In an interview with FundFire last year, Amanda Tepper, president of AM 20/20, a consultancy, said of RFP responses, “You really need to be paying attention to what you are doing. The more rote you are, the more likely you are to make a mistake and to have wasted a lot of time. Quality matters a lot more than quantity.”
Okay then. So…
What constitutes a poor response?
Which mistakes must be avoided?
And most importantly, how can a firm ensure their RFP process and response are as efficient and effective as possible?
The best method for visualizing and combining the critical elements of a robust RFP response, as it is itself yet another piece of marketing content to be distributed, is to imagine a five-spoked wheel displaying the workflow process and interrelation of each step.
This is vital to the undertaking, as a transparently collaborative approach to collecting and organizing information only helps a firm achieve the most complete response possible.
Just as a personalized, polished and precise quarterly report relies on the power of content automation to efficiently update data and compliantly distribute it to existing clients, a similarly organized and executed RFP response can secure new ones.
Also speaking with FundFire, Don Pierce, CIO of San Bernardino County Employees’ Retirement Association, succinctly summarized his experience in receiving inferior RFP responses. “We get them all the time from people who I would think know better,” he said. “A well-crafted RFP does not guarantee you the business, but a badly-crafted RFP will definitely lose you the business.”
With a cloud-based workflow solution, asset managers need not worry about RFPs wreaking havoc on concurrent activities; nor should they about producing a response that’s anything less than comprehensive, accurate, and valuable.