This press release was originally published on PRWeb.
TORONTO, Dec. 10, 2019 - Loopio, the leading provider of Request For Proposal (RFP) response software, is excited to share the results of one of the largest research surveys on the oft-overlooked RFP response process.
The findings from the 500-person study were used to create the inaugural RFP Response Management Benchmarks and Trends Report. The resource gives a comprehensive look at the current state of RFP management across 14 industries. It also includes performance benchmarks, an analysis of the key challenges organizations face in the response process, and an outlook on investments and trends for 2020.
"Loopio has always aimed to be at the forefront of thinking with respect to RFP management,” says Zak Hemraj, CEO and Co-Founder of Loopio. “For the past six years, we’ve provided the market with tools and frameworks for improving the RFP response process. This new research fuels the conversation with data-backed insights so that we can help the entire industry raise the bar."
The report surveyed individuals involved in the RFP process from companies across North America, which ranged in size from less than 100 people to 10,000+ employees. Loopio surveyed a variety of job roles involved in the RFP process—including Proposal Managers, Sales and Marketing Executives, Solutions Engineers, Information Security professionals, and more—so that a holistic analysis could be conducted.
Some key findings from the report include:
- RFPs can be a significant driver of new and repeat revenue. RFPs account for 41% of sales revenue. There is an almost equal split between how much RFP revenue is derived from new business attainment and existing business retainment. The average RFP win rate is 53%—which is a much higher rate than many other sales and marketing channels.
- Timely access to internal information causes the biggest headaches in the RFP process. The top challenges in the RFP process are finding accurate answers quickly (44%), collaborating with internal subject matter experts (43%), choosing the best answers from a pool of potential answers (36%), and meeting deadlines or dealing with delays (35%).
- Executives and Associates are often not aligned on process metrics or satisfaction levels. Executives report much higher rates of satisfaction with their RFP quality and submission timelines than Associate-level employees do. Executives are also 10% more likely to say that their team responds to all of the RFPs they receive and report higher than average win rates. For companies to improve their outcomes, those handling RFPs and their leaders should better align on where improvements need to be made.
- Companies usually don’t track the granular RFP metrics that impact top-line revenue. Nearly half (46%) of all respondents are tracking high-level revenue sourced from RFPs. But only a third (or less) track other important metrics, like the number of submissions made, submission timelines, and team/employee performance or sentiment—all of which were tied to higher win rates or better response quality in the report.
- RFP software users see better outcomes. RFP response software users (which made up 80% of survey respondents) submit nearly 50 more RFPs annually than those without software. They’re also more likely to rate their tools as more effective and tend to involve more collaborators in the RFP process—both of which were found to correlate with higher win rates.
- RFP submissions and investments are set to increase in 2020. Next year, 63% of companies are planning to submit more RFPs than they did in 2019. Most are also planning to invest more resources into their RFP process by hiring more people, adopting new tools, or increasing training.
The report establishes performance benchmarks for the following industries: Advertising & PR, Education, Financial Services, Hardware, Healthcare & Medical, Industrial & Manufacturing, Insurance, IT & Services, Legal Services, Media & Publishing, Non-profit/Government, Software, Supply Chain & Logistics, and Telecommunications.
Responding to a Request for Proposal (RFP) is usually an arduous process that crops up unexpectedly—and often comes with tight timelines. Because of this, many companies don’t invest in operationalizing or optimizing how they handle them. However, the RFP Response Management Benchmarks and Trends Report illustrates how the right resources and processes can drive success.
Loopio is a Toronto-based technology company that helps enterprises supercharge their responses to RFPs, DDQs, and Security Questionnaires. With Loopio, companies can empower their teams to respond faster, improve response quality, and ultimately win more business.
Loopio is one of Canada’s fastest-growing tech startups. It was ranked as the 13th fastest growing company on the 2019 Deloitte Technology Fast 50™ list and has twice been selected as one of LinkedIn’s Top Startups in Canada.