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Why Bidding Cold Is (Almost Always) a Bad Idea - EP113

The RFP Success Show

Release Date: 09/14/2022

The FAQs We Get About RFPs, Part II - EP139 show art The FAQs We Get About RFPs, Part II - EP139

The RFP Success Show

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Steve Schramm’s team has achieved 80% win rates on state government contracts by making RFPs part of a larger business development process. So, how does Steve identify target clients and build relationships with them before an RFP hits the streets? How does he track prospects and recognize when opportunities are coming down the pike? Steve serves as Founder and Managing Director at , a strategy and actuarial consulting firm out of Scottsdale, Arizona, that specializes in publicly sponsored health and welfare programs. Steve is responsible for the design, development and implementation of...

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Steve Schramm’s proposal team was bidding on 12 state government contracts per year and only winning two or three. He was frustrated by the amount of time and effort they were putting into RFPs with such a low ROI. So, Steve invested in support, and one year later, his team’s win rate increased from 25% to more than 80%! What are they doing differently? And what can you learn from Steve’s team to win more business with RFPs? Steve is Founder and Managing Director at , a strategy and actuarial consulting firm that specializes in the publicly sponsored health and welfare programs. Steve is...

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More Episodes

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 Takeaways

What 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

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Resources

Book a Call with the RFP Success Company

Dare to Be Influential: Maximizing Your Positive Influence While Still Being True to You by Lisa Rehurek

The RFP Success Book by Lisa Rehurek

The RFP Success Institute