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Win more bids by scaling your response management process – part 2

Win more bids by scaling your response management process – part 2

Selling & Enablement

In part 1, we discussed the best practices to scale your response management process from your end. This week we […]

Category: Selling & Enablement

Win more bids by scaling your response management process – part 2

Win more bids by scaling your response management process – part 2

Selling & Enablement

In part 1, we discussed the best practices to scale your response management process from your end. This week we will look at how RFPIO’s toolbox can help you standardize your operations, improve communication, and trim response time, so your team can spend more time driving revenue. 

The RFPIO features that can help manage your response time

The RFPIO platform includes several features to help with your bid/no-bid decision-making. 

Intake

We designed the intake feature to help teams submit their project requests as intakes to the proposal team. The intake submits project requests to the designated user(s), who will approve or reject them. In addition, you can create an intake form with custom fields that will help you decide whether or not to pursue a project.

CRM integration

Another way to increase transparency and automate processes around the bid/no-bid decision is through one of our CRM integrations. For example, if sales is tracking information used in a bid decision, you can pull those fields into RFPIO. Your sales team will only ever have to enter the information once. Some of RFPIO’s CRM integrations even allow teams to fill out the intake form without ever leaving the CRM.

Reporting/custom fields

Lastly, you can use custom reporting on any fields you create in the intake form to analyze your win/loss rates and how they may be affected by certain factors in the opportunities you choose to pursue. This enables your team to evaluate your strategy and determine if you use your resources wisely when responding to RFPs.

What is your proposal management process?

You’ve decided which RFPs are worthy of responses. The next step in auditing your RFP process is evaluating how you’re managing the proposals. 

Are you having kickoff meetings?

A kickoff meeting is one of the most critical parts of the response process. At the end of a successful kickoff meeting, each team member will leave armed with clear roles and responsibilities – all designed with one clear goal, winning the bid! 

  • Are roles and responsibilities crystal clear? – Following a kickoff meeting, each team member should have an action plan. Follow up in your project management software.
  • Do you have a specific schedule? – Create hard deadlines for each team member and each response phase. 

Are you following the proposal’s progress?

Proposal managers should perform daily progress evaluations to ensure that they can address issues and lags before causing delays or inaccuracies.

How are you managing your team?

Proposal response has a lot of moving pieces. A proposal manager’s role is to follow those pieces, even if the responsibilities are outside the team’s immediate control. For example:

  • How are you tracking and managing tasks outside of the RFPIO platform?
  • How are subcontractors managed? 
  • How do your teams juggle multiple proposals?
  • Is there a shared calendar?

Task templates

How many of you have several tasks for every project? And how many of those tasks have nothing to do with the work in RFPIO? I’m referring to things like responding to an intent to bid or prepping shipping labels. Task templates can help you track those tasks automatically. Suppose you’re the manager of a team of proposal managers. In that case, you can even automate the tracking of tasks or stages across a shared calendar for a team, giving you better insight into the team’s workload on a given date or week. 

These are great ways to automate task creation. You can create a template for standard tasks under your organization settings and have it appear in each project upon creation. If there are tasks that you track as a team in a shared calendar, you can create a user in RFPIO that is assigned to these tasks automatically when you set them up in your organization settings. You can then sync that user’s calendar to a shared calendar in Outlook or Google to see all tasks across your team.

Clarifications 

Clarifications, often overlooked, is a great tool to help you compile any questions that you and your team need to send back to the issuer of your project. Then, you can export the questions, send them to the issuer, and import the responses back into the system.

Calendars 

RFPIO’s calendar view provides at-a-glance project management for you and your team.

Integrations 

Adding on our integrations for Teams or Slack can help increase transparency. I’ve also known clients to take advantage of our API integrations in their project management tools.

Discussions tab/comments

The discussions tab in the project is a great way to not get behind on potential issues. From this tab, you can quickly sort through open comments within the task. When managing multiple projects at a time, I made it a habit to open the discussions tab of each project every day to help reassign questions and resolve issues as they appeared.

Content Library

RFPIO’s Content Library uses AI to intuitively auto-populate and answer all of the most common and not-so-common questions. In addition, the Content Library offers several filtering tools, options, rules, and tags to help ensure that you’ll receive the most appropriate answer, even with simple one or two-keyword searches. Furthermore, your AI-driven library will update as you input data. 

Look inside your content management lifecycle

When did you last audit your content?

I’m going to let you all in on a bit of a secret. Every time I perform an audit of a customer’s Content Library, I start with the Content Library Insights Report.

This report is also available for any filters you apply in the Content Library. So, for example, if you have an Archive collection set up, you can filter it out and look at the Insights report without skewing your data. 

You can also use RFPIO to create an internal knowledge base, perfect for training new hires. Here at RFPIO, all of our sales enablement content and sessions are easily accessible from our company-wide instance of RFPIO. It’s easy for me to remember a session from a month ago, and I can simply use the search to find a Q&A pair that directs me to the video.

Other customers have found increased collaboration between their proposal team and their marketing and security teams but are saving the most recent versions of client-facing documents in the Content Library. Using RFPIO as an internal knowledge base and a single source of truth also provides a level of self-service to your organization that can boost morale.

Lastly, especially for small companies and startups, using RFPIO to track crucial information related to delivery can help create an excellent database for client references in the future.

Are your Q&A pairs going unused?

RFPIO’s Q&A pairs is one of the most exciting features on the platform. Users can upload any type of document and customize it to suit their needs. In addition, you can edit and store content in almost 20 languages. In other words, the majority of what you need to respond to an RFP is right there, at your fingertips, and best of all, RFPIO is consistently learning.

How often do you manually respond to RFPs?

Sometimes, old habits die hard. Perhaps response managers feel they need to manually respond to justify their worth. RFPIO doesn’t want anyone to lose their job; we want to help them be more productive and respond to the RFPs they might not have had time for before automation.

How often do you automatically respond to RFPs?

RFPIO makes the RFP response process easy through near-total automation. Sure, some questions require at least partially manual responses to push the RFP over the finish line, but RFPIO will take you as much as 80 percent of the way toward full automation. 

If you aren’t automatically responding to every RFP that is worth a bid, we would love to hear from you and see how RFPIO will make the response process faster, less expensive, and, dare I say, enjoyable. 

How do you utilize your Content Library?

I’ll bet you that you’ve answered most questions on each RFP multiple times – perhaps for other customers. Utilize the Content Library to let RFPIO take care of the redundant and tedious aspects of response management. 

Is your Content Library content relevant and up to date?

Perhaps the most common feedback we get, especially from companies that aren’t fully utilizing RFPIO, is that they’re hesitant to use the Content Library because they haven’t audited it. Hence, their content isn’t up to date. I get that. It seems daunting to audit and update answers, but it’s not, and you can’t beat the long-term benefits.

Here at RFPIO, we refer to auditing the Content Library as getting rid of the ROT (redundant, outdated, or trivial content). Here is a simple guideline to take you through the process. 

I get it if you’re worried about deleting information you’ll need one day. Who hasn’t thrown something away in a fit of cleaning, only to need it the next day? Instead of deleting that information, you can warehouse it in case you might need it again in the future.

Are you utilizing your subject matter experts?

Subject Matter Experts (SME), which we sometimes pronounce “smee,” are, as the name implies, experts in proposals, sales, marketing, etc. Your SMEs might be experts on your organization or in their fields in general. They’re the people you turn to when you don’t know how to answer a particular question.

Do you have a moderation process?

Do you have a moderation process? Is the moderation process documented? When was the last time you checked the moderation’s organization settings? Does the content have owners and review cycles? How do you ensure your library is free of redundant, outdated, and trivial content?

The RFPIO features that help keep your content organized and current

Content Library Insights Report

Here’s a tip: Every time I perform an audit of a customer’s Content Library, I start with the Content Library Insights Report.

This report is also available for any filters you apply in the Content Library. So, for example, if you have an Archive collection set up, you can filter it out and look at the Insights report without skewing your data. 

This report is an excellent way to see what can be easily archived: Q&A pairs that you don’t use or pairs with a star rating of less than 3. This report can also help see if Owners are becoming inundated with reviews. Maybe you can reassign Q&A pairs to another SME.

I recommend customers look at the Content Library Insights Report and the Executive Dashboard routinely. Use them both to guide your content strategy and look for improvements.

Additionally, you may want to evaluate where you can use merge tags more. While a lot of our customers are familiar with the use of merge tags to replace a client or a company name in a proposal, did you know you can use merge tags for content that gets updated frequently? For example, track the number of employees in your organization or clients who use a specific product version. Updating that number once in the organization settings will reflect wherever the merge tag is used in your library and carry over into the project.

Lastly, many of our customers add on custom reporting to help guide their strategy. It allows for more in-depth reporting of custom fields and usage. I have seen customers use this feature to determine areas where they may need more content developed in their library.

Executive Dashboard

You never want to leave your response management team guessing. The Executive Dashboard provides your team insights at-a-glance. The dashboard tracks the lifecycle of your RFP from the time it’s received until it’s archived.

The Executive Dashboard lets users create reports, such as RFP viability, based on similar bids from the past. In addition, managers can pull win/loss analysis, average completion time, and identify the top contributors. 

If this blog post inspired you and you want to dive deeper into your workflow or content management strategy, RFPIO’s Professional Services Team can help! As an RFPIO customer, you can purchase bundles of Professional Services hours for specific projects and initiatives. You’ll work alongside a Professional Services consultant like myself for the entirety of your engagement. Reach out to your customer success manager or account manager, and they’ll connect you with a member of my team who can scope your project.

 

Win more bids by scaling your response management process – part 1

Win more bids by scaling your response management process – part 1

Selling & Enablement

You have probably heard the expression that you can’t win if you don’t play. The business equivalent of not playing is failing to respond to an RFP. You might ask what that has to do with you and your response management team. After all, your team responds to every RFP that comes their way, right?

Playing to win requires more than filling in the blanks, however. It requires updated and defined RFP response processes to maximize efficiency and accuracy while saving time and company resources – all with the ultimate goal of winning the bid!

This article will discuss the revenue-driving and resource-saving Association for Proposal Management Professional (APMP) best practices for updating and defining your organization’s response management process.

End-to-end processes help future-proof your RFP response flow.

Organizations that consistently follow a defined business development process win more business and use fewer investment resources. ~ Association of Proposal Management Professionals  

If your company is anything like ours, and I’m sure it is, you have dozens, if not hundreds, of distinct personalities and work styles. You also have attrition, onboarding, PTO, etc. Yet surprisingly, you rarely devolve into chaos.

Why is that? It’s because you’ve established defined processes. So if, for example, a client calls with questions for their customer service rep who’s out of the office, your CRM will arm everyone else in the department with the information they need to answer the questions. 

CRMs are great at helping define processes, and so is RFPIO.

Do you have a defined response management process?

If you won the lottery today, would someone be able to pick up your job tomorrow? How fast will it take your replacement to ramp up?

According to the APMP, every organization should design its own end-to-end process suited to its organization and customers.

Sure, we’d all like to feel indispensable, but if we are the exclusive key holders to critical processes, we’re doing a huge disservice to our companies. I would even argue that the best employees, at least those whose values align with their organizations, are transparent about their work processes. 

In turn, the best-run organizations have processes to ensure that when an RFP manager takes a day or week off, or even leaves, it won’t derail responses. 

If you have a defined process, have you recently reevaluated your processes?

If there’s one thing you can count on, it’s change. Just a little over two years ago, remote work was relatively rare. Then, everything suddenly turned upside down, and we all needed to adapt. 

Guess what? We did, at least for the most part, and the world didn’t implode. I don’t think it’s a giant leap to say that defined processes kept the economy humming, despite unforeseen challenges. Defined processes certainly helped keep RFPIO thriving, but only because we regularly reevaluate them.

In the software industry, especially in SaaS, things change quickly. At RFPIO, we have to be agile. As our customers’ needs change, so must we. When the market or regulatory environment changes, we have to adapt. That’s why we have new releases almost monthly. 

**It only takes about 15 minutes each month to learn about the new features.**

Of course, defining your processes requires more than updating software. Do you regularly interact with your subject matter experts? Do you ask them for feedback on your Content Library? If you don’t, your subject matter experts may be frustrated, but they may start to feel heard by opening the door to collaboration. Also, they’re a potential wealth of ideas. 

After speaking with the experts, bring your Customer Success Manager into the fold. Ask them about the challenges they have run across. They might have solutions that they’ve previously been reluctant to mention.

How to identify a response management black hole

In an ideal world, we’d have months to respond to each RFP. But, unfortunately, that’s rare. Often, we have two weeks or less. I’ve even seen two days! But, thankfully, that’s also rare. 

How often does this scenario happen: The RFP landed in your inbox just days before it was due, but you saw that it was issued weeks earlier! 

Obviously, two days is an extreme example. A more common scenario might look something like this: The RFP was issued two months ago. It sat somewhere, untouched, for weeks. Then, just as you were confident you were on track for all your deadlines, the RFP lands on your lap, and it’s due by the end of the week. 

The fact is, you can’t win them all. So when buried under an avalanche of response deadlines, many companies choose to triage, or employ the bid/no-bid strategy, where you bid the RFPs with the higher win rates and let the less viable opportunities go. 

But what if the RFP that sat in the pipeline for weeks has a high win rate? What happened to the RFP during those weeks? Where is that black hole, and how can you plug it? Let’s see if we can help you identify the problem(s) and help you create a bid/no-bid strategy with this attached downloadable worksheet.

In the second of our two-part series, we’ll explore the tools RFPIO provides to help scale your response management process and, of course, win those bids!

In the meantime, let us know if you’d like to learn more about RFPIO and how we can help you scale your response management process.

The proposal manager’s success guide for stronger RFPs

The proposal manager’s success guide for stronger RFPs

Selling & Enablement

You are the glue holding everything together for a critically important process. Winning an RFP means winning new business. It’s that simple. What isn’t simple is how you get to that win.

Responding to RFPs isn’t always a high priority for other teams at your organization. Your email gets ignored. The deadline is missed. Shinier work wins their attention over an RFP most of the time. But, for you, proposal manager? RFP response makes up a significant (too significant, sometimes?) part of your world.

Rest easy, hard-working proposal manager. A hyper-efficient response management process is now absolutely possible with the right technology. Best-in-class organizations know this already and they are choosing proposal management tools like RFP software to support their efforts.

By the time you’ve finished reading this post, you’ll understand that:

  1. A manual approach to RFP response used to be the inefficient norm
  2. AI-enabled technology is making the proposal management role more important that ever across organizations
  3. Proposal managers find the support they need in RFP software
  4. Each RFP project’s import and export is a time-savings opportunity
  5. Better RFP project management is possible with the right tools
  6. Knowledge sharing makes your organization more successful
  7. You have the power to lead a stronger RFP response process

proposal manager role

Source: APMP U.S. Compensation Report

What does a proposal manager do?

If you’re like most of the proposal managers I know, you have days when the more appropriate question is, “What do proposal managers not do?” Sometimes it feels like you’re the symphony conductor as well as every musician in the orchestra, pinballing around from instrument to instrument, struggling to achieve a harmony that seems just out of reach.

There are survival guides out there that help you wrangle the RFP process. This is different…this is your success guide.

By taking time out of your hectic day to read this guide, you’ve already made the choice to become the kind of proposal manager that leads your organization to greater heights with RFP response. Let’s discuss how to make it all happen with the most advanced proposal management tools you can get your hands on.

Life for proposal managers during the pre-technology era

Once upon time, there were no proposal management tools. For the sake of this dramatization, we’ll call it the Dark Ages for RFP responders.

The plague was an inefficient manual process, one involving complex spreadsheets and documents that infected the health of entire organizations. Responding to RFPs took too long to complete and deadlines were inevitably missed.

SMEs (subject matter experts) and proposal managers found it difficult to collaborate. They rushed the deliverable and submitted outdated, boilerplate responses instead of customizing the strongest possible content for each prospect.

Eventually this plague of RFP inefficiency caused a famine for organizations. They responded to fewer RFPs, and they did not win the RFPs they did submit. No matter how hard the proposal managers tried, they couldn’t manage on their own.

“Boilerplate responses end up providing generic, basic, and bland information. They do not help the team win proposals. In fact, over-reliance on boilerplate responses can actually decrease pWin (Probability of Win).” – Kevin Switaj  

What does a proposal manager do when backed by AI?

Thankfully, we’re not in the Dark Ages anymore. There is a wealth of technology available to support the RFP response process. However, a surprising 84% of proposal managers are still using a manual approach with RFPs today. The question is: Why?

manage rfps

As with many other industries, technology is causing an important shift in the proposal management industry, empowering teams to be more successful. Technology allows proposal managers to:

  • Do more with less and become experts at efficiency. “Doing more” might mean the ability to submit more RFPs, which translates to additional opportunities for generating revenue. The “with less” part of this equation might mean fewer hours required from SMEs to pursue these opportunities.
  • Establish a collaborative ecosystem that works. Collaboration is a necessary step in every RFP project. Having an easier way to communicate makes the entire process run smoother, whether you need to ask sales to contribute to a section or ping marketing for the final buff and polish.
  • Achieve more quality control, and more wins as a result. Quality responses separate winning organizations from the rest of the herd during vendor selection. More time to focus on creating the best content will help you stand out as the partner that cares, versus another who cuts corners.

The initial investment into a proposal management system is ultimately worth it when the organization saves time and resources. With a good solution, typically these benefits are visible as early as the first RFP project. Response teams see an immediate increase in productivity, so they can do more of their best work.

“Technology also can prevent the need to send countless emails back and forth, reduce the number of internal meetings, and facilitate final content review and approval by the response manager.” – Steve Silver, Forrester Research

How proposal managers lead the charge with RFP response

You’ve probably heard some negative things about RFPs from your peers and colleagues. It’s common for professionals to dislike RFP projects because of the inefficiencies they have faced firsthand over the years.

But, the importance of responding to RFPs cannot be stressed enough—they are a must for any growing organization. If you want more sales wins, you have to do the work. And, teams have to work together.

But those teams need a leader. Organizations with dedicated proposal managers submit up to 3.5x more responses than those without. Give those proposal managers RFP-specific technology and they can submit 43% more proposals per year than those not using RFP-specific technology.

All the more reason to get the support you need to handle everything, right? RFP software helps you with:

  1. Importing and Exporting – Importing from any file source (yes, even PDFs and spreadsheets) and exporting back into the original source or customized template allows you to focus on a quality deliverable.
  2. Knowledge Sharing – Bringing greater accessibility to company information not only promotes collaboration on RFP projects, it also breaks down document silos across departments and even the organization.
  3. Project Management – Being able to track real-time progress of RFx completion helps you see when sections are being taken care of. Communication with SMEs is quicker without email, since you can use @-mentioning and Slack.

It’s not easy to be in your shoes, dear proposal manager. You handle the complexities of RFP responses and it’s up to you to keep your team motivated. If you bring in a proposal management tool to support your RFP response process, then your job becomes a lot easier.

Start each RFP project right and finish brilliantly

The bane of pretty much any proposal manager’s existence is the import and export process with RFP responses. When an RFP lands in your inbox, it should be cause for rejoice. Responding to an RFP is a chance to win new business, after all.

Yet, when starting an RFP project, you’re working with a source document that could be anything from a long-winded Excel spreadsheet to a pesky PDF. Copying and pasting, organizing and filtering suddenly fill your days as you try to ready the documents for your SMEs.

It’s the end of the RFP project, now you’re ready to rejoice. Or, so you thought…now it’s time to export everyone’s responses back into the prospect’s source file.

Exporting is the stage where hours slip by as formatting blunders take over the Wednesday evening you were hoping to spend at home cooking dinner with the family. Instead, even though you thought you had this project under control, you’re at the office trying to submit an RFP right before the deadline.

proposal manager hours worked

Source: APMP U.S. Compensation Report

How RFP software makes importing and exporting easier…

Every import and export is actually a time-savings opportunity.

“Finding content and information is a significant productivity obstacle for sales teams.” – Phil Harrell, Forrester Research

RFP software allows you to start your RFP project off on the right foot by importing effectively from any source—docs, spreadsheets, even PDFs (RFPIO is the only solution that imports PDFs). Instead of copying and pasting like crazy, you can simply pull the source document right into the platform and start organizing and assigning sections to SMEs.

Exporting back into the original source or a template of your choosing ensures consistency with your deliverable, without the manual labor.

We’ve heard plenty of disheartening stories from proposal managers who stay after-hours or work weekends to submit an RFP before the deadline. With the exporting capabilities you enjoy with RFP software, you will dramatically speed up this process so you can have more work-life balance, even if you’re a one-person team.

Break information silos with easier knowledge sharing

Information silos are truly a point of weakness for any organization. When teams don’t have equal accessibility to important company content, it causes inefficiencies well beyond the RFP response process. On the flipside, organizations with centralized information promote collaboration and growth.

With RFPs, the expertise SMEs provide is indispensable. They harbor technical specs and product information that you certainly don’t know, because those details are outside your domain—not to mention, this information is practically a foreign language.

As long as SMEs contribute to RFP responses regularly, you’re fine, right? As long as they don’t leave and take that knowledge with them. Workflow is fragile business with RFPs, so you want to do everything in your power to store company information in a place where anyone can find it quickly.

How RFP software makes knowledge sharing easier…

The way we share information impacts the way we work.

RFP software promotes a culture of knowledge sharing, and ultimately strengthens communication companywide. An RFP content library eliminates document silos entirely, because it offers one place for company content to live. Instead of being in Google docs or email folders, RFP responses are organized with tags and star ratings to help you and your team find the best content in seconds.

The great thing about having all company information handy like this is how easily you can improve the quality of your content. Performing regular content audits ensures that you keep your most valuable RFP responses up-to-date and ready to grab on the go.

“Workers spend nearly 20% of their time looking for internal information or tracking down colleagues who can help with specific tasks. A searchable record of knowledge can reduce, by as much as 35%, the time employees spend searching for company information.” – Mckinsey Global Institute

Better RFP project management is all yours

Effective project management is truly the heart and soul of the RFP response process. Every RFP project requires multiple team members to share their expertise, as a proposal manager only knows so much about the organization.

size of proposal organization

Source: APMP U.S. Compensation Report

This is where the SMEs come in to offer their support. But trying to track them down often proves difficult for proposal managers. SMEs are busy and they have other high-priority projects on their plates. With a manual RFP process, collaboration with team members is more challenging because much of the communication happens through email and meetings, which get missed or forgotten.

Protecting the time of your team—and your time as well—comes down to the technology you’re leveraging to achieve maximum efficiency. Here’s some good news from a survey conducted by Project Management Institute: “75% of senior executives said investing in technology to better enable project success was a high priority in their organization.”

How RFP software makes project management easier…

You don’t want to just get the job done, you want to get it done well.

Having full visibility into the RFP project means you know which SME is handling specific sections, so you can keep tasks and owners straight. With the project overview dashboard, you’ll see where SMEs are in terms of progress so you can avoid beating down their office door when the deadline is looming.

Integrations with Slack and Salesforce make communication more seamless for busy teams, with less of a chance for an important email to be missed. Fewer emails and meetings keep SMEs focused on what they need to accomplish so they can share their input and move on to other priorities.

success for proposal managers

“Without access to effective tools that support and reinforce the business development lifecycle, companies cannot maintain a managed, repeatable business acquisition process—thereby reducing their overall chances of winning business.” – APMP’s Body of Knowledge

Lead your team to success with RFP response

The proposal management industry continues to evolve with advances in technology. No longer do proposal managers need to feel alone, and no longer do SMEs need to dislike contributing to RFP projects.

Knowledge sharing and collaboration are becoming more common among organizations who recognize the need to band together to be more successful with RFP response. This improvement in teamwork positively affects multiple aspects of the business, far beyond the next RFP project.

RFP response is your business—more so than anyone else’s at your organization. Be the leader that takes charge with your RFP response process and guide your team toward greater success.

It’s time to take this success guide a step further. Schedule a demo to learn how RFPIO will make your RFP response process a mighty one.

4 key elements to keeping security questionnaires accurate and up to date

4 key elements to keeping security questionnaires accurate and up to date

Selling & Enablement

Lack of clarity creates challenges — especially when filling out security questionnaires. When it’s unclear who needs to fill them out, how much detail needs to be included, and how much time it will take, each time you sit down to fill one out can feel challenging.

Luckily, there are experts who can help provide key insights into making the overall security questionnaire process faster, smarter, and stronger. Companies like RFPIO bring teams together by providing software that automates and streamlines the process of responding to a request, so you can respond with confidence to security questionnaires.

Tapping into their knowledge around complex questionnaires like RFPs, RFIs, security questionnaires, and more, we discovered tips you can implement in your own companies. Here are their four key elements to keeping security questionnaires accurate and up to date:

1. Content Moderation

Keep your library up to date by assigning content owners and setting up regular review cycles.

Security questionnaires are often repetitive and require a manual responder to ask the same questions of their internal subject matter experts over and over again. By properly maintaining security questionnaire content, you can build confidence in your response process— advantageous when you’re under a tight deadline—and save time to get back to what you do best.

The ultimate result of good, consistent content management is winning new business. RFPIO makes it simple to set up Content Library moderation by assigning the appropriate content owners, setting a cadence for regular review cycles, and customizing alerts for a cadence that works best for your team and organization.

2. Maintain Accuracy

Flag questions that may be out of date for review.

Accuracy is crucial in security questionnaires. If an incorrect or out-of-date response is submitted, it could cost you the sales opportunity or impact your organization’s reputation. To ensure your response is of the utmost quality and compliance, maintain accurate content and responses that articulate your current offering’s latest and greatest capabilities, and omit what is no longer accurate.

In addition to the above process of assigning content owners and setting up review cycles, we also highly recommend completing a ROT analysis as part of your content audit processes.

ROT stands for “Redundant, Outdated, and Trivial.”

  • Redundant Content is duplicate and/or similar content. If you’re using RFPIO, run a duplicate report on questions and answers, and click on “View Similar Content” to find comparable responses.
  • Outdated Content is expired or sunset content. Isolate any content not used in the last year—“expired content”—using the Advanced Search function in RFPIO. Then, identify content from products, services, and solutions that are no longer relevant—“sunset content”—using tags and/or product names.
  • Trivial Content is deal- or client-specific content. Identify trivial content by searching for specific client names.

Next, move the content you’ve identified out of your active Content Library. We recommend storing this content in an archived collection in RFPIO, so it isn’t permanently deleted.

Including your most recent pentest data is important.
Some security controls are easier to verify than others. For example, it’s relatively easy to ask to see the results of a third-party risk assessment or penetration test that covers the OWASP Top 10 and business logic. It’s harder to prove that a particular security process or best practice is being followed.

When your client does ask to see the results of a recent pentest, your first response might be, “We don’t typically provide that information.” If they press further, you can share a high-level summary of findings, generally referred to as an attestation. Some companies will require that you share detailed findings from a pentest report, and a few may request evidence that findings have been fixed. This is where Cobalt’s customizable reports can save you some valuable time.

3. Automate Your Process

Automatically respond to long and complex questionnaires in a single click with RFPIO’s AI-enabled Content Library.

A response management platform like RFPIO automates almost everything, helping teams cut their response time by 40-50% on average. Automation frees up your time to produce the highest quality deliverable possible—and, of course—move on to other priorities on your to-do list.

With an Content Library full of reviewed, pruned content you can trust, use Auto Respond to quickly fill in relevant content from past responses and minimize how many questions you need to complete manually.

4. Stay Consistent

Respond to each security questionnaire using the same pre-approved and vetted content, ensuring consistency across responses.

When questionnaires are answered manually, there is a likelihood that answers won’t be consistent across different questionnaires or different SMEs writing the answers. This can cause complications during an audit process.

Consistency ensures accurate responses to compliance requirements. Ensure your gold-star, key content is present in your library by employing regular review cycles. This, in turn, ensures consistency in your responses.

This article was co-authored by and co-published with Cobalt. Cobalt provides a Pentest as a Service (PtaaS) platform that is modernizing the traditional, static penetration testing model by providing streamlined processes, developer integrations, and on-demand pentesters. Our blog is where we provide industry best practices, showcase some of our top-tier talent, and share information that’s of interest to the cybersecurity community.

Schedule a demo with RFPIO for more details on automating response to security questionnaires.

Your guide for selecting the best business proposal software

Your guide for selecting the best business proposal software

Selling & Enablement

If you’re a business that creates proposals, presentations, and responses to RFPs, RFIs, and requests for bids/tenders, it’s time to take a serious look at business proposal software.

Why should you invest in AI-enabled proposal software? Because proposals are mission-critical revenue generators for companies who prioritize them and optimize their response process.

Add technology to the mix, and you’ll be unstoppable. Business proposal software provides quick access to proposal content, simple ways to collaborate, and built-in project management features that make it easy to keep proposals on track.

If you’re ready to automate your RFP response process to save valuable time and increase revenue, you’ve come to the right place. Keep reading to find out how business proposal software gives small businesses like yours a competitive edge.

In this blog, we’ll cover:

What is business proposal software?

Business proposal software is a cloud-based program designed to help businesses develop proposals, presentations, and responses to RFPs, RFIs, and bids/tenders. It can also be used to respond to security questionnaires (e.g. VSAs, CAIQ, SIG), create proactive proposals, write SOWs, and manage company knowledge.

The key to business proposal software is that it simplifies the proposal creation process with a few core functionalities:

  1. Storing and organizing internal knowledge

Just like the mitochondria is the powerhouse of the cell, a content library is essential to any good business proposal software.

The content library consolidates subject matter expertise in one place. Then, the next time a new RFP opportunity pops up in your inbox, you’ll be able to tackle commonly seen questions in one fell swoop.

The more efficiently you can respond to RFPs, the more time you and your team have to work on other projects—be it building relationships with customers, creating sales collateral, or responding to more RFPs.

Consolidate RFP content using rich text editing

2. Keeping projects on track

RFPs and other business proposals are often the most collaborative activity an organization undertakes. When you’re working at a small company, it’s possible that everyone at your organization will be involved, in part, in a response to an RFP.

When your team adopts business proposal software, it means you’ll no longer be managing proposals via email, Teams, Slack, or spreadsheets.

Most business proposal software comes with built-in project management features, including:

  • Importing RFPs onto the platform in Word, Excel, or pdf format
  • Assigning questions and/or sections to key collaborators
  • Automated reminders
  • Sequential review cycles
  • Exporting to source file
  • E-Signature

3. Seamless collaboration

In addition to project management features, business proposal software also streamlines collaboration with in-app commenting and @mentioning.

When all proposal-related conversations are in one place, you can make sure your organization stays aligned on proposals (and declutter your inbox in the process).

seamlessly collaborate by assigning tasks to collaborators in-app

When you’re ready to evaluate vendors, be sure to demo the various platforms. You’ll want to find something that’s powerful enough to suit your needs, but intuitive enough to make sure your small team can get ramped up in no time.

4. Make data-driven decisions

Top-notch business proposal software comes with built-in dashboards and analytics, giving you the insights you need to minimize risk and enhance efficiency.

If you do it right, data-driven management helps sales teams sell smarter. It can also provide insights into how proposal teams can identify—then either avoid or plan around—process challenges, such as resource management challenges, reduced ROI, missing deadlines, and inefficient content development.

Make data-driven decisions

5. Integrate into your existing tech stack

The final component of business proposal software is the ability to integrate into your sales tech ecosystem.

Since responding to RFPs is a key part of the sales process, it’s critical that the business proposal software you choose is able to smoothly integrate into your tech stack.

This is especially important when working on a small team that doesn’t have the bandwidth to manually update your business proposal software to work in-sync with your CRM, like Salesforce, Microsoft Dynamics 365, or Hubspot.

Benefits of business proposal software

Business proposal software can be an absolute game-changer. Instead of spending your time on menial tasks—like tracking down RFP answers in emails and old drafts—business proposal software makes it easy for proposal managers to achieve success.

“Auto Respond is absolutely brilliant. We click on it and RFPIO answers about 80% of an RFP in a few seconds.”
-Paul Taylor, Vice President of Solutions Engineering at Crownpeak

Read the full story —>

Here are real results we’ve seen from customers after automating their response process with business proposal software:

Calculate your ROI here to see how much time and money your team could save with business proposal software.

calculate your roi to see how much you could save with RFP software

Calculate your ROI

How to select the best business proposal software

As you’re making your decision, here are some software selection steps you can follow:

1. Meet with your team

Before you commit to an annual subscription to business proposal software, schedule a meeting with any stakeholders in the proposal process. This includes subject matter experts, sales reps, and bid writers.

Leave the meeting with a clear understanding of the main goals you hope to achieve.

Your final list could simply be a bullet list, like:

  • Improve collaboration on business proposals without relying on color-coded Word docs
  • Consolidate answers to common RFP questions in one place, so SMEs aren’t answering the same question over and over again
  • Create visibility, so leadership can easily check on proposal status

2. Do your research

Once you determine key goals for your proposal program, you need to prioritize business proposal software features. Divide features into two columns—”must-have” and “nice-to-have”.

If you want to make it easy for everyone to get up-and-running in the tool, an intuitive user interface might be a “must-have”. If your sales team lives in your CRM, an integration with Salesforce or Dynamics might be “nice-to-have”.

3. Read customer reviews

Just like you might check Yelp before you head to an unfamiliar restaurant, reading through reviews from verified customers on platforms like G2 should absolutely factor into your decision making process.

On G2, you can also sort reviews by company size, user role, industries, and region—so you can find reviews from users just like you.

Here is a screenshot of comparing four of the most popular business proposal software solutions:

Select the best business proposal software

Check on the full comparison on G2.

4. Understand the product and services

Once you’ve narrowed down your list of business proposal software providers, schedule a demo to see the solution in action and meet the team you’re considering partnering with. Bring your priority feature list, along with a list of questions you want answered.

What is the best business proposal software?

Short answer: There is no “best” business proposal software. There’s only the best business proposal software for you and your team. 

This being said, the decision to implement business proposal software shouldn’t be taken lightly. You’ll want to make sure the software you choose helps you, your proposal team, your sales team, and everyone at your organization achieve your goals and save time.

Here’s a list of the four top business proposal software:

RFPIO

RFPIO was created in 2015 by three founders who believed that Natural Language Processing (NLP) could permanently change the way businesses respond to RFx, security questionnaires, and other high-value external responses. Today, we are proud to be the trusted partner of more than 200,000 users across the globe. We support organizations of all sizes, from fast-growing start-ups to large multinationals doing business in dozens of languages. We’re people who value family, growth, new hobbies, and self care, and enjoy helping our users have more time and energy for such things. Our office community spans from Coimbatore, India, to Leawood, Kansas, to our corporate headquarters in Portland, Oregon.

Loopio

Loopio was launched in 2014 with the belief that responders “should never have to choose between quality and speed.” Loopio’s platform uses automation and collaboration tools to help companies create faster, more effective responses. They believe that every company has the opportunity to turn RFPs from revenue blockers, into a competitive advantage. Loopio is headquartered in downtown Toronto, Ontario and has a satellite office in Vancouver, British Columbia.

Ombud

Ombud’s name is derived from the Swedish word Ombudsman: an individual who represents the interests of another individual, while investigating and addressing requests between the individual and the broader organization. Founded 2011, Ombud seeks to bring “context and collaboration” to their customers’ sales content, helping them streamline processes around RFPs, sales proposals, Statements of Work (SOWs), and Proofs of Concept (POCs). The company is headquartered in Denver, Colorado.

Upland Qvidian

The history of Qvidian dates back to 1977 when Dr. Tom Sant founded the Sant Corporation in Chelmsford, Massachusetts. By the 1990s, Sant and his company grew to be leaders in both proposal software and strategy, with Sant authoring a book entitled Persuasive Business Proposals in 2003. In 2010, Sant Corporation merged with another proposal company called Kadient, to form Qvidian. In 2017, Qvidian was purchase by Upland Software, a public company with software offerings that include cloud-based fax services, telecom expense management, computer-telephony solutions, and IT finance management. The company is headquartered in Austin, Texas.

Answers to frequently asked questions about business proposal software

We hear common questions from proposal teams at small businesses every day. Below we’ve answered these questions to help you feel more at ease with RFP software implementation and learn a few ways to improve your RFP response process along the way.

What should my proposal team look like?

If you’re a small organization, you might have 1- or 2-member proposal team, or sales reps could be responsible for creating their own sales proposals. Either your proposal team or your sales rep should own the proposal process, and reach out to subject matter experts on other teams (e.g. product, engineering, security, marketing, legal, etc.) for help on specific questions.

How do you write a good business proposal with software?

Writing a good business proposal starts with a strong process. Business proposal software simplifies that process, making it easier to collaborate with an extended team. With automated processes for scheduling, collaboration, and completing wide swaths of massive RFPs using answer libraries, you can blaze through the first pass of a response faster than working without software.

Here’s a quick overview of how you can write a good business proposal with software:

  1. Qualify the bid — Check data from past similar RFPs. What took weeks without RFP software may only take hours with it. All things being equal, is this RFP winnable?
  2. Understand requirements — Let the tool create a checklist of open items based on what remains after the automated first pass conducted at intake by your Content Library.
  3. Answer commonly seen questions — RFP technology consolidates all your previous Q&A pairs into an intelligent Content Library, so you can automatically respond to repeat questions in just few clicks.
  4. Assign due dates and tasks to key collaborators — Assign each RFP question or section as a task to individual collaborators from the project dashboard in RFPIO. They’ll then receive a notification from where they’re already working (e.g. email, Slack, or Teams).
  5. Assign questions for review and approval — Simplify the review and approval process with automated reminders and cues across multiple platforms.
  6. Polish — From intake, work within a branded template and support answers with approved content that’s always up-to-date according to the SME in charge of that content.
  7. Proofread — Still important, but working with already-approved content will decrease how much you have to proofread.
  8. Submit to issuer — Push send from RFPIO or your integrated CRM

How does business proposal software support my process?

Business proposal software supports your proposal process and makes it easier to manage your RFP project and review everything in one place. With the right software in place, you’re able to assign tasks to authors and reviewers, assign content owners, and keep content organized and up-to-date.

If you’re a 1- or 2-person proposal team, software helps you provide enterprise-level support to your sales team. If you’re a sales rep responsible for managing your own RFPs, software helps you automatically respond to commonly seen questions—so you can focus on building customer relationships and closing deals.

How does business proposal software provide efficient collaboration?

Since fewer people are involved in the response process at smaller organizations, each person’s time is extremely valuable. Proposal software gives you the ability to share information across various platforms. Content and assignments are seamlessly integrated into one platform, without the need for cumbersome reformatting, converting, and importing/exporting tasks.

How do I get started with business proposal software?

Joan Dolence, Proposal Architect at Finastra, recommends that proposal teams plan for RFP software implementation, just as you would with any new technology you bring into your business. Do the prep work and housekeeping before jumping in. Then, teach everyone how to use the proposal software by managing each proposal like a project.

How long does it take to implement business proposal software?

The answer everyone hates: It depends. If you’re a small team with a lot of bandwidth to upload and organize your content, you could be up-and-running in less than a month.

But the more bells and whistles you add on—things like integrations with Salesforce, Slack, or SSO—the longer it takes. The more users you have, the longer it takes. The more complicated your process is, the longer it takes. The less bandwidth your team has to upload and organize your content, the longer it takes.

Is business proposal software really worth it?

In our 2021 Benchmark Report: Proposal Management, we learned that organizations leveraging RFP-specific technology respond to 43% more RFPs than those who don’t. 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. By consolidating proposal management processes into one place, you and your team can stay focused, aligned, and on track.

Strengthen your business proposals with the right software

The only thing missing between you and your next winning proposal is the right software. If you’re ready to uplevel your business proposal process, schedule a demo of RFPIO today.

How to write a proposal cover letter [with example]

How to write a proposal cover letter [with example]

Selling & Enablement

Like the devilishly tempting Hostess Ding Dongs treat, a proposal cover letter has to be short, sweet, and dense. Unlike that aforementioned hockey puck of delectability, proposal cover letters cannot be mass-produced. To write a proposal cover letter with nary a wasted word, you first need to understand its strategic significance in the overall proposal.

I’ve spent more than 17 years on proposals and have written hundreds of proposal cover letters. When I started, we printed out proposals and created huge binders to share with reviewers. Reviewers would open the binders to see the proposal cover letter, then an RFP executive summary, and then dig into the proposal itself. Binders are part of a bygone era; there’s been a big digital shift since I started.

Requests for paperless submissions and the growing popularity of online portals has altered the strategic significance of the proposal cover letter. It’s gone from a “must-have” element, to a “nice-to-have” one. My background is predominantly healthcare and insurance. Anecdotally, maybe only 30% of requests for proposals (RFPs) in healthcare and insurance request executive summaries while most volunteer that a cover letter is optional. If they give you an option, take it.

Some online portals don’t even give you an opportunity to include extra documents like cover letters. In such cases, you now have to include the cover letter as part of your proposal PDF. At the same time, RFPs are more complex than ever, requiring more details in submitted proposals. Issuers expect you to have your content in order, and a lot of it.

Speaking of issuers and what they’re looking for in proposal cover letters: They don’t need information that they can find on your website, that they can Google, or that sounds canned. They want to make sure you’ve reviewed the RFP requirements, and it’s absolutely essential to hit them with that up front, in your proposal cover letter. Especially if your solution meets all of the issuer’s requirements. Emphasize that fact simply and directly.

What is a proposal cover letter?

The proposal cover letter is meant to frame up your RFP proposal. It’s not a rehashing of the proposal or executive summary. It’s a vehicle to thank the issuer for the opportunity to respond, to say, “We’ve seen your business requirements and composed this proposal because we think we’re the best partner for you.” Think of it as the bow on your RFP proposal package.

Whether paper, PDF, or stone tablet, one thing that hasn’t changed about the proposal cover letter is that it’s your first opportunity to declare the value propositions that differentiate yours from competitive proposals. These value props will be the threads that weave through your proposal, from cover letter, to executive summary, to answers to questions.

As far as length, I aim for a page and a half when I write proposal cover letters. Try to keep it under two. Go longer only if a template or specific framework for the cover letter is provided by the issuer, which is sometimes the case in government RFPs.

Why a good proposal cover letter matters

RFP reviewers will be looking for deviations in responses. Deviations among responders as well as deviations from their (the issuers) requirements.

When you can write a cover letter and state, “After reviewing the RFP, we are confident that our solution meets all requirements and detail that fact in our proposal,” you make a compelling argument for reviewers to concentrate on how your proposal illustrates how you solve problems. They’ll notice cover letters that do not mention something that direct, and will review those proposals to look for where the solutions fall short.

When should you write the proposal cover letter?

It’s page one so it should be written first, right? Not necessarily. I’m a proponent of writing the executive summary first, the cover letter second, and then building the proposal. Certainly review the RFP first so you can determine what it’s asking for. But don’t just jump into a response from there. Take the time to establish the value props that will make it a cohesive proposal.

Writing the executive summary first helps you formulate your argument and determine which content you’ll need for the proposal. Once you know what you need to be persuasive and how you can solve the issuer’s problem, then you can develop the three-to-five value props (I try to boil it down to three solid, unique value props) that you can define in the proposal cover letter.

Who signs the proposal cover letter?

Notice I didn’t title this section, “Who writes the proposal cover letter?” The person who writes it and the person who signs it may not be one and the same.

If your proposal team is fortunate enough to have a dedicated writer, then have them write the letter based on input from the frontline sales rep. Whoever writes the letter must be fully informed of response strategy and have intimate knowledge of the proposal and executive summary. Strategy, voice, and style need to be consistent across all documents (cover letter, executive summary, and proposal).

Who signs it depends on a variety of factors. In most cases, the frontline sales rep will sign the proposal cover letter. They have the relationship, own the strategy, and likely conducted the discovery that informed the proposal. However, it’s not uncommon for an executive sponsor such as a VP of sales to sign. The thinking being that executive reviewers may appreciate seeing a proposal that’s been vetted by a fellow executive.

There are also those cases when the executive of executives, the CEO, signs the letter. There are two common scenarios for this play. One, the RFP may be large enough to represent a significant percentage of a responder’s annual revenue. Two, the responding organization is concerned with appearing relatively small, and in an effort to improve its stature, seals the proposal with a CEO’s signature.

There’s definitely some gamesmanship at play here. Even so, the name on the letter will never overshadow the content of the proposal.

7 steps to write a proposal cover letter

The compact nature of the proposal cover letter makes it difficult to fit everything in one or two pages. Good writers are valuable assets in these instances. Every proposal cover letter should contain the following sections:

  1. Thank the issuer (and broker, where applicable) for the opportunity.
  2. Recite your understanding of the opportunity to validate that you reviewed the RFP requirements.
  3. List your abilities to meet requirements. If you can meet all of them, lead with that fact.
  4. Describe your value propositions. You’re trying to portray that, “This is what we bring to the table, and that’s why we’re the best choice.”
  5. Provide a high-level future snapshot of what business will look like after your solution is chosen.
  6. Conclude with a persuasive delivery of your understanding of next steps: “We look forward to the opportunity to discuss our proposal further.” Show that you’re able and willing to move forward in the sales lifecycle.
  7. Sign it from the frontline sales representative or executive sponsor. This should not look like a form letter from the organization as a whole.

3 common mistakes to avoid

Beyond the mistakes of not including a proposal cover letter at all or writing one that’s too long, proofread your next letter for the following mistakes before sending it.

  1. Avoid repeating anything from the executive summary or proposal. Those documents need to live on their own, just like the proposal cover letter.
  2. Don’t waste space with your resume. Something like this…

    RFPIO’s growing list of 600+ clients including 40+ Fortune 500 organizations continue to take advantage of our one-of-a-kind Unlimited User licensing model, expanding their usage on the platform to scale organizational success. With RFPIO as their team’s support system, every day they break down silos by facilitating collaboration and efficiency in their RFx response process    ….is boilerplate that can appear elsewhere in the proposal or not at all, given that it’s likely available to the issuer on your corporate website.
  3. If a broker is involved, thank them, too. The proposal cover letter is also an opportunity to directly address the issuer. This can be particularly valuable when a broker is involved. Some issuers rely on RFP brokers to sift through responses to make sure only the best possible solutions get serious consideration. Ignore these brokers at your peril. While the response and executive summary will address the issuer and the problem at hand, the cover letter is where you can give a nod to the broker. Acknowledging their involvement in the process and thanking them for the opportunity as well will at the very least alert all reviewers that you paid close attention to the RFP requirements.
  4. Don’t guess. Make sure you or someone on your team does the legwork and discovery to inform your response strategy. The more you have to guess, the longer the letter will take to write.

Proposal cover letter example

Feel free to use the proposal cover letter example below as a template for your next letter. One of the many advantages of proposal software such as RFPIO is the automation of the cover letter process. Don’t get me wrong, you still have to write it, but RFP software helps:

  • Access and write in the template within the platform (no need to toggle back and forth between a word processor and whatever application you’re using to build your proposal)
  • Include identical brand elements as the proposal and executive summary
  • Add the cover letter to the front of the proposal and/or executive summary when you output it for submission

When you use the following example, you’ll need to swap out the RFPIO-centric items with your own company and solution information as well as the custom value props for that specific proposal. The three value props highlighted in the example are Salesforce integration, data security, and customer support. For your letter, these will be specific to your solution and the problem stated in the RFP.

Hi [Issuer(s) first name(s)],

Thank you for considering RFPIO as your potential vendor for RFP automation software. We are cognizant of the effort it takes to make a selection like this, so we very much appreciate the opportunity. First and foremost, RFPIO meets all of the requirements detailed in your RFP. That’s illustrated in greater detail in this proposal. In the meantime, the following capabilities make us confident that RFPIO is the most qualified company and solution for [issuing company name’s] [RFP title].

  • Helping businesses improve and scale their RFP response process for greater efficiency. The time and resource savings reported to us from our clients has allowed them to participate in more proposals and provide high-quality responses that create additional revenue opportunities.
  • Automating the import and export functions, centralizing content for RFPs, and facilitating collaboration among key stakeholders.
  • Managing knowledge and content through our AI-enabled Content Library.
  • Giving clear visibility into the entire RFP process through reports and dashboards—including project status and progress, and analytics for actionable insights.

We know that it’s important for [issuing company name] to find a solution with a strong integration with Salesforce. This proposal details RFPIO’s integration with Salesforce, and how it will work for you. In addition to that, RFPIO’s open API allows for integrations with many other technologies for cloud-storage, collaboration, and other desired platforms.

We also take your data security concerns highlighted in the RFP very seriously. You can be assured that your data will be safe and accessible. We work with a variety of enterprise customers and understand the necessary level of security that is required. From the beginning, we made it a priority to build security right into RFPIO’s technology, which we continue to maintain. We are SOC 2 and ISO27001 certified, while continuing to pursue other best-in-class certifications to ensure security.

Regarding your requirement for ongoing support following implementation: When it comes to customer support, our technical and account managers are high performers. We have an expert group of 110 nimble programmers and developers who are always ready to provide quick technical fixes (that you can request right within the solution). Our reliable and attentive account team is ready to fully support [company name] should we move forward as your vendor.

Upon deploying RFPIO, it’s intuitive user experience is simple to get used to. You’ll also get free access to RFPIO University for all your training needs, now and in the future. Getting started is as simple as loading that first project. The whole team will be collaborating from there. As your Content Library grows, machine learning will provide more and more automation opportunities. It won’t be long before you see a drastic uptick in proposal quality and number of proposals submitted.

If you’re interested in comparing our solution to other comparable tools, we recommend that you visit software review platform G2 Crowd’s top RFP Solutions grid. This information is based on user satisfaction and places RFPIO at the top in all categories.

We look forward to the opportunity to discuss our proposal further. We appreciate your consideration, and wish you luck on your selection.

Thanks,
[Signee’s name]
[Signee’s title]

You should have it “cover”-ed from here

If you’ve done your research and client discovery, and you know the value props specific to the RFP that you’ve already reviewed, then letter writing will go fast. The better you know the client and people involved, the easier it is going to be for you to tailor the proposal cover letter, the executive summary, and, most importantly, the RFP proposal.

To learn more about how RFPIO can help you write better proposal cover letters, schedule a demo today!

Follow along as I craft an RFP executive summary example

Follow along as I craft an RFP executive summary example

Selling & Enablement

I recently wrote an article on how to write an executive summary that will give you the best chance to win your request for proposal (RFP). It’s a riveting read! I included a template in that article to give you a head start. Now I’d like to draft an RFP executive summary example with you using that template.

Now I’m not suggesting that you create War and Peace here, but there are some key elements you need to include. And, as I mentioned in the other article, follow Dr. Tom Sant’s guidelines for persuasive writing, namely following his NOSE acronym:

  • Needs: Demonstrate your clear understanding of the prospect’s business problems. Only by demonstrating that you truly understand the customer’s specific problems, and that you understand the business payoffs of solving those problems, are you qualified to recommend a solution.
  • Outcomes: Confirm the results they will achieve when their problems are solved.
  • Solution: Recommend a specific solution.
  • Evidence: Illustrate how you’ve solved similar problems in the past and provide convincing proof of your track record.

Follow along or skip to the section you want to focus on:

“N” of NOSE: Understanding your prospect’s needs
“O” of NOSE: Surfacing desired outcomes
“S” of NOSE: Presenting the solution
“E” of NOSE: Providing evidence of your solution’s validity,
Conclusion: Sign off with a thank you

I recommend opening the template in a separate window and reviewing this RFP executive summary example in parallel with the instructions included in the template. It’s a richer experience.

Also, note that I created the example using a fictional software company (“Paradocx”) responding to another fictional company’s RFP (“ACME”). While Paradocx is a complete fiction, ACME is loosely based on a running gag in Road Runner/Wile E. Coyote cartoons—but still a complete fiction.

RFP executive summary example: Read, copy, and make it your own

The first thing you’ll notice in the RFP executive summary example is that I’ve dubbed it an executive briefing instead of an executive summary. “Brief” is more active and meets the expectation of the executive, the intended audience of this document. The intention is to inform and persuade the executive, not attempt to abbreviate and condense the response into a couple of pages. Most of the time, the executive will only read this brief instead of the whole RFP, so it has to be right on the money.

Executive Briefing

Thank you for inviting Paradocx to participate in ACME Global’s RFP for your time travel software initiative. The entire Paradocx team is eager to partner with ACME, and having carefully considered your requirements, we are very confident we can deliver a solution that will deliver significant efficiencies and competitive advantage to your organization.
In this executive briefing, we outline how our solution will address ACME’s stated requirements and deliver on your desired outcomes. We provide a high-level overview of Paradocx’s recommended solution, before then providing justification as to why Paradocx is the right choice for ACME.

“N” of NOSE: Understanding prospect’s needs

Our Understanding of ACME’s Needs

Safe, on-time delivery of overly complex devices intended to capture roadrunners—no matter how remote the location or how much TNT is included—is essential to maintaining ACME’s perceived value and satisfying subscribers. In our conversations with your team, you have informed us that you currently face several challenges with ACME’s shipping and packaging services, including:

Skyrocketing customer churn rate
Simply put, when deliveries don’t arrive on time, customers are rushed, mistakes are made, and roadrunners escape. Dissatisfied customers are quick to terminate subscription services, especially with your primary competitor, Zambezi, offering incentives to do so.

Fewer new subscriptions
ACME market share has dropped by an average of 6% year-over-year since 2017. Influx of competitors such as Zambezi has created a price war over scarce consumer dollars. ACME’s safety reputation has been damaged by social media coverage of unplanned TNT explosions.

Response times slowed by lack of data, poor decision-making
Unexpected supply chain delays surprised ACME during the pandemic crisis of 2020 and 2021. Siloed data and legacy systems that could not be integrated blocked the packaging department’s ability to find new materials in a timely manner. Panic buying of sawdust and styrofoam peanuts resulted in a dangerous hazardous waste debacle.

Too many missed on-time delivery milestones
Inability to find replacement parts for Rube Goldberg contraptions delayed delivery on more than 17% of orders in Q2 2021. Lack of communication with shipping resulted in promises of delivery times and sites based on 2018 manufacturing times that could not be matched in 2021.

“O” of NOSE: Surfacing desired outcomes

ACME’s Desired Business Outcomes

By implementing ACME’s Time Travel SaaS Platform, you wish to benefit in several ways in addition to addressing the above challenges. The desired outcomes you shared with us include:

Reduce churn while increasing customer retention
By resetting the timeline and meeting shipping deadlines for 90% of transactions tagged as “late arrival,” ACME will eliminate cause for switching services while limiting risk to reputation.

ACME will also be able to proactively alter shipping deadlines based on navigation of the near future. Headcount in the shipping and packaging department can remain constant until customer onboarding rate outpaces customer churn rate.

Distance ACME further ahead of the competition
Next-level customer rewards programs will make for a difficult choice if customers want to take their business to competitors such as Zambezi. Additionally, improved response, accurate deliveries, and better overall service will make leaving ACME even less appealing.

Many Paradocx customers have related to us that even minor interruptions in the timeline allow them to gain a toehold against aggressive competitors. Like a loud noise distracts an angry dog, time travel disrupts competitors’ momentum and returns the advantage back to our customers.

Accelerate response time

Responding to complex order requests to remote destinations takes time, especially if fireworks are involved or the destination is not a physical address. Consequently, roadrunners have already passed the target zone by the time deliveries arrive, resulting in frustrated customers.

A time travel software solution can deliver significant efficiencies to address these concerns, as well as significantly improving the probability of upgrading orders to increase average order value.

Guarantee delivery to desired destination, no matter how remote

There’s nothing scarier than receiving a delivery request to a pin on a map. No address. No roads. And barely any landmarks to establish a frame of reference. Despite their name, roadrunners don’t always spend their time on main highways. Coyotes need to follow the scent no matter how treacherous the terrain.
With ACME’s Time Pause functionality, shippers can freeze time for up to 72 minutes and reroute our GPS satellite to the delivery site. From there, it’s just a matter of drawing a topographic map of the area and letting our AI-enabled drone army strategize a delivery plan.

“S” of NOSE: Presenting the solution

Paradocx’s Recommendation for ACME

Having diligently studied your requirements and challenges, stated above, we strongly urge ACME to invest in Paradocx’s Time Travel SaaS Platform.

Paradocx’s market-leading solution was designed with customer retention and improving service quality as priorities. Paradocx’s founders were career time travelers and therefore have firsthand experience of how to reset timelines while managing chaos risk. Simply put, our solution was designed by time travelers to help you control time.

Consequently, Paradocx will eliminate ACME’s past mistakes so you can reduce customer churn and begin increasing subscriber revenue. The core capabilities of our solution are highlighted in the graphic below:

Paradocx’s Key Functionality – An Overview

Analysis of the Past:

Without time-traveling software designed to analyze past transactions and identify the flashpoints that undermined your intended customer experience, you can spin your wheels for years. Even if you are lucky enough to find the right transactions, you still need the ability to travel backward and alter the outcome.

Paradocx’s Analysis of the Past allows you to alter only the outcomes that matter so that you don’t waste resources on those that don’t. This functionality also limits your risk of causing chaos or possibly opening a wormhole.

Timeline Correction:

Some say that there is inherent danger in changing the past and that doing so becomes an exercise in butterfly effect management. We agree.
Butterfly effect management is the difference maker in timeline correction. Following Analysis of the Past—when we’ve identified the most impactful flashpoints—our patented timeline correction process reverses results while limiting butterfly effect risk. Moving forward, butterfly effect management will result in fewer timeline corrections with future planning.

Future Planning:

It’s not enough to change the past and live in the now. Maintaining competitive performance for the long haul requires future planning based on insight into tomorrow.
In addition to identifying upcoming service interruptions and opportunities for customer rewards, future planning also monitors what will happen with Zambezi and other competitors. This level of insight is not available anywhere else because of Paradocx’s hold on a proprietary fixed point in spacetime.

Pause for Accuracy:

Customer expectations are off the charts. Packaging and/or shipping deadlines are bearing down. You’ve already used your monthly allotment of timeline corrections. Is there anything else you can do to accelerate response time?

Engage pause for accuracy, an up-to-72-minute dimensional freeze-frame in which you can still move around freely. Seems like a paradox. We thought so too until we accidentally developed it 7,000 years from now.

Data Security:

Customer data is the lifeblood of your business at ACME. Without pinpoint accurate location coordinates, payment information, and certification data at your fingertips, your deliveries are at risk.
We recognize how vital your data is and want to assure you that we’ve taken measures to keep it secure now, in the past, and in the future. And if there is a catastrophic breach? We’ll perform a timeline correction (at no extra cost) to fix it. Our security protocols meet the following standards:

  • SOC II
  • GDPR
  • ISO 27001

System Uptime:

At ACME, the shipping and packaging processes are mission-critical to your end-to-end services, so your chosen solution needs to recognize that fact. Paradocx is as reliable as it is secure.

Our Time Travel SaaS Platform is 100% cloud-based with redundancy provided by ultra-reliable Amazon Web Services (AWS) hosting infrastructure.

In fact, Paradocx has achieved 99.98% uptime since our inception, and we considered deploying timeline correction to bring it to 100%. However, future planning indicated doing so increased the possibility of an event horizon forming in the Southern Ocean if we had. Barring the possibility that doing so may end existence as we know it (in which case our services are moot), you can be confident that Paradocx will always be up when you need it.

“E” of NOSE: Providing evidence of your solution’s validity

Why should ACME partner with Paradocx?

We completely understand that ACME has a choice of vendors with whom you will partner. So, with several outwardly similar solutions on the marketplace to choose from, why should ACME select Paradocx?

ACME asked us to explain clearly how we are different from our competitors. While there are many differences between us and our competitors, we’ll highlight the four that are most relevant to ACME’s needs.

ACME’s Key Differentiators

We’re all still here

Paradocx is the only time travel software provider that has been used by our competitors to save existence from annihilation. The physics and mathematics driving our software development actually enable time travel capabilities for all our competitors. We invented it and made it openly available to the world.

Results are guaranteed

We’re not the largest, most valuable corporation in the world for nothing. Time is every company’s most valuable asset. What you do with it determines your success. It just so happens that we control it.

User-friendly, low-risk interface

All animations, binary songs, and gravitation wave rhythms are maneuverable through our proprietary touchscreen interface. Unlike competitive solutions that rely on messages in bottles and subliminal messaging through high-frequency radio waves, our insights come through loud and clear. And no timeline corrections can be made without judgement from the World Time Panel.

Only provider with privacy promise

Paradocx searches across time with full encryption with no need to rely on disguises to avoid butterfly effect events. At no time will any customer know that you peeked back or forward at them. Deja vu was eliminated with our 2.0 upgrade in 2019.

What Paradocx’s Customers Are Saying…

Paradocx is consistently the highest-rated solution in the market. But don’t just take our word for it. Here are some soundbites provided by three Paradocx customers.

Daffy’s Duck & Cover

“My company never used to get the respect it deserved. Online sales almost cost us our business. Thanks to Paradocx, we’re now the biggest sporting good retailer in all of hill country.”
Daffy Duck, CEO, Duck & Cover

Birdswing Emporium

“Many of our customers were placed in dangerous areas, at risk of attack or illness from the elements. Paradocx helped us reset some timelines that were real life savers.”
Tweety, VP Product Development, Birdswing Emporium

A Small World

“We somehow ended up in the wrong universe! Paradocx reversed the mistakes made by one of its competitors and rescued me, our IP, and, ultimately, our business. Oh boy!”
M. Mouse, CTO, A Small World

ROI

Based on ACME’s expected outcomes, the unlimited user pricing model that is optimal for your business, and the fact that we will perform a timeline correction for any time required for onboarding, we created the following ROI estimates.

Day 30: 10% ROI

Day 90: 50% ROI

Year 2: 248% ROI

We came to these numbers using our ROI calculator, which includes the following factors:

  • Avg. price per Rube Goldberg device
  • Avg. margin for shipping and packaging costs
  • Estimated customer churn reduced to 3% by day 90
  • Year-over-year increase in subscription rate f 7.3%

Paradocx Overview

Why choose Paradocx to help you with this important business initiative? Founded so far in the future that you don’t need to worry about it, we brought this technology back to 21st century earth through an Einstein-Rosen bridge to make a difference in how humans work, live, and play. Our platform has been designed and built from the ground-up by an extremely experienced and talented team of individuals who understand firsthand the demands of conducting business in linear time.

We are a financially strong, vibrant business, backed by unlimited financial resources and control of time. As the market leader, we provide time travel services to more than half of the Fortune 100.

We are consistently the highest-rated vendor on independent review sites such as TARDIS. We are the only time travel software endorsed by MIT and NASA.

ACME Customers

Paradocx provides services to more than half of the Fortune 100, nearly two-thirds of the Comprend Global 100, more than three-quarters of Forbes Global 2000, and a fruit farm in southwest Idaho.

Conclusion: Sign off with a thank you

Conclusion

Once again, thank you for considering Paradocx as a partner for ACME relative to your time travel software needs.

In conclusion, everyone at Paradocx is excited at the prospect of working with ACME, and eagerly anticipating welcoming you to the fast-growing list of Paradocx customers. We will work extremely hard to build a strong, long-term partnership focused on helping you achieve your customer churn and subscription objectives and exceed your expectations at every point along the way.

Next Steps

Download the complete executive summary example here. These templates will be a huge time saver for you moving forward. It takes a little longer to write the first one, but you’ll be able to rattle off those that follow in no time.

To learn more about the value of templates in and how RFP software can accelerate your workflow, schedule a demo now. You can also see how Genpact’s bid team uses RFPIO® LookUp to download templates directly from their Content Library in this article.

Business proposal example, template, and how-to instructions

Business proposal example, template, and how-to instructions

Selling & Enablement

Before I get into the business proposal example, template, and tips, I need you to remember one thing: You’re Yoda, not Luke Skywalker:

“Think about Luke Skywalker and Yoda in Star Wars. When Luke meets Yoda, he encounters the perfect guide. Yoda understands Luke’s dilemma and has mastered the skills Luke must develop if he is going to defeat the Death Star.”
–Donald Miller

As the writer of a business proposal, you want to come off as the perfect guide. Your goal is to make your prospect look like Luke Skywalker, the hero of the story. The prospect doesn’t care about your product; they care about solving their problem.

What is a business proposal?

Put simply, a business proposal is your solution pitch to a prospect’s business problem. It’s you saying, “I understand your problem. This is what the situation will look like after it’s fixed. Here’s a few ways we can help you fix it. Sign here to get the solution rolling.”

It’s used often, especially if your prospect isn’t the only stakeholder involved in deciding whether or not to buy your solution. In such situations, the business proposal is the document that your prospect will share with those decision-makers. Jeff Bloomfield, sales coach and author of NeuroSelling, says, “They need to know that they are saving money with your solution when compared to the high cost of the problem you are solving.”

As succinctly as possible, you need to tell the story of how your solution will help your prospect look like Luke Skywalker. That’s not much room; the opening scroll in all the Star Wars movies takes up more than two pages.

A business proposal is brief, yet informative and customized to every prospect’s specific problem, even if you only have one solution. Remember this is about their needs rather than your features. To put it another way, it’s the photo negative of a brochure or website.

How to write a business proposal

Arguably the most important step when writing a business proposal takes place before any writing begins: Confirm interest in your solution. Odds of winning deals from unsolicited business proposals are multi-state lottery-level. Any effective business proposal starts with a conversation.

When you understand objectives and have a solution, then you can begin writing. If after identifying the prospect’s pain points you believe that your solution isn’t strong enough, then keep digging for the pain points where you can excel. Sometimes you have to push to get the right objectives to make sure there’s enough pain to justify your solution.

Timing is essential because a business proposal needs to be educated and comprehensive. Too early and it’s going to land on deaf ears. Too late and either someone else solved the problem or you’re perceived as not caring enough to make it a priority.

As soon as you’ve identified pains, objectives, and how to position your solution as the ideal, then gather the following content:

  • Logos (yours and prospect’s)
  • Pricing options
  • Scope of work collateral you can link to from the business proposal

Now you just have to complete the business proposal template. These business proposal best practices will help.

8 business proposal best practices

  1. Take advantage of “title” real estate. As my esteemed colleague Keith Norrie explains in his expert advice on executive summaries, the title is too good of a setup opportunity to pass up. Use an action verb to surface the primary problem that you’re proposing to fix with your solution. The following power-verb examples will perk up stakeholders’ ears: increasing, reducing, accelerating, improving, streamlining, monetizing… Check out the business proposal example to see how I framed the solution in the proposal.
  2. Agree on 3-5 objectives with the prospect’s champion during your initial calls. These objectives will be based on pains that your prospect wants to overcome.
  3. Explain how your solution will enable these objectives. This isn’t an opportunity for you to list product features—most of which the prospect won’t care about. It’s where you tie solutions to problems. For example: “RFPIO’s AI-enabled Content Library will reduce XYZ Company’s time spent responding to repetitive questions from 1,200 hours to 720 hours or fewer annually for an equal number of submitted RFPs.”
  4. Give multiple pricing options as a checkable list. Avoid line-item detail. Explain the difference between each option. For example, “This one allows you to scale…this one gets you to the end of the year…this one is best for small businesses…”
  5. Provide a high-level scope of work specific to the prospect’s need. Link out to data sheets or websites for more information.
  6. Include a call to action, preferably a signature request. At the very least, schedule a call to review next steps.
  7. Review the proposal with the prospect over the phone or through video conferencing. If possible, try to get the person you’re really building the proposal for (the decision-making stakeholder in the shadows behind the prospect champion) to join the review. If you can’t schedule a review, then record a Vidyard of you walking through the business proposal that can be shared with stakeholders.
  8. Be careful of jargon. Every industry has its unique terminology, but be wary of using jargon for jargon’s sake. With only two pages, you don’t have any room to waste on hollow language that doesn’t address the prospect’s specific problem.

Download your business proposal template & business proposal example

Here are the business proposal template and the business proposal example. When you’re ready to write your own business proposal, make a copy of the template. Then, delete all the instructions as you complete the sections. That way you don’t accidentally fire off a document complete with my tips and tricks. Also, if you build your business proposals from Salesforce, then these tips on Salesforce Proposal Builder will be a big help.

I hope you find the template and example helpful. Remember, the decision-making stakeholder (likely an executive) will be reviewing multiple proposals. They should be able to look at yours and identify that it’s comprehensive and customized for them. They’ll sniff out cookie-cutter treatments immediately and will sideline them while they look for something unique, like yours.

Be confident. This isn’t a shot in the dark. The prospect needs to solve this issue. Your business proposal will illustrate how you’ve thought through their problems.

How to write a winning RFP executive summary—er, briefing (with template)

How to write a winning RFP executive summary—er, briefing (with template)

Selling & Enablement

Executives don’t want to be summarized. They want to be briefed, which is what your executive summary needs to do. While common terminology is “executive summary,” approaching it as an executive briefing will put you in the proper persuasive mindset.

It all tracks back to Dr. Tom Sant. Know him? If you prepare proposals or briefings to make your sales living, then Dr. Sant’s subject matter expertise needs to be in your toolbox.

He’s written a few books, one of which is Persuasive Business Proposals. I highly recommend it, and not just because I used to work with Dr. Sant at one of the companies he founded. Its value is in how he ties proposal writing to the psychology of how humans make decisions. It’s a master class in how to use persuasive language in sales when building proposals and their executive summaries.

For the sake of this article—and to help keep us focused on the executive summary—I want to focus on one of Dr. Sant’s most helpful guidelines, which goes by the acronym NOSE.

  • Needs: Spell out your understanding of the prospect’s problems.
  • Outcomes: Confirm the results they anticipate when their problems are solved.
  • Solution: Recommend how you can solve the problem.
  • Evidence: Illustrate how you’ve solved similar problems in the past and who else trusts you to solve such problems.

According to Dr. Sant, by organizing your executive summary to align with NOSE, you’ll address three questions that executives want answered while being briefed:

  1. Are we getting what we need?
  2. Is it really worth the investment of resources and time?
  3. Can they really deliver?

Many salespeople make the mistake of focusing more on “summary” than “executive.” Summaries tend to not provide answers. They’re more like glorified tables of contents for the larger proposal.

Create the executive summary with the understanding that it’s likely the only part of a proposal that executive-level decision-makers will review. You have to elicit the desired response from a proposal without including everything that goes into a proposal. No doubt it’s a top-flight challenge in persuasion, but it’s the hurdle your executive summary has to leap.

Executives want to see that you understand their needs and desired outcomes, their pains and wants. Seeing this level of understanding articulated in the executive summary helps relieve any anxiety they may have as check writers. Many executives just want the briefing to overcome their fear of making the wrong decision or selecting the wrong vendor, which can be a career-damaging move.

5 more tips for writing an executive summary that packs a punch

There are heaps of tips written in-line in the template. It’s a template with instructions, like one of those fresh dinner boxes you can have delivered that has all the groceries and the recipe you need to make a meal, but without all the surprise prep work that no one ever mentions (“Wait, I still have to marinate this meat and chop all these veggies?”).

In fact, there’s so many tips that I didn’t have room for these four, so I’m dropping them in here:

  1. Create a title using a dynamic verb: Sadly, the most popular title for an executive summary is “Proposal for Prospect Company.” Use the title as an opportunity to capture the executive’s attention. “Increasing lead-generation…,” or “Visualizing revenue forecasting…,” or “Streamlining cloud storage…” or whatever it is that your solution is going to do for them.
  2. Use the recipient’s actual name whenever possible: It makes recipients feel important and personally attended to when they see their name on the front page.
  3. Aim for a 3:1 ratio of recipient company name versus your company name: Make the document feel customized to them, not you.
  4. Show how well you understand your prospect’s needs: Sales or business development representatives should provide this information either from experience or from a formal discovery phase that needs to happen prior to your building a proposal with an executive summary. List only 3-5. Six and beyond are dismissed by the brain as trivia, and are almost never read.
  5. Make sure your key functionalities match your prospects’s desired business outcomes: If they don’t, it’s probably not a good fit.

Executive summary template: Use it or reference it, whichever works best for you

I could tell you *how* to write an executive summary until the cows come home. But, if you’re anything like me, things don’t really click until you see these best practices put into action.

That’s why I pulled together an executive summary template based on Dr. Sant’s NOSE. Replace the in-line instructions with recommended content and you’ll end up with an executive summary that’s bound to impress. Or, at the very least, that’s bound to address executive-level strategic concerns about your proposal. Download the full template here.

Pro-Tip: When you’re ready to write your own executive summary, make a copy of the template. Then, delete all the comments. That way you don’t accidentally fire off a document complete with my tips and tricks.

Create effective executive summaries consistently

Some of us around here at RFPIO are prone to saying, “A proposal on its own is not likely to win a deal, but it can certainly lose it.” The same can be said for an executive summary.

Remember that executives buy a solution for different reasons than a production team (sales, marketing, IT, etc.) wants to use it. Executive teams have strategic goals while production teams have daily workflow improvement goals. In RFPIO’s case, while prospect executives may want to increase sales pipelines, sales and proposal teams just want time back for sanity.

I hope you find this template and walkthrough helpful. It’s been my experience that very few organizations or individuals get any training on writing executive summaries. Hence, on the sales side, there can be a lot of inconsistency across the organization when it comes to executive summary approaches. With RFPIO’s ability to work from templates for executive summaries and proposals, uploading this template can help establish a consistent foundation for executive briefing creation moving forward.

To learn more about RFPIO and functions such as Salesforce Proposal Builder, schedule a demo today.

What is an RFP?

What is an RFP?

Selling & Enablement

RFP stands for request for proposal, but it’s so much more than that. It’s a plea for help, a clue to problems that need solved, and an opportunity to build pipeline. This article will take you from asking, “What is an RFP?” to knowing how to use RFPs to drive revenue in less than 1,500 words. Buckle up.

First, an assumption: If you came here because you want to know what an RFP is, then I’m guessing that a high-value target has decided to issue an RFP to find a solution to a problem you feel strongly about solving. When that target finally understands that you’re the answer to their problem, then you’ll pick up a sizable chunk of business. Now you just have to play the RFP game.

(Just in case you’re here because you want to know how to issue an RFP, check out this article instead.)

What is an RFP opportunity?

There are essentially two types of RFP opportunities: solicited and unsolicited. Solicited means that you’re invited to play the game. Unsolicited means you have to crash the game. You have a better chance to win when you’re invited.

That reminds me. There’s a fair bit of jargon in the RFP world. Here’s a short glossary of some common terms you’ll encounter often, including in this article:

  • RFP issuer: The organization that sends out the RFP. They have a problem, and they’re willing to pay someone to solve it, within certain parameters.
  • RFP responder: You.
  • RFP response: How you answer the RFP.
  • RFP proposal: Your response to the RFP.
  • RFP Q&As: Most RFPs present a number of questions that responders must answer. This section makes up the lion’s share of your proposal.
  • RFP win: You were selected by the issuer to solve their problem.
  • RFP loss: Happens to the best of us.

Back to more on “What is an RFP opportunity?”…While you can still win an RFP if you submit an unsolicited response, the odds are against you and you need to take an honest look at whether or not it’s worth it to respond.

RFP responses are not easy, even when you’re invited to partake. If you’re lucky enough to be alerted to an RFP on the day it’s issued, then you’re likely looking at a 3-6 week window to compose your response. Rarely are you so lucky. Sometimes it’s brought in with notice of a week or less, putting you on a tight deadline. The number of hours you’ll have to commit to building a proposal during that time will be determined by, among other things, team participation, content relevance and access, and how much you have to rely on manual processes to complete the response.

Now that you understand what an RFP is and the opportunity it presents, you need to put yourself on a path to respond only to those RFPs that you can realistically win. If this is one of your first RFP responses, then it could be a rabbit hole of unknown depths. Insert a go/no-go milestone before you go ask Alice. It involves asking yourself the following five questions:

  1. What was your level of involvement prior to the RFP being issued?
  2. Is your solution a fit (now, not at some squishy date in the future after you’ve had a chance to adapt it to what the problem calls for)?
  3. Does your price match the RFP issuer’s budget?
  4. Will winning the RFP be a strategic fit for your organization?
  5. Do you have bandwidth (to complete a competitive proposal, not to deliver your solution)?

As part of the RFP response process, you should have an opportunity to ask the questions necessary to fill in the gaps for your go/no-go milestone. Best-case scenario? Your sales team has already laid the groundwork for all of this with the issuer and it’s just a matter of taking their learnings and making them actionable.

It’s a “go.” Now what?

It’s a process deal. Doesn’t that take the pressure off?

I won’t get into the nitty gritty of the RFP process here (you can do so here if you’re ready to start now), but I will touch on the value of efficiency. Even if this is your first RFP, you’ll want to go into it as prepared as possible to save you and your team some pain and give your organization its best shot at winning.

Break down your efficiency goals into three main categories: project management, content management, and proposal quality. Before you start checking boxes under these categories, you need a team. Part of that team has likely already formed. The salesperson at the tip of the spear will be your subject matter expert (SME) for issuer-related questions and perspectives. The rest of the team will come together based on your review of the RFP. What questions need answered? Who has the answers? Who has the design and technical chops to build the proposal?

After you identify potential team members, dig into their availability and try to build a schedule to complete the response by deadline, preferably before deadline to give yourself some buffer. Then schedule a kickoff meeting with all team members to get their buy-in to process details for the following:

  • Project management: You’ll be the lead for collaboration, assigning tasks, and driving the schedule.
  • Content management: You’ll need content creators, content reviewers, and a storage system for a content library (if you’re gathering all this valuable info for an RFP, you’ll want to save it for repurposing; even if this will be your only RFP response of the year, the info will be useful for business proposals, answering prospect and customer questions, and training new hires).
  • Proposal quality: Answering RFP Q&As won’t be enough. You need to personalize the proposal to make it stand out.

Remember, the issuer is using the RFP process to identify its optimal vendor. They’re inciting competition, so you need to play to win. Second prize doesn’t even get a set of steak knives.

Beef up your sales pipeline

Now that you’ve discovered RFPs and the opportunities they can offer, you may want to evaluate how they can help you achieve your sales goals. 69% of B2B salespeople do not have enough leads in their pipeline to meet quota. Pursuing RFPs can build up pipelines fast: Globally, $11 trillion of revenue is won through competitive proposal processes (i.e., RFPs) every year.

Obviously, you’re not going to win every RFP. We found the average win rate to be 45%. However, RFP opportunities can cost as much as 5X more than traditional sales opportunities, which makes your process and your sales tech stack your best friends when it comes to response efficiency.

Automate to dominate

The optimized sales technology stack is a hot point of conversation these days. With so many RFP automation software solutions, it’s easy for sales teams to overspend on solutions they barely use. A recent Harvard Business Review article cites a survey where 62% of B2B companies were not satisfied with their sales technology return on investment. It also found that:

“The winning companies in our analysis were 1.4 times more likely to fully deploy sales technology tools and 1.9 times more likely to fully integrate them…By taking the time to embed these technologies properly into its sales processes, the [SaaS] company was able to increase revenue growth by 200 basis points within a few weeks.”

RFP automation offers a massive competitive advantage for responders. It saves time, improves proposal quality, and helps companies create their best work by activating their company knowledge. Companies with RFP-specific technology responded to 43% more RFPs in 2020 than those without a designated RFP tool. “With RFPIO, I would say we have increased our win rate by 15%,” said Grégory Saive, IBA global director of sales support and tender management,

But it has to be the right RFP software for your sales tech stack. It has to be able to manage your entire response process — from building proactive proposals to answering prospect and customer questions on the fly and responding to questionnaires — while integrating seamlessly with the other applications you rely on, such as your CRM, communication, and cloud storage solutions.

What’s next? Demo.

We started with “What is an RFP?” and made it all the way through to the value of RFP automation. Once you win one, you’re going to want to win more. Since I’m almost at my promised 1,500-word cap, I’ll wrap it up with a tip on your next step: Schedule a demo. It’s the fastest and easiest way to find out if RFP automation is right for you. Even if it’s not, you’ll get some valuable response tips from our process experts.

What is RFx? Do the math for sales and procurement

What is RFx? Do the math for sales and procurement

Selling & Enablement

What is RFx? In this case, it’s proof that Mrs. Vickers, my pre-algebra teacher, was right. She assured me that algebra would come in handy in my adult life. It only took 35-ish years, but it turns out Mrs. Vickers’s crystal ball wasn’t so foggy after all.

Back to the original question: What is RFx? It’s the shorthand for your “Request for” category of procurement and sales processes and documents. Solve for x.

  • RF(Proposal)
  • RF(Information)
  • RF(Quote)
  • RF(Application)
  • RF(Bid)

Explanations and definitions of these are insightfully encapsulated here (processes) and here (glossary). However, if you want an overview of how you can use any of these RFx varieties for your business — either in procurement or business development, then you’re in the right place.

Using RFx for procurement

If you use RFx for procurement, then you’re the issuer creating the RFx. Typically, you’ll submit requests in the following order:

  1. RFI
  2. RFP
  3. RFQ

Ultimately, you want to play your RFx cards to select an ideal vendor using strategic sourcing. The RFI will be high level, probing to see if a problem can be solved. It will help narrow down providers to whom you’ll want to submit the RFP, which will be much more detailed and a heavier lift for you to evaluate.

Your RFP will ask for in-depth problem analysis, what it will take to solve the problem, how a vendor proposes they’ll solve the problem, proof of solving similar problems in the past, and, possibly, an estimate on cost. It may also inform responders how responses will be evaluated (e.g. cost = 35%, experience & performance = 35%, response quality 30%), budget expectations, and timing details.

From your pool of RFP responses, you’ll submit an RFQ to one or two providers to finalize your costs. At this point you know the exact product or service that you want so you request a price quote for that specific solution.

“RFB” is also known as “invitation to bid.” While this terminology does appear in the U.S., it may be more common internationally, where issuers post “tenders,” and responders submit “bids” in response to those tenders.

RFAs are associated with government agencies and nonprofit organizations. Funding has already been set aside for a specific requirement and now agencies or organizations are seeking recipients of funding. Agencies want to solve a very specific problem, such as building the capacity for drinking water systems. Nonprofit organizations have grant money available and seek applications to distribute the grant, such as for placing veterinarians in underserved areas.

Using RFx for business development

For the 69% of salespeople who do not have enough leads in their pipeline, RFx opportunities are an opportunity to drive revenue. When you use RFx for business development, then you are the RFx responder. Response teams require expertise from multiple areas, including sales, product development, product marketing, finance, contracts, and more, depending on the product or service you sell. It’s up to you to respond appropriately in an attempt to put your product or service at the top of the list for RFx issuers.

If you’re lucky, then you have a unified content repository of some sort to reference for your responses. Many sales professionals still work from personal content libraries they’ve amassed on their own, which is problematic for brand management and onboarding new employees. If you’re even luckier, then you represent one of the 43% of organizations using RFP-specific software, which helps automate response processes.

Responding to an RFI will get your foot in the door. Hopefully, it’s something you do regularly and doesn’t take up a lot of bandwidth, for you or any other response team members. This will be early on in the sales process, possibly too early to even count toward your pipeline. When an RFx is not certain of gaining revenue, then you want to minimize resources spent on responding.

However, once you’re selected to respond to an RFP, you can add prospective revenue to your pipeline. This will also be the largest investment as far as resources that you’ll commit to responding to an RFx.

The RFP is your opportunity to lay all your cards on the table. Show the issuer what you can do, how you can do it, and why you can do it better than anyone else. Expect to be evaluated on your experience, your price tag, and the quality of your response. By evaluation, I mean you’ll be measured against all other responders in as much of an apples-to-apples comparison as the issuer can comprise based on the complexity of the response.

The RFQ will be the final deal number, if it wasn’t already requested in the RFP. It will highlight the solution you’re providing within the issuer’s budget. If your RFP solution comes standard with additional functionality beyond the scope of what the issuer originally requested (e.g., integrations with other software, free training, or VIP support), the RFQ is a great opportunity to call that out.

What is RFx automation?

RFx automation reduces the manual processes required to issue and respond to any RFx. For issuing, RFx automation streamlines how requests are created and organizes the evaluation process for you. For responding, RFx automation uses artificial intelligence to Auto Respond to any RFx based on content in your Content Library. Organizations that use RFP-specific software are not only able to respond to 43% more RFPs than those without a designated RFP tool, they’re able to turn around each response 40% faster.

RFx response automation can also extend to responding to security questionnaires, due diligence questionnaires (DDQs), scopes of work, and whatever else you may be requested to respond to in your sales or client support lifecycles. The functionality can also serve you well for proactive proposals, where you need to deliver a proposal or presentation even though one wasn’t specifically requested. This is common in business proposals when a prospect wants something in writing to share with management or the C-suite to build a business case for adding your solution.

Whether you want to use RFx for procurement or business development, if you’re going to do it for the long term, then RFx automation will be a boon to your workflow, morale, and bottom line. The math works out. Mrs. Vickers says so. Learn more about AI-enabled RFx management by scheduling a demo.

Data-driven strategies for increasing RFP win rate

Data-driven strategies for increasing RFP win rate

Selling & Enablement

There are two primary reasons why you should aggressively pursue requests for proposals (RFPs). One, they’re a great way to build pipeline. Which is key for the 69% of B2B salespeople who do not have enough leads in their pipeline to meet quota. Two, they can be a major revenue driver. You just have to make sure you’re pursuing the right RFPs and doing so as efficiently as possible. Take my word for it. Just kidding. I actually have data to back it up. I also did an entire webinar on this topic, if you’re ready for a deep dive.

RFPs: Opportunity and Risk

Globally, $11 trillion of revenue is won through competitive proposal processes (RFPs) every year. You may be asking, “What is a good proposal win rate?” RFPIO’s research puts the average RFP win rate at 45%. But that’s across all industries. It will vary according to your level of specialization. RFPs exist in multiple markets, including government, construction, supply chain, manufacturing, systems integration, healthcare, and technology.

$11 trillion of revenue is won through competitive proposal processes (RFPs) every year.

As a salesperson, I always wanted to include RFPs to help grow my pipeline. A healthy sales pipeline is 4-5x the close rate, and RFPs can represent deal sizes large enough to keep my pipeline super healthy. Since working in sales, I’ve led proposal teams and now have my own company, Patri, that helps qualify sales opportunities, including RFPs. I’ve also learned that too many salespeople and leaders are avoiding RFPs.

RFPs are not easy, and they can be labor-intensive. I’ve known many salespeople who find them too restrictive. In other words, there’s too much red tape to navigate to put together a response.

The fact is that only a little over half of all salespeople are hitting their quotas. There’s a lot of desperation out there. If you’re already in desperation mode, then the notion of allocating resources to an RFP proposal is tantamount to putting all your eggs in one basket. Proposal opportunities are more than 5x more expensive than traditional sales opportunities. As a result, companies are spending an estimated $200+ billion per year on lost bid opportunities alone.

Companies are spending an estimated $200+ billion per year on lost bid opportunities alone.

So if you boil it all down, objections to pursuing RFPs come down to time and finding the right opportunities. I’m going to unleash my inner salesperson and help you overcome those objections. Let’s look at the data.

5 smart moves to increase your RFP win rate

5 smart moves to increase your RFP win rate

  1. Pursue RFPs you have the highest probability of winning: Qualifying RFP opportunities before you respond helps reduce your loss rate and increase your win rate. Patri clients have saved $26 million and 27,000 hours by focusing efforts only on opportunities they can realistically win.
  2. Increase RFP response volume: Teams with dedicated proposal professionals submitted 3.5x more responses in 2020.
  3. Increase sales efficiency: Teams using RFP software submit an average of 46% more responses every year.
  4. Improve RFP response quality: Medical device manufacturer IBA re-invested time saved from RFP software into improving response quality and increased win rate by 15% in the first year.
  5. Streamline collaboration: 38% of responders cite collaborating with subject matter experts (SMEs) to create and review content as their biggest headache.

So that gives you an idea of what you can do. Now, how can you win more RFPs? Qualify opportunities and implement RFP response software.

How to win more RFPs in 3 steps

Step 1: Qualify based on data

I remember early in my proposal response days, I was the salesperson and proposal manager. Wearing both hats, anything I wanted to pursue I had to make sure was winnable. Some of those early parameters were relationship status, incumbency, solution fit, and requirement fit. I grew this exercise in qualification into my company, Patri.

Patri sits between RFP identification and response, at that pivotal qualification point. We analyze data to provide clients a fit score and call out their strengths and weaknesses that will play into their pursuit of an opportunity. So far, we have helped qualify more than $40 billion of opportunities and helped win $84.6 million worth of business.

Step 2: Save and re-invest time

When clients agree that an opportunity is fit enough to pursue, we recommend that they use RFP software to craft the best response possible. Solutions such as RFPIO automate manual processes and improve collaboration, freeing up your time for other things. The more time you have to fine-tune your proposal, the better your proposal will be, and the higher your win rate.

RFP software helps proposal and sales teams save time (and achieve higher win rates) by:

  • Cutting response time by an average of 40%: Automatically respond to commonly-seen questions with Auto Respond, automation functionality powered by machine learning.
  • Managing and moderating content and projects: Organize RFP content, import projects, assign tasks, respond to questions, set up review cycles, and export into the source file or custom template.
  • Streamlining cross-functional collaboration: Easily collaborate across teams using in-app @mentioning and integration with Slack, Microsoft Teams, Google Hangouts, and Jira.
  • Making data-driven decisions: Gain insight into time spent, deals won, and resources used with built-in business intelligence and analytics.
  • Integrating into your existing tech stack: RFPIO integrates with more platforms than anyone, including popular CRM, SSO, cloud storage, and communication platforms.

The primary indicator for RFP software, like any other automation software, is that it saves time. It’s what you do with that time that will determine your level of success with increasing RFP win rate.

Re-invest time into responding to more RFPs with higher quality proposals. Also, like a pure shooter who moves well off the ball (a la Craig Hodges for 90s-era Bulls fans or Klay Thompson for current Warriors fans), you can work on your process outside of active projects. In other words, re-invest time into improving your content. So when that next RFP comes in you not only have content that’s locked and loaded, it’s high quality, too, which will improve your odds of getting shortlisted.

Step 3: Designate an owner of the response process

While RFP software delivers efficiency, you will get more value out of it if you have a dedicated proposal manager administering the software and the processes around it. This de-facto leader of the proposal team will also be responsible for:

  • Building relationships with other company stakeholders, including sales, product, legal, and marketing teams.
  • Driving user adoption, knowledge management, and other essential functions associated with RFP software.
  • Enabling sales to have a streamlined, unfettered user experience to minimize objections and elevate the value of RFPs in pipeline management.

Finally, it’s important to note that you don’t have to make double-digit gains in your RFP win rate to realize impressive results. For example, if a company’s average RFP is worth $570,000 and they submit 415 RFPs annually, with a win rate of 32%, the business value of their RFP process is $75,696,000. Improving the win rate just 2% would represent a nearly $5 million dollar increase.

ROI of increasing your RFP win rate

Pursuing RFPs doesn’t have to be a black box experience. Be transparent within the company. Know your costs and win rate probability. Go and embrace them. By properly qualifying opportunities and using RFP software, you can improve your own odds.

To learn more about how Patri can help you qualify opportunities, schedule a demo. To see if your RFP management process is ready for automation by RFPIO, schedule a demo.

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