Loopio Overview

Frequently Asked Questions

• What is RFP response software?

  RFP response software helps proposal teams answer complex documents—like a request for proposal—with ease.

  
  

  How? It auto-populates answers to RFP questions based on previous responses. It facilitates enhanced collaboration with subject matter experts (SMEs) and resolves issues related to version control. Instead of sifting through old email threads, this software provides quick access to accurate and up-to-date answers, in just a few clicks.

  
  

  Overall, it helps you to create a quality first draft within minutes, instead of hours.

• What are the benefits of RFP software?

  Examining data from 1,500 RFP teams worldwide, Loopio’s annual trends report reveals the most common benefits of RFP software are:

  
  

  🚀Enhanced Proposal Quality: RFP software users experience higher satisfaction in terms of quality, accuracy, and efficiency. They also achieve a 12% increase in team win rates.

  
  

  😊Improved Team Satisfaction: RFP platforms also reduces stress levels by 5%, leading to greater team satisfaction and improved win rates.

  
  

  ⏰Faster Response Rate: With RFP automation tools like answer auto-fill, software users respond to more RFPs, experiencing an average 27% increase in response capacity. This allows for thoughtful response approaches.

  
  

  💰Increased Revenue Generation: Software users drive 65% more revenue—$405.2M annually compared to $245.1M for non-software users.

  
  

• Why use RFP software?

  Why should you use RFP software? Because it’s a platform that your whole team can use to improve your responses to proposals—and win more business.

  
  

  From proposal managers and sales reps to your SMEs and legal team—RFPs should be answered like a team sport. RFP software allows people from different teams to get (off the bench and) onto the same playing field to win more revenue for your company. 🏆

• How do you manage RFP responses?

  Managing RFP responses requires a repeatable, systematic approach. An important part of contract management, buyers will issue an RFP when looking for a new vendor—typically for very lucrative, large deals.

  
  

  That’s why it’s ideal to set up a highly collaborative process for RFPs, involving stakeholders from sales, marketing, legal, and potentially even senior leadership (depending on the revenue value that can be won).

  
  

  To manage these documents successfully, here are the key steps recommended for every new RFP:

  
  

  1. Thoroughly review the document to identify key deliverables, timelines, and evaluation criteria.
  2. Next, assembling a dedicated team with subject matter experts to fill in the gaps on new questions.
  3. Use collaborative tools (like RFP response software) to streamline the process.
  4. Be sure to adhere to deadlines and thoroughly proofread throughout the process.
  5. Finally, even if you don’t win, be sure to ask for feedback (politely) so you can continually improve your RFP responses as a team.

  
  

  💡Tip: Remember that navigating the procurement cycle partially means double-checking all submission requirements. Answering each question (in full) is extremely important.

• What should I look for in an RFP software?

  Whether you’re looking for RFP software, proposal software, or a system for simply better managing your sales content, it’s critical to pick a platform that is easy for your whole team to use. If it doesn’t fit within your workflow, you’ll have a hard time getting buy-in from your peers.

  
  

  Here’s a few things you should practice during a trial with RFP software:

  
  

  • Create a new RFP project
  • Import a word and excel questionnaire
  • Use intelligent auto-fill tools to populate answers
  • Complete a question by searching the RFP content library
  • Assign questions to an individual (or team)
  • Export your document into a custom theme

  
  

  Curious to dive deeper? Learn more about the RFP software buying process.