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How proposal teams can prepare for 2021

How proposal teams can prepare for 2021

How is technology aiding the request for proposal (RFP) response process? To find out, we surveyed members of the Association […]


Category: Author: Jamie Feigenbaum

Jamie is a Strategist on the Marketing team at RFPIO. She has almost a decade of experience in communication and campaign creation. A native New Yorker before relocating to Portland, Oregon, she is a fast-talking bagel expert who loves solving puzzles. When she's not thinking about the data and insights that will help proposal professionals achieve their goals, she can be found reading mysteries, baking, and performing comedy. Connect with Jamie on LinkedIn.
How proposal teams can prepare for 2021

How proposal teams can prepare for 2021

How is technology aiding the request for proposal (RFP) response process? To find out, we surveyed members of the Association of Proposal Management Professionals (APMP) to gain insight into current and future trends in proposal management processes across 10 industries. The resulting data has been compiled and analyzed for you in the 2021 Benchmark Report: Proposal Management.

The clash of trend and reality

No doubt about it, the events of 2020 greatly influenced B2B sales — and proposal management for many organizations was not immune. In 2021, as we all seek more certainty, the most consistent trend we’ve spotted is that digital transformation in sales, marketing, and proposal management assures generic proposals will never again make the shortlist. Budgets in 2021 will be tight, and each new business purchase will involve increased scrutiny and justification. So how can your proposal be competitive?

For any proposal to have a chance, it has to illustrate how your solution solves the issuer’s specific problem, and it has to speak to proposal reviewers and decision-makers alike. This requires your organization to focus on responding only to the requests that you think you can win. It also helps to have dedicated proposal writers experienced in developing content that appeals to your target audience.

Both of these considerations clash with two trends our research identified: the need to respond to more RFPs in 2021, paired with a resistance to increasing headcount. The research shows that many organizations understand that they need to respond to more RFPs in 2021 in order to play the odds and generate revenue. With RFP opportunities averaging between $1M and $3M (according to RFPIO data), each one has the potential to make a significant impact.

But how can you respond to more requests, while simultaneously focusing only on the requests you have the best shot at winning? RFP technology enables organizations to efficiently invest time in the RFPs they go after, increasing the rate at which organizations can generate proposals. Some RFP softwares, likeRFPIO, even enable data-driven analyses of the characteristics common to all the deals you win, helping you focus your time where you have the greatest possibility of success.

It’s concerning, however, that proposal team headcount is expected to remain at its 2020 status quo throughout 2021. This indicates proposal managers will have to learn to do more with less. It also means that unless you already have proposal writers on staff, you’re less likely to hire any this year. You may want to buck that trend because our research also found that organizations with dedicated proposal professionals lap competitors by 3.5X.

75% of organizations plan to respond to more RFPs in 2021 than 2020. But only 37% plan to increase staff.

Organizations with dedicated proposal professionals submit 3x more RFPs than those without

Survey says: Douse proposals in fresh-baked cookie scents RFP software is an advantage

“With RFP competition predicted to increase, and teams already being challenged to do more with less, keeping proposal team staffing at 2020-levels only adds pressure. Proposal teams will need to invest in technology and automation to scale their responses, enhance efficiency, and maximize output.”

Fewer than half of the respondents to our survey currently use RFP software. This is surprising, considering the fact that those that use RFP software were able to submit 43% more proposals in 2020. Technology is transforming the proposal management landscape, making it easier for organizations to efficiently create their first proposal draft, thus giving them back the time they need to personalize responses to win effectively.

Only 43% of companies use RFP-specific technology today

We also discovered that organizations not using RFP software instead used, on average, nine solutions to compose their RFPs, compared to only five for those with a dedicated RFP tool. One study found that workers estimate switching between apps wastes up to 60 minutes of each day. Yet another asserts that up to 40% of a worker’s productive time is lost while switching between apps, a loss of focus it attributes to “context switching.”

For the sake of productivity, efficiency, personalization, as well as to help keep up with steeper competition for each request, organizations that want to take advantage of more revenue-generating opportunities will need to streamline their technology and automation to be effective in 2021 and beyond.

Check out the full report to learn more about the state of proposal management, including our four recommendations for success in 2021. If you’re one of those organizations trying to keep up without RFP technology, schedule a demo of RFPIO today. If you are already an RFPIO user looking to streamline your tech stack to increase efficiency, fill out this form to schedule time with your Account Manager.

20 stats proposal managers need before making that next big decision (new data)

20 stats proposal managers need before making that next big decision (new data)

The legendary Ted Lasso once said, “Takin’ on a challenge is a lot like riding a horse. If you’re comfortable while you’re doin’ it, you’re probably doin’ it wrong.” Proposal managers can relate, especially staring down the end of a pandemic-induced paradigm shift in collaboration, automation, and workflow.

Digital transformation in response management has replaced proposal managers’ old challenges with new ones. Gone are the days of stalking cubicles of salespeople and subject matter experts (SMEs) to keep a proposal on track, manually completing questionnaires, and storing content in file cabinets or on shared drives. Enter the challenges of working remotely, videoconferencing fatigue, and high expectations for personalized proposal content.

What can you as a proposal manager do to stay on top of a dynamic response management industry? Before you consider your next automation solution, team addition or subtraction, or learning opportunity, make a decision based on some facts. We took the liberty of gathering 20 of them for you here.

RFP project management

  • “Only 43% of respondents report using RFP-specific technology today.” Organizations not using RFP-specific technology rely more on email, spreadsheets, content storage, and e-signature tools” – 2021 Benchmark Report: Proposal Management
  • “57% of proposal managers said their primary goal is to improve the proposal management process over time.” – 2019 RFPIO Responder Survey
  • “44% of project managers use no software, even though PWC found that the use of commercially available PM software increases performance and satisfaction.” – PricewaterhouseCoopers
  • “75% of senior executives said investing in technology to better enable project success was a high priority in their organization.” – Project Management Institute

As we see it, the trend for proposal teams is to break even on headcount while relying on automation and collaboration to increase productivity. Doing more with less is nothing new to proposal managers, and RFP software can help accelerate response time, centralize content management, and unify collaboration. In one case, it helped to triple RFP volume and reduce turnaround time by 40%.

RFP project collaboration

  • “Distribution of collaborative work is often extremely lopsided. In most cases, 20% to 35% of value-added collaborations come from only 3% to 5% of employees.” – Harvard Business Review
  • “78% of survey respondents expect the amount of remote work to increase post-pandemic from its pre-pandemic levels.” – Verizon
  • “Organizations with dedicated proposal professionals submitted 3.5X more responses in 2020.” – Salesforce
  • “Today’s average proposal management team consists of: 1 person (6%), 2-5 people (33%), 6-10 people (24%), 11-20 people (16.5%), 21-50 people (12%), more than 50 people (8.5%).” – APMP

The way we work is changed forever. Whether you’re back in an office or embedded as a remote worker, you’ll be designating responsibilities that team members can accomplish onsite, on the road, or at home. We’ve all grown more familiar with remote work tools and have our respective cheers (e.g., accessibility) and jeers (e.g., too accessible). The upside is that your team will be able to adapt quickly to RFPIO’s @-mentioning functionality and its integrations with Slack, Salesforce, and more.

RFP response knowledge sharing

  • “The latest edition of Deloitte’s Global Human Capital Trends study ranks ‘knowledge management’ as one of the top three issues influencing company success, yet only 9 percent of surveyed organizations feel ready to address it.” – Deloitte
  • “40% of survey responders use RFPIO to manage company knowledge.” – 2019 RFPIO Responder Survey
  • “44% of employees are ‘poor or very poor’ at transferring knowledge.” – Ernst & Young
  • “Workers spend nearly 20% of their time looking for internal information or tracking down colleagues who can help with specific tasks.” – Mckinsey Global Institute

Whether the proposal is being proactively generated by sales to get their foot in the door or reactively created for an RFP, you want the brand, expectation-setting, and peace-of-mind benefits of knowledge sharing from the RFPIO Answer Library. Make this dynamic warehouse of Q&A pairs and content available to everyone in the organization through our unlimited license model. Even as a small team, you can respond to multiple RFPs simultaneously, scaling with the personalization necessary to merit serious consideration.

RFP content management

  • “Companies with a designated RFP solution are 32% more likely to have strong content moderation procedures in place, with 90% reporting this being a priority for them.” – 2021 Benchmark Report: Proposal Management
  • “The most frequently cited typical approach taken by content creators in their business (43%) was project-focused – content is created in response to internal requests.” – Content Marketing Institute
  • “If searching is difficult and the results are not highly valued, workers lose trust in the knowledge systems. This, in turn, makes them less willing to share personal knowledge in those systems, which reduces the quality of the content.” – Deloitte
  • “50% of proposal managers said keeping response content up-to-date and accurate is their biggest challenge.” – 2019 RFPIO Responder Survey

Second only to win rate, content carries the most weight when judging whether a proposal manager is a hero or a villain. How it’s created, maintained, stored, and accessed has a direct or indirect impact on almost everyone in the organization. Sales wants accurate, innovative content yesterday. Support wants content that accurately reflects service level agreements. Marketing wants content to be on-brand.

If you’re using RFP software, then you’ve gone to great lengths to curate the content library used to automatically populate proposals. Why not make that content available to the whole organization? With RFPIO Lookup, you can add a portal into your RFPIO Answer Library from everywhere your users work.

82% of our customers said managing response content all in one place is the primary way RFPIO helps them achieve success. Global organizations can take further advantage of separate content collections relevant to their region, which is especially beneficial for multilingual content.

RFP response efficiency

  • “On average, organizations with a designated RFP technology submit 306 proposals a year, while those without submit only 210 — a difference of nearly 43%.” – 2021 Benchmark Report: Proposal Management
  • “86% of salespeople are looking for opportunities to shorten the sales cycle to close more deals. 79% of marketers are focused on using automated technology to execute more with less resource strain. 65% of subject matter experts aspire to increase efficiency through better processes.” – 2019 RFPIO Responder Survey
  • “85% of proposal managers work over 40 hours a week, with 11% working over 50.” – APMP
  • “Solutions based on natural language processing/generation and robotic process automation can help reduce the time it takes to draft requests for proposals (RFPs) by up to two-thirds and eliminate human error.”- McKinsey & Company

Efficiency is the numero uno KPI for RFP software. The benefit you realize depends on how you re-invest time saved through efficiencies achieved by state-of-the-art automation, knowledge management, and collaboration capabilities. For example, Lauren Daitz, Senior Manager of the Proposal Department at HALO Recognition, said about RFPIO, “We’re up 25% over our average volume for the last six years and our staffing is down 50% at the same time. And we were still able to deliver every RFP on time or early and with 100% accuracy.”

Proposal managers can never be satisfied with the status quo. Always look for new opportunities for learning and growth. As competition increases and digital transformation continues, it’s either move forward or fall behind.

Like Ted Lasso says, the happiest animal in the world is a goldfish because it only has a 10-second memory. Be a goldfish. His wit and wisdom know no bounds.

If you’re ready to learn how RFPIO can help make you a more effective proposal manager, schedule a demo today.

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