RFPs Hold Key to More Sales By Nancy Chambers, nchambers@lassiterassociates.com Buyers of big-ticket items usually rely on impersonal requests for proposal (RFPs) to get the information they need for an apples-to-apples comparison of purchase alternatives. As a seller, how many times have you wondered, œIs the effort to reply worth it when the outcome is so uncertain?” Responding to these RFPs can be a real resource drain for vendors. Such proposal requests are frequently quite lengthy, requiring proposers to answer a myriad of very specific questions about product or service capabilities. And buyers seldom reveal much, if anything, about their priorities and decision process. Sometimes the process seems like a one-way street with lots of information flowing to the buyer and very little knowledge being shared with sellers. Here's a way to change the tide, learn more about your market and increase your RFP win rate in the process. A collection of RFPs received over, say, the past 12 to 24 months can reveal a wealth of information about your market needs and requirements. A thorough analysis that quantifies the incidence of various criteria and expectations yields an extremely valuable view of current buyer expectations and the priorities of your market. By looking at the proposal requests as a market sample, you can measure the consistency of requirements and prioritize the strategic initiatives to improve the competitiveness of your responses. A professional RFP analysis can answer the following questions.   What are the highest priority features and capabilities sought by today's buyers?   What are the factors that influence purchase of your product or service?   What specific expectations must be met to win contracts?   How are the top consultants influencing buying decisions?   How can your company increase its competitiveness and win more proposals? Responding to these requests is a necessary, but frustratingly time consuming, evil for those who wish to compete. By tapping the wealth of market information hidden in the requests, vendors can gain an edge over the competition and increase their close rate. Meet our RFP Management Expert >>> LASSITER & ASSOCIATES 7/15/2002