CRM

Digital_Mrk
Member

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

Hi,

I have been searching about deal stages for RFIs and RFPs and I was wondering if there are any best practices or if anyone can share their experience about that?
I use the following stages:
1.Discovery

2.Demonstrate

3.Proposal

4.Negotiate

5.Closed

 

Thank you,

Patrick

1 Accepted solution
HubDoPete
Solution
Guide | Gold Partner
Guide | Gold Partner

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

Hi Patrick,

 

Let's use the term "reactive", for responses to an official RFI/RFP and "proactive" for when you have uncovered and developed the opportunity and are proposing a solution as part of your sales cycle.

 

Your current deal stages are best suited to a proactive proposals sales process.

 

For reactive RFx responses, I recommend having a separate sales funnel so you can design the whole process to suit responding to an RFI/RFP, including key milestones like the bid/no-bid decision.

 

For example, here are some stages, with my comments in (braces)

  1. Identified (We are aware of a potential RFx coming up, but it is unqualified)
  2. Capture/Pursuit (We have qualified it and are working on influencing the RFx pre-release)
  3. RFx issued (RFx has been issued but is pending our bid/no-bid decision)
  4. Bidding (yes it meets our bid criteria, so we are investing the resources and are preparing our bid)
  5. Submitted (bid submitted by the deadline)
  6. Negotiation (we are shortlisted so are working on being the winning bidder)
  7. Closed-Won (Hooray!)
  8. Closed-Lost (use the loss reason to record why lost: Decided to no-bid, missed submit date, Not shortlisted etc)

The sales process should be distinctly different from regular sales, and your win rate is also likely different too.

Having a separate funnel lets you manage and report on the different sales processes to make ongoing improvements.

 

cheers

Pete Nicholls CF APMP

 

 

View solution in original post

7 Replies 7
HubDoPete
Solution
Guide | Gold Partner
Guide | Gold Partner

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

Hi Patrick,

 

Let's use the term "reactive", for responses to an official RFI/RFP and "proactive" for when you have uncovered and developed the opportunity and are proposing a solution as part of your sales cycle.

 

Your current deal stages are best suited to a proactive proposals sales process.

 

For reactive RFx responses, I recommend having a separate sales funnel so you can design the whole process to suit responding to an RFI/RFP, including key milestones like the bid/no-bid decision.

 

For example, here are some stages, with my comments in (braces)

  1. Identified (We are aware of a potential RFx coming up, but it is unqualified)
  2. Capture/Pursuit (We have qualified it and are working on influencing the RFx pre-release)
  3. RFx issued (RFx has been issued but is pending our bid/no-bid decision)
  4. Bidding (yes it meets our bid criteria, so we are investing the resources and are preparing our bid)
  5. Submitted (bid submitted by the deadline)
  6. Negotiation (we are shortlisted so are working on being the winning bidder)
  7. Closed-Won (Hooray!)
  8. Closed-Lost (use the loss reason to record why lost: Decided to no-bid, missed submit date, Not shortlisted etc)

The sales process should be distinctly different from regular sales, and your win rate is also likely different too.

Having a separate funnel lets you manage and report on the different sales processes to make ongoing improvements.

 

cheers

Pete Nicholls CF APMP

 

 

Digital_Mrk
Member

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

Thank you for your detailed reply Pete, I really appreciate it!!

Have a great week and thanks again 🙂

 

Cheers,

Patrick

HubDoPete
Guide | Gold Partner
Guide | Gold Partner

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

Thanks Patrick you are very welcome 🙂

0 Upvotes
natsumimori
Community Manager
Community Manager

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

Thank you for your detailed advice!! 

HubDoPete
Guide | Gold Partner
Guide | Gold Partner

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

You are welcome! 🙂

0 Upvotes
natsumimori
Community Manager
Community Manager

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

Thank you for your post @Digital_Mrk .

@HubDoPete and @JonPayne , would you mind sharing your advice for Patrick?

Digital_Mrk
Member

Which deal stage is more appropriate for RFI and RFPs?

SOLVE

Thank you @natsumimori  🙂

0 Upvotes