Data is your answer to Bid Qualification. Here’s why.
It’s easy to build a Request for Proposal qualification matrix build on best practices alone. There are always a few good rules of thumb to follow in every RFP qualification matrix, but every qualification matrix should be specific and unique to your company and situation. How do you make your qualifications unique to you? It’s simple: data on what you won and what you lost.
If your company is just starting out in its sales journey, then you don’t have data yet - and that’s ok. In 12 months, you’ll have a wealth of sales data that will help you build winning criteria. If your company has been selling for a long time, then you already have all the data you need to build your Request for Proposal qualification criteria.
Why Track RFP Qualification Criteria?
When you track your RFP win criteria and map it to RFP wins and losses, you have a constant goldmine of sales data. You can use this data to see patterns and trends in your sales strategy, answering questions like: Are we winning because we meet specific criteria, or are we losing opportunities for the same reasons?
Every year take a look at your data, because more likely than not, something changed. Maybe you’re winning more in a specific region or industry or maybe you’re starting to lose on a very specific offering. You won’t know what data has changed until you intentionally pay attention.
Data to Watch Out for
There are specific data points that I always suggest my clients watch out for because they’re usually indicators of shifts in where you’re winning and losing:
Company Size: Maybe you win really well with those SMBs but just can’t quite win those Enterprise deals. This is a signal to shift your RFP and sales tactics and maybe not bid on those losing company sizes until you have a new plan in place.
Industries: If you win all your healthcare customers, but you just can’t win manufacturing. Knowing this can help you change your content, your services, or your sales tactics towards the industry you just can’t win - or maybe you put that industry on hold and focus on the industries you know you can win.
Geographies: Recognizing geographical trends can inform region-specific strategies, ensuring that your proposals resonate with the local market dynamics. Maybe it’s time to focus on specific regions and move away from others until you have a new game plan.
Turning Data into Strategy:
This isn't just about collecting data; it's about turning that data into actionable intelligence. By analyzing your RFP outcomes, you can identify where to concentrate your efforts. Perhaps there's untapped potential in a particular industry, or maybe a certain geographical region requires a different approach. This level of analysis empowers you to lean into successful strategies and course-correct where necessary.
Take any of these data lessons and change your RFP qualification points based on what you’ve learned.
It’s important to start viewing qualification data as a strategic tool. It will help you avoid the RFPs you don’t have a chance at winning and help you focus on the RFPs that are meant for you.
Conclusion:
In the end, a salesperson’s and proposal manager’s goal is clear: to win more and qualify with intelligence. By adopting a data-driven strategy in analyzing your RFPs, you position yourself not just as a contender but as a leader in the competitive world of sales and proposal management.
What RFP data do you analyze when creating or updating your RFP qualification matrix? I’d love to learn from all of you.
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**Tags:** #SalesStrategy #DataDrivenDecisions #RFPAnalysis #BusinessIntelligence #WinningTactics
