6 Proven Strategies of Top-Performing Teams to Win More RFPs in 2024

For B2B companies, RFPs represent a massive revenue opportunity. New data shows that RFPs account for a whopping 35% of annual sales revenue on average. The top-performing teams convert over 51% of their RFP responses into closed business.

Are you getting your fair share of this critical revenue source? With rising quotas and increased competition, optimizing your RFP process needs to be a top priority in 2024 and beyond.

Luckily, new research with over 650 teams has uncovered the habits of the most successful RFP responders. Here are six data-backed strategies to implement now to submit more winning proposals and bring in more revenue.

1. Take the Time to Craft Tailored, Quality RFP Responses

When it comes to RFPs, quality beats quantity every time. The data shows top performers spend an average of 25 hours writing each proposal. While this may seem like a significant time investment, it pays off in spades.

Keep in mind, most RFPs contain over 100 questions. Spending 25 hours equates to 15 minutes per response—a small price to pay for highly lucrative contracts. Use this benchmark to carve out adequate time and hold your team accountable.

The key is customizing each RFP, rather than copying and pasting generic responses. Take the time to understand the prospect‘s unique needs, industry, and language. Directly address their key business problems and required capabilities. Provide relevant case studies, social proof, and specifics on your approach.

While templatized responses can help, treat them as a starting point rather than the final submission. Customize them as much as possible for each prospect. The time and attention to detail will be apparent to the decision-makers and give you a winning edge.

2. Assess Customer Fit with a Go/No-Go Process

Not all RFPs are created equal. Chasing the wrong ones is a recipe for frustration and wasted resources. That‘s why 72% of top-performing teams have a formal go/no-go process to vet RFP opportunities.

Using a simple go/no-go template enables you to objectively assess customer fit in a data-driven way. Look at factors like:

• Budget and contract size
• Alignment with your capabilities and value prop
• Relationship and familiarity with decision-makers
• Competitive landscape and your win odds

Being selective about which RFPs you pursue is critical. While you may receive lots of RFPs, responding to all of them spreads your team too thin. The highest-performing teams submit 35% fewer proposals on average, but win a much higher percentage.

By focusing your efforts on the right RFPs, you can invest more in each response. You‘ll boost win rates, better allocate resources, and keep your team motivated. Build a go/no-go process into the very start of your RFP workflow to prioritize effectively.

3. Involve the Right Contributors Early and Often

Responding to RFPs in a silo is incredibly challenging. Subject matter expertise is typically spread across the org chart—from executives to product to legal. Top teams tap into this collective knowledge by involving an average of 10 stakeholders in each RFP project.

Identify the key functions and individuals needed for common RFP topics. Think IT for security questions, Customer Success for support details, Legal for MSA redlines, etc. Make RFPs a cross-functional initiative with clear roles and responsibilities.

The key is involving contributors early and keeping them engaged. Schedule a kickoff meeting to align on the prospect, timelines, and deliverables. Make the RFP a priority and clearly communicate the revenue impact to secure their commitment.

As the project progresses, send regular reminders and escalate as needed. Show appreciation for quality responses delivered on time. Gamify the process with rewards, recognition, and friendly competition. The more bought-in your contributors are, the better your RFP will be.

4. Track the Right Metrics to Continuously Optimize

You can‘t improve what you don‘t measure. 91% of top RFP teams consistently track their performance and use the data to optimize. While revenue-based metrics like number of bids won are most common, don‘t stop there.

Go beyond just outcomes and measure your RFP process too. Track how long it takes to complete a response and how many hours each contributor spends. Survey the team on their satisfaction with the process and the quality of the content.

Armed with this holistic set of metrics, you can make meaningful improvements. If turnaround time is too high, find ways to streamline reviews and approvals. If quality scores are low, invest in better training and content.

Metrics are also key to keeping the RFP team motivated and productive. Knowing the average hours per response empowers you to balance workload. Tracking individual and team progress boosts friendly competition. And celebrating wins improves morale and retention.

5. Use RFP Software to Enhance Speed and Quality

Managing complex RFP projects is nearly impossible with just spreadsheets and email. It‘s no wonder 69% of top performers use dedicated RFP software. These tools act as a centralized knowledge base and project management platform.

RFP software enables you to quickly search past responses, auto-fill first drafts, and collaborate in real-time. This not only accelerates the process, but ensures consistency in your messaging.

Teams that adopt RFP software see a 10% increase in the volume of proposals they can submit. They also report higher satisfaction with content quality and lower stress levels. Both of these factors correlate with higher win rates.

Implementing RFP software makes your team more productive and effective. You can respond to more bids without sacrificing quality. The time savings lets you further customize responses and adopt RFP best practices.

6. Learn from Real-World RFP Success Stories

Putting these strategies into practice can be daunting. But luckily, you can model your approach after companies that are excelling at RFPs today. Here are a couple examples:

Conga overhauled their RFP process and saw a 4X increase in win rate. They created reusable content, developed an efficient collaboration process, and tracked progress in real-time. "We went from chasing every opportunity to focusing only on right-fit deals where we can meet customer requirements," said their Director of Sales Enablement.

AdRoll Group submitted 48% more RFP responses and increased win rates by 8 percentage points. They achieved this by hiring a dedicated RFP manager, establishing a well-defined process, and implementing response software. "The impact to revenue has been in the millions," according to their Senior Director of Solutions Engineering.

As you optimize your own RFP approach, look to examples like these for inspiration and proof of what‘s possible. With the right strategies and tools, you can achieve similar success.

Ready to Submit More Winning RFPs?

RFPs will only become more important to meeting aggressive growth targets. Organizations that fail to adapt their approach will miss out on these critical revenue opportunities. But by implementing these six proven strategies, you can stay ahead of the curve.

Remember, crafting quality RFPs takes time and collaboration. Be selective in the RFPs you take on and diligent in your responses. Measure what matters and use technology to your advantage. Most importantly, keep your team motivated by celebrating wins and small improvements.

Take the first step today by benchmarking your current metrics and building an action plan. Need some extra guidance putting these strategies into action? Check out our Ultimate RFP Toolkit for templates, checklists, and more best practices. Here‘s to submitting winning proposals and crushing your revenue goals this year!