Navigating the RFI to RFP Stage
The bid process is always a lengthy one, lasting anywhere from 6 to 18 months on average. It isn’t for the faint of heart. There is a lot which goes into a win, so when as a business you get through to the next stage, it is definitely worth celebrating!
How to be successful at RFI stage?
There is no magic formula in making this happen, but like all things within the bid process it is going to involve:
a great customer relationship (most important)
well answered questions
key capture management delivered
a bespoke proposal clearly understanding client need
When you establish the relationship, you build trust.
Once all of these things and more are attained, it gives the client trust in you as a supplier. As the saying goes “people buy from people” — they are always looking for that know, like and trust factor. Have you ever known anyone buy anything off someone where these three factors are not in play. No, me neither.
A well run bid process rewards everyone.
A well run bid process from the client side has:
well written questions
clear communication
established timelines (which are adhered too)
This week I have been fortunate enough to be part of a well run process. The client invited (my client) and the wider team to an informal next steps call, where we discussed the opportunity from both sides. These types of calls are great because businesses get to meet the key players in each business before any formalities take place. It is an open forum where each party can talk freely about what is on offer, why it works and why it doesn’t giving time for the buyer to re-think their position. This matters as the suppliers they are speaking too at this stage have been successful at the RFI stage, and have now effectively been shortlisted. As with any similar process, it becomes a two-way platform. The supplier wants to win the work and the buyer doesn’t want them to withdraw. This is a partnership in training.
Getting ready for the RFI to RFP Meeting.
These meetings are always interesting because you never know how it will go, the tone of the meeting, or indeed the result. Having your own presentation ready to summarise some key points is important but also is having some questions ready. Some of the following might come in useful:
Reach out for a follow-up session.
If it isn’t possible to raise these questions in the original meeting, don’t be afraid to ask to speak to the Buyer again to have a more targeted session. I would suggest having around 10 questions similar to my notes above. A 30 minute meeting is usually enough, anything more can be overkill. This will largely depend upon the nature of your questions or the information you have to hand about the next stage.
Sending a meeting request with a rough outline of the meeting agenda and question types is always a good idea. This way the Buyer is pre-informed but it also means they can invite the correct personnel to the meeting. The tone of the meeting if possible should be chatty/informal because you are trying to build the relationship as much as discover some finer details behind their thinking/planning towards this contract award. There is certainly a subtlety to it. It is a conversation not an interrogation.
Using this feedback to inform RFP Win Themes.
I develop my own Bid Win Themes from the use of any customer data I can find. This is often publicly available information, such as:
the corporate plan
policies & processes
news articles
sound bites (podcasts, video etc.)
feedback given
I then combine that with any information received directly from the client, such as having the conversation and using questions as detailed above. But also using insights from the sales team as well as others in my network who can advise on anything which will help me to develop a winning proposal.
I am looking to learn as much as I can about their business. Wins and losses in particular. What has gone well for them recently and why? Have they had a problem which needs fixing, bad press — how can I leverage this for a win? The more informed I am, the greater I can interweave these themes throughout the proposal. The result: a tailored proposal which shows as a business we understand their organisation better than any other, which helps them to appreciate the partnership we could develop as well as the ease of working together.
Focus, you are more than half way there already.
Now for the hard bit. Mindset. You’re more than halfway there. The hardest part is getting shortlisted, which you have completed. Consider it like this, 70% complete, there is just 30% to go, we’ve done the marathon, we are now on the final leg of the sprint. So remain focussed, get the work done, and execute. Simples.