How To Create a Successful RFP?

What is an RFP?

RFP is an acronym for “request for proposal.” This is a formal document used when a business is shopping around for outside vendors to provide services.

What’s the Purpose of an RFP?

The goal of sending out an RFP is to access potential agency partners for a big project. The goal is to receive bids from multiple vendors, allowing you to assess their ideas, compare their quotes, and determine who offers the best solution.

Why is an RFP important?

While writing an RFP can be pretty darn challenging, it’s unbeatable as a low-risk way to manage the vendor proposal process. Mainly, it makes your job of evaluating bids more efficient while locking vendors into a set price and promise.

That’s important for a couple reasons.

First, when an RFP is written correctly, it lists all of your requirements. This prompts vendors to respond with a comprehensive quote, which is far easier to assess and compare, than if you’re forced to piece together standard quotes off a price list.

Beyond being efficient, a well-written RFP offers you protection by detailing exactly what you originally asked for. This can be handy to refer back to should the vendor you chose wind up providing something that differs from what they promised.

What kind of services would you use an RFP for?

We can’t speak to every industry, but any services associated with event production! Most often, event production businesses will put out RFPs for venue and room hire requirements, catering, audiovisual production, speakers, registration, exhibition stand builds, website development – anything with a technical or design element.

How do you start writing an RFP?

If it’s your first time writing an RFP, the easiest way to approach it is by sitting down and writing out your goals for the event. Once you’ve listed out everyone, make a detailed list of what goes into making sure each of those goals is achieved. Cross off the services that you can provide in house. What’s left should be listed on your RFP.

It’s important to break down the service that you are looking for in detail. What do you have to have versus what would you like to have? Going the extra mile to provide priorities lets vendors know how you’re going to evaluate their proposals.

Next Week: Basics to include in every RFP (+ Template)

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