I wrote a newsletter today about a feature of the RFP (Request for Proposals) process: it’s on the topic of the Open Meeting won’t repeat it here–you can check it out online if it’s a keen topic for you.
Do you have sometimes have to sell by submitting an RFP? And if so, do you have a corporate RFP strategy?
Sometimes we think because the RFP is a written document that the ordinary sales rules don’t apply. Chase them all–see what happens–low risk, low reward.
However, responding to an RFP is a high risk, low reward strategy unless you can establish with certainty that you have a better-than-even probability of winning. The hidden costs of an RFP response are considerable–staff time, research, even copies and overnight shipping fees–yikes! These add up. Not to mention the opportunity cost–what if you had deployed your team in a different direction?
WBE and MBE companies almost always bid for government work through RFPs. That’s why it’s important to create a powerful RFP process at the core of your business development plan. Consider RFP training, invest in a system of business proposal writing, engage a grant writer or fundraising consultant for your next big thing.
Second is the worst place to finish in this game. Why? You paid the most to lose.