4 Ways RFP Software Gives Your Marketing Team an Edge
RFPs are time-consuming, repetitive and inefficient. But, emerging technology is giving marketing teams a competitive advantage. RFP software improves your proposal speed, streamlines collaboration, leverages automation and protects from risk, so you can waste less time and win more business, explains, Beau Wysong, CMO, RFP360.
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Throughout my years working in marketing, I’ve dreaded responding to RFPs. They were time-consuming, repetitive and inefficient. Still, I understood that they were a necessary part of winning business. Nevertheless, I took comfort in knowing that all of my competitors were facing the same mountain of questions. Just like me, they would have to hunt down answers from stakeholders, legal, IT, finance and every other department involved. They would need to dig through their intranet for answers in previous proposals then chase approvals or updates from their subject matter experts. We all had to go through this miserable process. So, it was an even playing field — until now.
Marketing teams are abandoning the old manual processes previously used to create proposals. Instead of manually searching for relevant content in past proposals they’re using RFP software to centralize and streamline the response process. The change is delivering big benefits and giving them an advantage against the competition.
Learn More: RFPs: Time for the Dinosaurs of the Business World to Go Extinct
What is RFP software?
RFPs can be useful. They create a framework to build mutually beneficial relationships between buyers and vendors. Regardless of size, nearly every organization will have to answer an RFP at some point and technology is making it easier.
RFP software centralizes proposal content in a collaborative knowledge library. Then, when an RFP is uploaded, it identifies previously answered questions using artificial intelligence. The user reviews the suggestions and selects the answer that best fits.
The results? Users report that using RFP software cut response times, increased the number of RFPs they were able to respond to and improve their win rates.
4 ways RFP software helps you win
Marketing teams understand the value of a competitive edge. Technology empowers them to become more responsive, productive and consistent.
With RFP software, your marketing team will have:
Using the platform’s knowledge library, users can easily store, organize, search and reuse proposal content, giving them a head-start on RFP responses. Then, artificial intelligence reviews the RFP questions and automatically recommends the most relevant answers. The software can typically recognize and respond to around 70 percent of the questions in an average RFP. For any questions that require new content, there are easy-to-use collaboration tools built right into the platform.
1. The power of collaboration
Successful RFPs demand a lot of collaboration. Between IT, sales, legal, finance and various other stakeholders, getting answers and approvals can tie up the proposal manager for hours.
RFP software makes team collaboration easy. It allows real-time communication between teams, both internal and external. Proposal management is streamlined and efficient. Quickly import the proposal then use the platform to notify the right SMEs and contributors that a question has been assigned to them. Finally, when the response is complete, it is sent to the appropriate approver for review.
The marketing team can better capitalize on knowledge sourced from the entire business using RFP technology. The knowledge library centralizes proposal content so when responses need to be updated, SMEs can proactively provide the information. The software then automatically uses the new info and ensures outgoing proposals are up to date.
2. The efficiency of automation
Doing repetitive, mundane tasks prevents your team from reaching their full potential. In addition, excessive manual tasks create the risk of human error and inaccuracy. RFP technology keeps you from looking up each RFP response individually. It can also send notifications, alerts and reminders to prompt SMEs to respond to new questions, refresh dated content or update a vendor profile. It automates workflows to make sure you meet your deadline.
3. The protection of clear communication
Incorrect information creates risk and can be expensive. Mistakes come from moving too fast and we’ve all felt the pressure when facing a tight deadline. Just one wrong or outdated answer can cause exclusion from consideration, extended negotiations, roadblocks in contracting or worse.
RFP software lets proposal managers select responses with confidence. It not only suggests possible answers, it also provides data about how often that answer has been used, when it was last updated as well as who authored and approved the content. When you customize an answer, it clearly tracks your changes so approvals are quick and easy. Advanced user permissions allow proposal managers extra control and oversight, so the right people have the right information.
RFP technology must-haves
Benefits beyond RFPs: This technology isn’t a one-trick pony. You can manage any RFx document as well as security questionnaires, due diligence questionnaires (DDQs) and more.
Unbeatable usability and support: RFP technology must be intuitive and easy to use. Because RFPs are a collaborative effort and many contributors will only need to login occasionally, the software needs to be easy enough that occasional users can jump in without any confusion.
Skill, experience and stability: Thanks to the SaaS model, you can expect regular enhancements and updates to the technology. But, it’s also important to be sure the company has the skill and vision to deliver truly useful features that you can count on and has a great customer experience team.
Searchable knowledge library: The knowledge library is the cornerstone of RFP software. Be sure your solution has excellent searchability, categorization and collaboration tools. Look for a solution that identifies common questions and automatically suggests relevant proposal content.
Intelligent extensions and integrations: Sometimes you need answers outside of the RFP platform. Check to see if they offer knowledge extensions (plug-ins) that allow access to your knowledge library while working in programs like Chrome, Firefox, Word or Excel. The platform should also seamlessly integrate with CRM and productivity applications to support your existing processes.
Learn More: The Death of the RFP: A Dream Come True for Advertisers
Waste less time and win more
Responding to RFPs is about winning new business. Their purpose is to help the buyer decide which vendor best, and the more efficiently you can prove that your business beats the competition, the better. RFP software gets your proposal in the hands of your prospect before your competition and allows you to spend more time focusing on closing the business and finding your next big sale.
As marketing teams grow even more closely aligned with business and sales operations, RFP software becomes vital to success. The need for quick RFP responses won’t be going away anytime soon. So don’t wait — start beating the competition to the punch with RFP software.
4 Secrets to Running a High Converting Webinar Without Blowing Your Budget
Marketers have dozens of growth marketing strategies and lead generation tactics at their disposal. There’s content marketing, paid campaigns, social media ads, and so much more. And most marketers will tell you that a combination of marketing strategies is what produces the best results.
But when it comes down to actually putting together a marketing plan and executing those strategies, there’s one question that comes to mind—which one is actually the most effective? As a marketer myself, I know what it’s like to work with a scarce budget. Those marketing dollars are extremely valuable, so it matters what programs they go into.
Running an Instagram contest, or partnering with a well-known influencer might sound like a great way to get new customers, but in reality, those strategies only work for certain companies. If you’re a software company, chances are that your prospective leads are not looking for new business tools on social media. But there is one marketing strategy that has stood the test of time—webinars.
Are Webinars Still Effective?
Now, I know what you’re thinking—do people even watch webinars anymore? According to data (and personal experience), the answer is a resounding yes. GoToWebinar, a leading webinar hosting platform, reports that 70 percent of marketers and sales executives say webinars are one of the best ways to generate high-quality leads.
The biggest reason why webinars are still a staple for many marketers is because they’re engaging. The average webinar attendee tunes into the presentation for over an hour, which means they’re finding useful information that resonates with them. And when you offer a promotion or incentive to stay until the end, viewers are more likely to stick around and convert on your call-to-action.
Another major perk of hosting webinars is getting to learn about your attendees. When someone signs up for your webinar, you have the opportunity to ask them about their role, company size, business goals and challenges, etc. Even if they don’t actually attend your webinar, marketers and salespeople can use that information to customize their follow up.
So while webinars might not be the trendiest way to bring customers through the door, they’re certainly one of the most effective. And when budget is on the line, effective is the name of the game.
Planning Webinars with Limited Budget
The other big question you might be asking yourself is, “aren’t webinars expensive?” Well, here’s the thing: sometimes they are, but they don’t have to be. According to the Webinar Blog, the average cost of a webinar is between $100 and $3,000—that’s a huge range.
If you decide to host a webinar, the biggest cost is going to be the webinar software you use, and some software is cheaper than others. For example, pricing for GoToWebinar starts at $89 per month, whereas paid plans through Zoom start at $14.99 per month. If that’s out of your budget, keep in mind that some companies, like Zoom and Google Hangouts, offer free video hosting for up to a certain number of viewers.
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Let’s talk about production equipment. It’s 2020, and pretty much everything can be done from your computer these days—including recording your webinars. So don’t waste your money on expensive cameras, sound systems, and fancy backdrops. Leave your IT department alone, and host your webinars from a laptop in an empty conference room.
And let’s not forget about marketing. If you set a goal of 300 signups, you might decide to run banner ads or paid social campaigns to spread the word. But those strategies can get expensive quickly. If budget is a concern, know that sending email reminders, posting regularly on social media, and even using the webinar as a CTA on a new blog post can help you drive signups.
4 Tips for Webinars That Actually Convert
Not all webinars are created equal. It’s not enough to throw some bullet points on a slide and hope for the best. Developing a webinar takes time, thought, and probably a few rounds of revisions. Follow these best practices for creating a webinar with real conversion power.
There’s nothing worse than joining a webinar to learn more about a certain subject, and realizing that you’re really watching a sales pitch. One of the biggest mistakes people make when hosting a webinar is making it too focused on the company and their product. Webinar attendees expect to be pitched at some point—after all, webinars are a sales tactic. But doing it in a subtle and strategic way will keep people from leaving early.
It’s generally a best practice to wait until the end of your webinar to mention your product. After you’ve educated your audience on the topic, and demonstrated your expertise, it makes sense to plug your product and talk about how it fits into the bigger picture of the presentation. Even still, try to keep the pitch short, sweet, and relevant to the audience.
Don’t neglect the power of showing examples throughout your webinar. Talking about a subject will never be as impactful as showing it in action, especially if the topic is complex. Keep the wording on your slides to a minimum, and let the examples do the talking. That could be a customer case study, or even just screenshots that illustrate your main points effectively.
Another good tip is to get your sales team involved with your webinar. Having a second voice in the narrative will give the webinar more credibility, and your viewers will get different perspectives. For example, recruit one of your sales reps to present the customer case studies, so they can talk about the challenges the customer was having, and how your product helped them get better results.
Let’s be honest—everyone likes free stuff, even in the business world. One of the most effective webinar strategies (in my opinion) is to entice your viewers with a freebie, or some type of discount on your product, if they stay until the end. Even if people aren’t completely sold by your pitch right away, most will be willing to at least sign up for a free trial to see what your product is all about.
A lot of salespeople and marketers avoid free trials because they view it as a loss. However, don’t underestimate the power of a free trial. It’s unrealistic to think that every person who attends your webinar will be ready to buy right away. Assume that most people are working with a limited budget, so unless your product is a must-have, your attendees will be hesitant. Make it easy for them to explore your product, and realize how it can transform their business.
When you’re hosting a webinar, the most important part comes after the presentation ends—it’s the follow up. Arguably, follow up is even more critical than getting sign ups. Now that you have these new leads, it’s time to score them, send the best ones to sales, and put the rest into a nurture campaign.
Identify the people who actually attended the webinar and send them a survey asking how they liked it, and what they want from you next—maybe it’s an ebook, maybe it’s a demo with sales, maybe it’s nothing. For the ones that didn’t attend, send them the recording with a personalized “we missed you!” message. Use follow up emails to gauge your lead’s interest in your product, and share related content to help them continue learning about your offering.
Final Thoughts
Hosting a webinar is an effective way to generate high-quality leads that are likely to convert. If you’re curious about how a webinar can help your business, give it a shot. Know your options in terms of webinar hosting platforms, and work within your budget. Remember that content is key, and eye-catching slides are just a nice-to-have. Making webinars a regular part of your sales and marketing strategy is a great way to build up your email list, close more deals, and drive revenue.
Is Data Resiliency Market Really a Strong Market to Invest in? CA Technologies, Carbonite, CenturyLink, Microsoft, NetApp
Jan 27, 2020 (The Expresswire) -- The Global Data Resiliency Market is expected to reach USD 38.60 Billion by 2025, from USD 10.13 Billion in 2017, growing at a CAGR of 18.2% forecast to 2025.
Data Bridge Market research has recently released expansive research on Global Data resiliency Market with 100+ market data Tables, Pie Chart, Graphs and Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. A team of experienced and consummate market research professionals persistently track key industries to spot key developments, unmet needs and possible growth opportunities. A numerous markets, marketing strategies, trends, future products and rising opportunities have been considered while studying market for preparing this Data resiliency report. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
The Global Data Resiliency Market is expected to reach USD 38.60 Billion by 2025, from USD 10.13 Billion in 2017, growing at a CAGR of 18.2% forecast to 2025.
Click To Get FREE Data resiliency Market Research Sample PDF Copy Here @: https://databridgemarketresearch.com/request-a-sample/?dbmr=global-data-resiliency-market
If you are involved in the Data resiliency industry or intend to be, then this study will provide you comprehensive outlook. It’s vital you keep your market knowledge up to datesegmented By Component (Solutions, Services), Deployment (On- Premises, Cloud), Organization Size (Large Enterprise, Smalland Medium Enterprises), Vertical (BFSI, IT and telecommunication, Retail and Consumer Goods, Government, Public Sector, Healthcare, Media and Entertainment, Manufacturing, And Others Such As Law Firms, Hospitality, Education, Transportation, Logistics), Geography
Key Market Competitors:Data resiliency Industry
Some of the major players operating in the global data resiliency unit market Acronis (Switzerland), Asigra Inc. (Canada), CA Technologies (US), Carbonite, Inc. (US), CenturyLink (US), Commvault Systems, Inc. (US), IBM (US), Micro Focus (UK), Microsoft (US), NetApp (US), Quest Software, Inc. (US), Unitrends (US), Veeam Software (Switzerland), Veritas Technologies LLC (US), and VMware (US).
What are the major market growth drivers?
Massive growth in data generated from varied sources
Increasing privacy concerns and need for data security
Competitive Landscape and Data resiliency Market Share Analysis
Data resiliency market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Data resiliency market.
Regional and Country-level Analysis
To comprehend Global Data resiliency market dynamics in the world mainly, the worldwide Data resiliency market is analyzed across major global regions. DBMR also provides customized specific regional and country-level reports for the following areas.
North America: United States, Canada, and Mexico.
South and Central America: Argentina, Chile, and Brazil.
Middle East and Africa: Saudi Arabia, UAE, Turkey, Egypt and South Africa.
Europe: UK, France, Italy, Germany, Spain, NORDIC {Sweden, Norway, Finland, Denmark etc}, BENELUX {Belgium, The Netherlands, Luxembourg}, and Russia.
Asia-Pacific: India, China, Japan, South Korea, Indonesia, Singapore, and Australia.
Global Data resiliency Market Methodology
Data Bridge Market Researchpresents, all the information, statistics and data included in this Data resiliency report is gathered from the truthful sources such as websites, newspapers, journals, white papers, mergers, and annual reports of the companies. To succeed in this competitive market place, market research report plays a very important role by offering important and consequential market insights for your business.
This involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. Triangulation is one method used while reviewing, synthesizing and interpreting field data. Data triangulation has been advocated as a methodological technique not only to enhance the validity of the research findings but also to achieve ‘completeness’ and ‘confirmation’ of data using multiple methods
Market Dynamics:
Set of qualitative information that includes PESTEL Analysis, PORTER Five Forces Model, Value Chain Analysis and Macro Economic factors, Regulatory Framework along with Industry Background and Overview
What Porter’s Five Forces of Competitive Analysis Provides?
Supplier power:- An assessment of how easy it is for suppliers to drive up prices. This is driven by the: number of suppliers of each essential input; uniqueness of their product or service; relative size and strength of the supplier; and cost of switching from one supplier to another.
Buyer power:- An assessment of how easy it is for buyers to drive prices down. This is driven by the: number of buyers in the market; importance of each individual buyer to the organisation; and cost to the buyer of switching from one supplier to another. If a business has just a few powerful buyers, they are often able to dictate terms.
Competitive rivalry:- The main driver is the number and capability of competitors in the market. Many competitors, offering undifferentiated products and services, will reduce market attractiveness.
Threat of substitution:- Where close substitute products exist in a market, it increases the likelihood of customers switching to alternatives in response to price increases. This reduces both the power of suppliers and the attractiveness of the market.
Threat of new entry:- Profitable markets attract new entrants, which erodes profitability. Unless incumbents have strong and durable barriers to entry, for example, patents, economies of scale, capital requirements or government policies, then profitability will decline to a competitive rate.
Five forces analysis helps organizations to understand the factors affecting profitability in a specific industry, and can help to inform decisions relating to: whether to enter a specific industry; whether to increase capacity in a specific industry; and developing competitive strategies.
Key Insights that Study is going to provide:
The 360-degree Data resiliency overview based on a global and regional level
Market Share and Sales Revenue by Key Players and Emerging Regional Players
Competitors - In this section, various Data resiliency industry leading players are studied with respect to their company profile, product portfolio, capacity, price, cost, and revenue.
A separate chapter on Market Entropy to gain insights on Leaders aggressiveness towards market [Merger and Acquisition / Recent Investment and Key Developments]
Patent Analysis** No of patents / Trademark filed in recent years.
A complete and useful guide for new market aspirants
Forecast information will drive strategic, innovative and profitable business plans and SWOT analysis of players will pave the way for growth opportunities, risk analysis, investment feasibility and recommendations
Supply and Consumption - In continuation of sales, this section studies supply and consumption for the Data resiliency Market. This part also sheds light on the gap between supply and consumption. Import and export figures are also given in this part
Production Analysis - Production of the Data resiliency is analyzed with respect to different regions, types and applications. Here, price analysis of various Data resiliency Market key players is also covered.
Sales and Revenue Analysis - Both, sales and revenue are studied for the different regions of the Data resiliency Market. Another major aspect, price, which plays an important part in the revenue generation, is also assessed in this section for the various regions.
Other analyses - Apart from the information, trade and distribution analysis for the Data resiliency Market
Competitive Landscape: Company profile for listed players with SWOT Analysis, Business Overview, Product/Services Specification, Business Headquarter, Downstream Buyers and Upstream Suppliers.
May vary depending upon availability and feasibility of data with respect to Industry targeted
TABLE OF CONTENTS
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Market Landscape
Part 05: Pipeline Analysis
Part 06: Market Sizing
Part 07: Five Forces Analysis
Part 08: Market Segmentation
Part 09: Customer Landscape
Part 10: Regional Landscape
Part 11: Decision Framework
Part 12: Drivers And Challenges
Part 13: Market Trends
Part 14: Vendor Landscape
Part 15: Vendor Analysis
Part 16: Appendix
Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe, MEA or Asia Pacific.
Browse FREE TOC with selected illustrations and example pages of Data resiliency market @ https://www.databridgemarketresearch.com/toc/?dbmr=global-data-resiliency-market
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