In the world of supply and demand, the competition is extremely strong, so if you want to be the best and make the biggest profits, you need to make the perfect deal and offer from start to finish. By definition, the process of request for proposal goes in the way that a company sends the description of the things they are in demand of to multiple providers, and then they choose to go with the provider that gives them the best conditions, offers, and deals. Unfortunately, not everyone who is a part of this business world knows how to handle the RFP responses and they don’t know what to do to attract more companies and offer them the best solutions.
Every expert suggests that if you want to gain something from another person, you need to draw them in by explaining what they are going to get. Instead of saying how you are both going to benefit, or why you need them to do something, you should focus on what they will gain from the whole deal. If you are new to this world, or if you want to learn how to improve your responses, you’ve come to the right place! Here, we are going to talk about all the mistakes people make when it comes to requests for proposals, and how you can avoid them.
What are the issues?
There is no easy answer to this question, but there are some common mistakes many providers make, and here we will try to cover some of the most frequent ones. The most common problem that seems to appear both for the requests for proposal and the responses, is that the documents and the requirements are not clear.
The worst thing that can happen in this world is that there is not enough information, or things are confusing. If you want your collaboration to be successful, and if you want to get the best offers possible, you need to be clear in what you want. The same goes for the responses, you need to be clear in what you are offering, and why the company is going to benefit from your products. It is said that when the clients are not exactly sure about what they need, the responders will not know what they need to propose. This creates confusion on both sides, and people end with lost deals, or even worse, faulty products.
The next thing we are going to talk about is the way you reply. Sometimes, to make sure the other party understands we are smart and capable, we try to use “fancy” terminology. We use huge words, things that sometimes don’t even make sense, and we think that we will sound just professional. In reality, we are not saying that you should exclude your business vocabulary, but you should try and write things in a way that everyone could understand. It is said that if a child or an elderly person cannot understand what you are saying, it means that you are not explaining it correctly. Try to find a balance between the official vocabulary and the common one, so that anyone that would read your reaction could understand what you are offering.
One of the things that everyone knows is that the RFPs are intimidating, and every responder says that you will never find two of the same proposals. You need to be versatile, and you need to have an understanding of how to handle things depending on what your client is looking for. According to thebidlab.com, when it comes to an RFP response, you need to pay attention to the smallest details if you don’t want your proposal to be disqualified over a technicality. In case you don’t think your company can offer the best replies, but if you are certain that you offer the best products, you may want to turn to an outsourcing company that will help you handle this part of the project.
What you need to pay attention to?
Once again, there is no easy answer, and you basically need to be prepared for anything your client could demand. You need to be professional and you need to be on time. The worst thing you can do when you submit the reply is to be late. There are hundreds and even thousands of companies that have amazing products, and even better offers, but they don’t know how to create the right reaction.
It is said that you need to always have a backup plan, in case the person who handles these replies is not available at the moment. Put down all the details of your offer, and make sure the client understands why your business is better than the rest of the competition. Know that the client will be handling a lot of proposals, and if they see something that is not done correctly, they will disregard those applications, and move on to the next one that has everything cleanly created.
You should never make an assumption on what the client may want or need, and if you have any questions you should always reach out to them. One of the main rules is that you should never disregard any demand they may have, and if they are looking for specific information, you should not ignore that request. No matter how small things look, the client may see them as vital, and if you don’t answer all of their questions, you will get discarded. Always be direct when you reply, and use the format and the document that is requested from you to use. Requests for proposals are not open for interpretation, and you should not try and use the previous format to reply to the next client. If you make a promise and if you say that you are going to follow up with more information, always do that. Be professional and act like that. No client wants an irresponsible supplier and even if they somehow choose you, they will end the contract as soon as you don’t rise to the challenge.
If you’ve noticed some mistakes you’ve been making, that could be the reason why your responses are failing. The great news is that now you know better, and you know how to improve this whole process. In case you are not sure how to handle the replies, and if you don’t know how to follow the requirements, then you should ask for help from a third-party service. Outsourcing can help you save a lot of time, and they will handle all the tasks promptly and responsibly and if you need help covering the cost for this expert advice, contact 800LoanMart to discuss financing options.