SOQ and RFP:
Underrated Tools of the Trade
Working on making 2018 your most successful year yet?
There are many techniques business owners can employ to build brand awareness, increase profitability, and up the number of bid opportunities.
But which ones provide the best ROI? Two strategies worth examining to make 2018 a rockin’ year for business development are your RFP and SOQ (statement of qualifications). If you haven’t revamped these in a while…it’s definitely time to dust them off and utilize them as useful tools to make a lasting impression.
We’ve seen too many good people let their RFP submittals and their SOQ’s (if they even have one) get stale. Redeveloping these as modern, professional tools can increase the number of bid opportunities you get by a huge margin. The information in these should be updated consistently for them to remain relevant and aligned with your web site content. If a lot of time has passed since you last refreshed your RFP and SOQ, the higher the chances that your differentiation and strategic advantages as a company has changed since you last reviewed them. If this sounds like your situation, just be reassured that you are not alone!
We come across many companies that have been using the same RFP for over 10 years without any updates. It happens. But unfortunately, the consequences of not updating this information are that eventually, the people reviewing your RFPs will get the feeling that you haven’t had any new work lately, maybe because the images and design in your RFP appear old and outdated. These details are just some of the many cues that can give people unintended impressions of your business—things like: we don’t care, we haven’t had any real new work in years, or even that you are simply resting on your laurels instead of adapting to generate newer, better business. The cumulative effect of these impressions could possibly result in the committee reviewing your RFP to arrive at the conclusion that your company is not progressive, and unable to keep up with business in 2018. Avoiding this is not only crucial, but simple, too.
Revamp your RFP’s and SOQ’s to accurately represent your company as it is today.
Modernizing your look and inputting new information are two steps you can take to get the ball rolling.
Your company’s SOQ should be an impressive extension of your brand. This is ultimately your chance to brag about what technically sets you apart from the competition, your specialized credentials, resource-ready specifications, and the capabilities of your impressive staff. Good Business Developers will take advantage of this angle, and use it to shine—or, without it they can pass unnoticed, with a flyer or brochure that resembles every other company’s in the area. By letting Business Developers utilize SOQ’s that are outdated, most business owners are shooting themselves in the foot. SOQ’s should be used to impress decision makers. Throwing that opportunity away is like throwing money out the window, and fewer bid opportunities will result. Your company isn’t old news, outdated, resource-poor, and slow—and your SOQ should reflect this. Give yourself an edge against the competition, and your company has the opportunity to stand out among all other contenders.
To increase your hit rate in 2018 and 2019, plan to revisit and relaunch your RFPs and SOQ’s. If you need an objective and experienced point of view – get in touch. The Brand Constructors are here to help.