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Did you know that the most common win rate for RFPs is less than 5 percent? This means it is crucial to completely understand how to respond to RFPs.
Are you asking yourself, how can I respond to an RFP like a pro? Keep reading to understand everything there is to know about responding to an RFP.
What is a Request for Proposals (RFP)?
You might be asking, what exactly is an RFP? RFP stands for request for proposals. A proposal often comes in the form of a document in which your business offers a product or service to your potential client and show the value it can bring to their business.
Requests for proposals go out in hopes to get compelling RFP responses so that companies can fulfill a business need for their organization. It can be looked at as a form of outsourcing or partnerships between companies.
Answer Every Question When You Respond to RFPs
After you thoroughly read an RFP you must ensure that you answer every question that is posed when you respond to an RFP. If you do not answer every element of the brief it is likely that your company will be taken out of the running.
When answering an RFP it is essential to go through each section with a fine-tooth comb. RFPs can be dense and it takes a great deal of attention to detail to properly address each portion of the request.
Use the Correct RFP Format in Your Response
When responding to an RFP you should make sure you use the right format in your response. This format might be detailed in the RFP. If it is not it is is a good idea to follow the format of the request itself.
Some organizations value originality and flare, others like you to stick to a specific structure. Following simple instructions, like formatting, are crucial to winning a request for proposals.
Respond to RFP Email and Send to the Decision Maker
Once your response to an RFP is completed, it is time to submit it for review. Often you will send an RFP response via email unless otherwise noted. When submitting your final proposal it is a good idea to respond to the original call for proposals and ensure that the decision-maker is copied on the email.
Copying the decision-makers on the email will help make sure that they see your proposal. These people may or may not be the ones that sent out the original request. Be sure to send in your request on time and respect any specific submission instructions.
Respond to an RFP Today
Now that you know how to best respond to an RFP, it’s time to get started. It can be challenging to win RFPs but we know you can do it if you follow these tips.
If you enjoyed this blog be sure to check out others on our site to learn more business tips and tricks.