Remember that credit card ad campaign? The one that, as of this post, is still running right into the ground? “What’s in your wallet?” Weird, because everyone basically knows what’s in their wallets.
The question we’re asking customers is, “What’s in your data?” Because people tend to think of data as something that essentially sits there and tells you what happened in the recent or distant past.
But if you know how and where to look — the key workflows in your CRM, the best processes in your proposal software, the engagement rates on your website — you can see a narrative take shape that moves you from analyzing the past to shaping the future.
We’re a proposal automation solutions provider, so we’ll share how a deep dive into the data can, should, MUST! inform your quote building, sending, and tracking process.
Before the RFP arrives
Chances are simply excellent that anyone who sends you an RFP has spent some time on your website. What do you know about that? If you’re using a marketing automation platform like HubSpot or Marketo, chances are you know a lot: what pages they visited, when, for how long, what their lead source was, etc. (If you’re not using an analytics tool like those mentioned, well, you should because — rest assured — your competition is.)
You can use this information to create the perfect RFP response. Your prospect may be asking for a quote on services related to Widget A, but they spent a large amount of time on your site looking at Widget B, so don’t fail to mention the complete breadth of your expertise in your RFP response.
Your prospect also may have visited multiple times over the course of six or nine months or so. This data point provides insight on their possible time-frame (i.e., best not to hit them with a hard/fast deadline in your RFP response: that wouldn’t appear to be their style).
Building the RFP response
The best proposal software tools on the market provide you with reams of data on which proposal templates, which product and pricing configurations, and which processes help close more business.
Before you build your RFP response, take a tour inside your CPQ (configure, price, quote) software of your past winners. Use that data to create an even more effective RFP response.
Take an extra close look at the process: How soon after the RFP request arrived did a response go out? How quick was the follow-up? How much follow-up was needed? Were there edits made to the quote after sending? In this process, you’ll find patterns in the data that empower you to build a repeatable (and therefore optimizable!) process you can roll out across the enterprise.
Tracking the RFP response
So, you’re using Marketo for marketing automation and Dynamics as your CRM: excellent! With these systems integrated, you’ll enjoy a 360 degree view of your customer: where they came from, what they “like,” etc.
What you typically won’t have is a 360 degree view of the sales quotes you’re sending out. This can really only happen when you integrate CPQ with CRM and your overall marketing and sales processes.
CRM will tell you if a quote has been sent and signed, but that’s about it. CPQ will tell you what template was used, what products and pricing, how many “check-ins” were required, and other steps in the RFP process. Knowing what moves a quote to a successful finish is an immediately usable piece of info.
So if you’re serious about the data that drives your business forward, get serious about the data in your sales proposal processes. Minor tweaks to that process can lead to major increases in revenue — and revenue is everyone’s favorite data point.
