Request For Proposal (RFP)
A request for proposal (RFP) represents a formal procurement process where prospective buyers solicit written proposals from potential vendors to provide solutions or complete projects. RFPs outline requirements the response must address in detail.
RFPs allow buyers to evaluate bidding vendors equitably on standardized criteria versus relying solely on sales pitches and demonstrations. Responding successfully to RFPs requires close adherence to instructions, thorough understanding of the customer's needs, polished writing, and patience navigating extended timelines.
While responding to RFPs entails intensive effort, the payoff for securing a competitive bid can be invaluable in building deep customer relationships and significant business revenue. Savvy sales teams consider underlying needs rather than only reacting to stated requirements when shaping proposals.