The long game – is it worth it?
Today, I ask the question of whether we should consider the benefits of playing the long game when it comes to RFP submissions. I have lately been reading articles and posts that discuss different approaches to doing business in a global market…some focus on short term gains over 1 -2 years, while others favour the long game by looking to develop business over 5 - 10 years or longer. I began to wonder if playing the long game in RFP responses is not a viable consideration for certain businesses (I refer to submitting an RFP response when you may not be the top candidate).
What I wonder about is whether the focus on the annual win ratio is enough, or whether companies should look beyond the tactical game of winning or being short listed for work in fields they have the most experience. If your company is planning to grow or expand into a specific field, then maybe you should try a strategic approach instead. I am suggesting that your company may consider submitting on bids regardless of the amount of experience. Being constantly visible in the marketplace over a long period will show growth to your potential clients. It will put your name in the mind of procurement, which is the name of the game in the case of invitational bids. Submitting multiple bids over time can provide your RFP response team an opportunity to hone and tweak and improve your bids. This is especially true if debriefs are provided and you can see what may be needed to be improved.
True, not all RFPs are asking for the same thing year after year; however, certain industry projects, such as those in IT or management recruitment, seem to come around again and again. While requirements may have differences, similarities abound. By submitting bids as these projects come up and as your experience grows, you increase your chances of being short-listed or successful. So why miss out on opportunities by waiting? You may not know how much experience is enough.
In addition, as I mentioned, invitational bids are potential opportunities to win. Procurement advisors are tasked with finding suitable companies to bid on projects by invitation only. Your company may get noticed by procurement during an evaluation of a large RFP submission for offering specific services or having a talent in a field. This skill or experience or talent set may be useful in a smaller project that is being filled by an invitational RFP. If procurement has not heard of you…you will not get invited. Yes, there’s a cost to submitting an RFP, but isn’t it worth it?
My point to this blog is to reinforce the idea that the long game is worth playing. Only worrying about the win/lose ratio is, in my opinion, too tactical an approach. Companies should consider the strategic approach and develop a long-term plan and submit bids that align with their long-term strategy for their business. Winning the long game has very real potential.
I invite you to comment and let me know what do you think about playing the long game.
Comments