An RFP process is used to procure products and services by soliciting competitive proposals from vendors. Through this process vendors are screened and evaluated on basis of best value solutions. They compete with other qualified vendors to win potential client business.
In this high stakes game even small oversight can result in vendors being eliminated early in the evaluation process. Some of the common mistakes made by vendors are:
1. Not grasp client’s scope or requirement
2. Not adhere to specific requests in the RFP documents
a. Not responding to evaluation criteria and RFP objectives
b. Missing the timelines or procedural details
3. Improper solution or sizing: Not review and analyze the provided annexure
4. Pricing not competitive or too aggressive
Vendors can increase their chances of being short selected for next stage if they have better understanding for client’s requirements and RFP context. The RFP process may allow for clarifications/ questions/ client interface. If used judiciously, this can validate solution assumptions and relevant offerings.
RFP submission and evaluation are time bound and hence it becomes imperative that your solution and its benefits are well articulated. Vendor can get better conversion rate for RFPs if they focus on the following:
1. Make your response pointed and concise:
a. Volume of information is not equivalent with quality of response
b. Tailor your solutions: Do not use much of boiler plate information
2. Highlight your differentiators and value adds
3. Proof read your response: Spell checks do not catch errors in language and grammar
4. Add an executive summary to give a succinct view of your solution
5. Be aware of your competition: Tweak your solution based on other vendors in the field
The client wants to select a partner(s) who can work with them for a longer period of time. Your RFP response should position you as a vendor of choice.