- RFPs are a great source of information about customers` objectives, providing insight on the decision process and clearly outlining customers needs and requirements
- Applying resources to capture and analyze RFP data can reap big benefits, providing valuable insights for marketing and product management and improving future RFP win rates for your sales teams
Unlike consumers who typically have a less structured approach to purchases, enterprises and public sector organizations explicitly and publicly document their "wants" and requirements through Requests for Proposals (RFPs) and other forms of requests to tender. [1]
RFPs are structured methods for public and non-public organizations to receive competitive bids for needed products and services and thus every month, thousands of RFPs are posted on the internet and /or send directly to selected vendors. The RFP process is meant to bring structure and transparency to the procurement decision, while reducing risk through open requirements and discussion.
Sales personnel and bid management teams spend a considerable amount of effort in answering customer questions and preparing an offer. However what happens after the sales team completes the RFP? Too often, not much, as sales and bid teams turn their focus to the next RFP.
RFPs are a great source of information about a customer’s objectives, their evaluation and decision process, and the customer’s needs and requirements – providing you with Voice of the Customer (VoC ) insight [2] .