meet your customers’ demands. By helping you avoid any potential problem areas, it keeps you on your way to build business with new customers and boost bottom line.
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