Agency Search … Three steps working together
For over 35 years, I’ve responded and issued hundreds of RFP’s. I’ve seen all sides of this process, in Canada, US and globally. I’ve experienced the win, the loss, the redo and then start all over again. It’s time to do it right!
1. Request for Information (RFI)
Why and when do you need this: Clarity
When the problem you’re trying to solve for isn’t clear. Therefore the solution required is fuzzy.
What you need to know: Education
This is a fact finding mission, starting with a list of potential solution providers then sharing a series of questions the will help education you and your company on the task.
The Approach: Branded
Needs to fit your brand and reflect your business category. Be true to who you are … this is the beginning of a business relationship.
Why go through process: Progress
You can quickly determine the roster of potential solutions and providers, educate your business on the challenge problem you need to solve for and speed up the overall process. Essentially meet your business needs faster and correctly.
2. Request of Quotation (RFQ)
Why and when do you need this: Validation
You’re are clear on the problem you need to solve for and you have some knowledge of the potential partners that can help you. This is key to validate the problem and better understand better the financial implications.
What you need to know: Reality
You lay out the problem and supporting details. It’s clear to include real situations, real numbers, market forces and any other details that will help the roster of potential partners build a solution that fits your problem.
The Approach: Process
In your own brand voice, your industry language communicate directly on all levels. Many definitive elements like charts, grids, spreadsheets are great tools and provide of an accurate assessment and steps required to secure alignment in selection process.
Why go through this process: ROI
This levels the playing field, internally and externally. Educates and informs all so the real financial comparison can be made, the impact to your organization return on investment (ROI). Removes subjective evaluations and gets to the key components your organization requires.
3. Request for Proposal (RFP)
Why and when do you need this:Decision
You are clear and organizationally aligned on what you're trying to solve for. You can articulate the problem. You have a fact based understanding of potential partners that can solve for this problem and any of them would be good partners.
What you need to know: Short list
You’ve narrowed down the potential partners. They have provided you with potential solutions. Now you move into the decision criteria, ask more questions, facts and get the proof points. Range of information includes leadership, financially, insurance requirements, investment strategy, product roadmaps and licensing, real world case studies, client testimonials, reputation management in the market place (and the list can go on).
The Approach: Consistent
You continue to communicate as you did in the RFI/RFQ.
Why go through this process: Selection
Decisions like this should be made for multi-year engagements. There is a commitment required on both sides of the relationship to make this work. Setting and managing expectations within a clearly articulated process is key. Frankly this is the most common failure point in this process. This requires complete organizational alignment for real success.