5 Easy Tips to Level Up Your Responses to Coupa RFx events
There are three types of RFx events: Requests for Information, Requests for Quotes, and Requests for Proposals.
A RFI is essentially an exploratory step for business in the sourcing process. A clear, informative and accurate RFIs is the best opportunity to make a good first impression on a potential buyer.
A RFQ is used to get exact quotes from sellers on their products or services. By sending RFQs to multiple potential sellers, businesses can compare pricing before forming a contract.
A RFP is used to get more information about the pricing of your services. Read on for 5 tips to respond to Coupa RFx events like a pro.
Tip#1: Decide whether your company should respond.
Research the buyer requesting information and evaluate the merits of doing business with this buyer. On one hand, if your chances of securing the deal are low, it might be better to save time and resources by choosing not to respond. However, you can still choose to respond on the off chance you secure the deal or even just to get your foot in the door. You should be very clear on your objectives for responding to the request.
- Can your company accurately fulfill the specific needs of the buyer?
- Is a partnership with this business advantageous?
- Are there any roadblocks that could hinder a relationship with this business?
Tip #2: Reach out to the buyer and ask more questions about the business or their needs.
Directly interacting with the buyer can not only give you an edge over other competition, but can help to familiarize you with people you may form a partnership with and familiarize them with who they may buy products from. You can ask questions like:
- Do you have any other potential vendors?
- Why are you interested in our products?
- Can you go into more detail about your needs and expectations?
Tip #3: Demonstrate the merits of partnering with you.
Go beyond simple responses and show the buyer what makes your business stand apart and why they would benefit from a partnership with you. Demonstrate this in your response by:
- Taking care to be specific and in-depth when describing how you will meet a buyer’s needs.
- Showing your deep understanding of the industry and field.
- Discussing how you run your business (methodologies, practices, etc) and how you developed them.
- Demonstrate your thought processes and understanding of the industry/needs of the potential buyer. This will show them that you are adaptable and able to fulfill their requests.
- Past experiences with similar projects or similar clients
- Any other reason you should be chosen before another competitor– consider giving examples of your previous work, statements from past partners, or case studies.
Tip #4: Avoid copy-and-paste responses.
It can be easy to cut-and-paste responses for potential buyers, but thoughtfully responding to fewer RFIs can be more beneficial than quickly responding to many. A basic template can be helpful, and it is fine to copy-and-paste specific information about your team (i.e., company details and biography), but the majority of the response should be tailored to the specific RFP and the business’s needs. Instead, show the buyer:
- You have a thorough understanding of their business and needs.
- You have answered all of their specific questions.
- You have mirrored their structure or used their template.
- You have followed all necessary steps and instructions to write and submit your response.
Tip #5: Understand What Your Business can Offer in Terms of Pricing
Though offering the lowest price would appear to gain business, it is not that simple. By offering a price that is too low, it can come across as though your business does not understand the scope and depth of the services. Your offered price should be based off of information that you gather from the potential buyer and business instead of hopeful guesswork.
With these tips, you will be well-prepared and ready for any RFx event that comes your way. Review our help section on RFx events