An interesting and crucial time comes in every marketer’s career when you’re tasked with your first RFP. Arguably, some marketers might rely on their instincts and strong ties with its vendors, however, RFPs do provide an enormous amount of value, insight, recent trends, and technological advancements that may be useful for your project. But what are RFPs and why are they important?
What is a RFP?
Request for proposals (RFP) is a document utilized for businesses to transmit the requirements to a supplier that is capable of meeting those requirements. According to Bud Porter-Roth, the RFP is a written document that outlines the requirements so both the business and supplier can jointly utilize this document as a baseline for requirements.
Why should I conduct one?
Not all projects call for an RFP. RFPs are usually initiated when a product or service requires support from outside the organization. This includes:
- When a project may have a high level of investment, an RFP should be initiated.
- When a project requires skill sets that the internal team does not have.
- When a project requires more bandwidth than what currently existed internally.
- When an organization is unhappy with a current partner.
RFPs can be an extensive and lengthy process, however, they usually are well worth the time invested. What are some other reasons to conduct an RFP?
Share your thoughts and comment below. And don’t forget to read up on other marketing-related geeky stuff on my blog.