Going back to those afraid of RFPs, and the Silicon Valley mantra of “Fail fast and frequently” – it’s also a good idea to fail as painlessly as possible. In retail, not everyone who walks into a store actually buys something. They may be window shopping. An RFP is the same thing, backed by intent to buy. Of course, you need to discern between RFPs and RFIs (Requests for Information), suffice that you’re never guaranteed to win. If you never try to win, you never will win. An RFP is better than a lottery ticket, because someone will win – and it will be decided amongst a fairly small number of ticket buyers.
Statistics exist for everything, including RFPs (here are 34 interesting RFP statistics). RFPs are still cumbersome, having an average of 115 questions. Companies experienced in submitting RFPs take an average of 23 hours to complete them. Expect it to take much longer your first time. But by approaching it in an organized fashion, you’ll gather all of your information in one place and learn more of what to expect. Each subsequent RFP will be that much easier.
And this isn’t to say that every government contract or every time you win an RFP that it will be hugely profitable. Even if you barely break even, you’ve acquired experience into the RFP process increasing your chances of winning future bids, while developing your client portfolio.
These statistics also show that companies that win bids are more likely to win more bids. They are inclined to higher staff to focus on RFPs and use RFP software to make the process more efficient. Some RFP tools include Loopio, RFP360, RFPIO, and Qvidian – but there are plenty of other RFP software options.