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Why Bidding Cold Is (Almost Always) a Bad Idea - EP113
Manage episode 407486228 series 3561036
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Companies that are new to government contracting see it as a magic bullet. You respond to an RFP, and you win a lucrative five-year contract!
And yes, it’s easy to get excited about an opportunity that seems like a great fit for your business. But if you don’t already have a relationship with the buyer, you’re chances of winning are quite low.
So, you’re not doing yourself any favors by bidding cold.
On this episode of The RFP Success Show, I explain what it means to bid cold and why it’s almost always a bad idea.
I discuss the competitive advantage you need to unseat an incumbent and describe how insider information helps you write a better proposal response.
Listen in to understand why a buyer won’t take a chance on a vendor they don’t know and trust—and find out why you can’t speak to a prospect’s specific needs and challenges when you bid cold.
Key TakeawaysWhat it means to bid cold and why it’s almost always a bad idea
The one time it's okay to bid cold and what you can learn from the experience
Why you have a less than 5% chance of winning when you bid cold
The competitive advantage you need to win an RFP (beyond being qualified and capable)
2 reasons why it’s challenging to unseat an incumbent
How insider information helps you write a better RFP response
Why a buyer will not take a chance on a vendor they don’t know and trust
How ongoing relationship building and information gathering allows you to speak to a prospect’s greatest needs and challenges
The #1 mistake companies make when responding to RFPs
How a low win rate impacts the morale of your proposal team
Connect with LisaThe RFP Success Company on YouTube
The RFP Success Company on LinkedIn
Email podcast@rfpsuccess.com
ResourcesBook a Call with the RFP Success Company
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