Loopio, the leader in Request For Proposal (RFP) response software, announced today the release of their second annual RFP Response Trends & Benchmarks Report.
This in-depth research project offers the industry’s most comprehensive view of the RFP response management field. It includes key industry benchmarks, as well as larger trends impacting RFP revenue, submission rates, and volume.
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“This research gives RFP teams a clear picture of how the industry fared in 2020—and recommendations for how they should shift their strategies in 2021.” – Zak Hemraj, Loopio CEO and Co-Founder.
The 2021 report analyzed data from 650+ RFP teams from across North America—up from 500 participants in last year’s research.
“COVID-19 created a lot of uncertainty for sales and proposal teams this past year,” says Zak Hemraj, Loopio’s CEO and Co-Founder. “That’s why research like this is so important: it gives RFP teams a clear picture of how the industry fared in 2020—and recommendations for how they should shift their strategies in 2021.”
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In its 2021 RFP Response Trends & Benchmarks Report, Loopio uncovered the following key findings:
1. Despite best efforts, RFP-sourced revenue dropped 6% between 2020 and 2021. The number of RFPs submitted and time spent on them did not change in 2020. In spite of submission levels and efforts remaining the same, RFP-sourced revenue dropped by 6%, and win rates were also down 6% overall.
2. COVID-19’s impact on response teams in 2020 was mixed. RFP teams were evenly split on the impact of COVID-19: a third saw a decrease in RFP numbers, while another third experienced an influx. The final third saw some fluctuation, but no significant large changes overall.
3. Many teams are expecting to answer fewer RFPs in 2021 due to COVID-19. The number of teams planning to submit more RFPs in the coming year dropped by 16% compared to Loopio’s 2020 report. 34% of respondents forecasting a decrease attributed it to the economic fallout from COVID-19.
4. RFP teams are still seen as a solid investment area in 2021. Interestingly, in spite of the expected decreases in RFP volume in 2021, overall RFP resource investments planned for the coming year only decreased by a few percentage points in comparison to 2020—although hiring more staff was reported to be less of a priority in 2021 compared to the year prior.
The report surveyed individuals involved in responding to RFPs from companies that ranged in size from a handful of employees to 10,000+ enterprises. Participants included those in a variety of roles in the RFP process, including Proposal Managers, Sales and Marketing Executives, Solutions Engineers, and Information Security professionals.
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