Companies spend 23 hours composing a RFP response and, according to recent research by Loopio, involved an average of nine people in the process.
The report is based on data from a survey conducted in 2020 of more than 650 people who participated in answering calls for tenders in organizations across North America.
While the overall average is 23 hours, the time it takes to write an RFP response varies widely between companies.
Over half of respondents say their company spends 5 to 20 hours writing each RFP response. On average about a third say 21 to 50 hours, and less than 10% say more than 50 hours:
Around 65% of respondents state that on average fewer than 10 people in their company are involved in the RFP response process. A third state that on average more than 10 people are involved.
The average win rate varies widely between companies: 16% of companies say they won less than 20% of the RFP bids they wrote, and 13% say they won more than 80%:
About research: The report is based on data from a survey conducted in 2020 of more than 650 people who responded to calls for tenders in organizations across North America.