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Skip to main content Skip to footer Home * About * Emerging Trends * Industry Benchmarks * Download Report * About * Emerging Trends * Industry Benchmarks * Download Report New Report 2024 RFP TRENDS & BENCHMARKS Fifth annual report on the latest benchmarks for teams that respond to RFPs. Insights from 1650+ global participants. Download Report Click for sound 1:13 WHO WE SURVEYED Loopio surveyed 1,663 teams from around the globe, who responded to a collective 291,025 RFPs last year alone. Together, they influenced $528.5B in revenue. But over the past year, RFP teams also experienced heightened pressure to respond more frequently, amid economic uncertainty. ”Looking back on five years’ worth of data, it’s clear that RFPs consistently influence more than a third of the average company’s revenue. But what’s changing is how companies respond to RFPs. Zak Hemraj CEO & Co-Founder Loopio Item 1 of 1 10 EMERGING TRENDS FOR 2024 1. RFP VOLUME INCREASES AMID ECONOMIC SHIFTS Over the past year, submission volume leapt from an average of 162 to 175 RFPs annually. While volume does vary widely by company size, many teams leaned on RFPs as a potential growth lever, growing less selective in a year with a tough economy. RFP Volume by Company Size | 2024 Trends 2. WHILE GO/NO-GO USE DECREASES At the same time (and perhaps unsurprisingly), use of a go/no-go decision process decreased this year, reversing an upward trend of becoming selective about which bids to participate in. On average, teams participated in 65% of the bids they were invited to—rising to the same average as 2020, another year that saw a lot of economic uncertainty. Percentage of RFP Teams Using a Go/No-Go Process | 2024 Trends 3. TEAMS SPEND 66 MORE HOURS ON BIDS ANNUALLY ↑ Some quick math: If the average team submits 175 bids per year and spends 30 hours of writing time on each response. That means they spend 5,250 hours writing RFPs each year. Last year’s report saw an average of 5,184 hours per year—which means teams are taking on an additional 66 hours annually, despite having the same size teams (8 people on average). That’s more than an extra week and a half of work per team. But is it leading to more revenue–or a recipe for burnout? 4. RFPS INFLUENCE $317M ON AVERAGE In the last year, RFPs influenced an average of $317.8 million dollars of company revenue, a slight decrease from last year’s average of $325.4 million. But the average dollar value varies greatly by company size. Enterprise organizations (5,001+ employees) were above average in terms of the dollar value generated from RFPs. But their lead is not as strong as last year, just $311M above average as compared to last year’s $532M lead. Mid-market companies (501-5,000 employees) on the other hand, nearly doubled the amount of revenue they generated in the past year. Small companies (<500 employees) experienced a noticeable drop, from $60M to $24M on average. Revenue Sourced by Company Size | 2024 Trends 5. BUT TEAMS FEEL LESS CONFIDENT ABOUT RESOURCES This year, just 57% of our 1,663 participants agreed with the statement “I have the resources and tools I need to efficiently and effectively respond to the RFPs we pursue,” which is the lowest result seen in four years. Yet, the data shows that the majority of teams are working with the same level of resources. So, why are they feeling this way? It’s likely due to the fact that teams are submitting a higher volume, and decreasing go/no-go, amidst the economic shifts. Teams Who Feel They Have Resources to Respond Effectively | 2024 Trends 6. MAJORITY OF 51% SAY WORKING WITH SMES IS (STILL) THEIR TOP CHALLENGE Continuing a trend we’ve seen since 2020, collaboration with subject matter experts (SMEs) held steady as the #1 challenge that RFP teams face. After taking the top spot for several years in a row, it seems this challenge is compounding, rather than reaching resolution. 7. GENERATIVE AI USED BY 34% OF TEAMS (MOSTLY FOR SUMMARIZING INFORMATION) Sparked by the release of ChatGPT, this past year saw a lot of interest around generative AI. Despite the hype, only a third (34%) of respondents have used generative AI in their RFP response process over the past twelve months. So, what are early adopters using it for? The top three uses are summarizing information (61%), creating a first draft (44%), and editing (43%). Over the last 12 months, have you used generative AI in any part of your RFP process? | 2024 Trends 8. TOP INVESTMENTS FOR 2024 = TRAINING & TECH Just 33% of teams plan to hire more staff, in comparison to 41% last year. This marks a pretty sharp drop—likely as a reaction to constrained budgets. Instead, teams are doubling down on training for existing team members and considering investments in new technology (likely thanks to the rise of AI). 2024 Investments for RFP Teams | Trends “Bringing together responses from APMP members worldwide, this year’s report provides 80+ pages of pure research covering the trends you need to know. From increased submission pressures to the rise of AI, you’ll find fodder for productive conversations with your team, manager, or organization as a whole.” Rick Harris CEO APMP Item 1 of 1 9. PROPOSAL PRO AGE & SALARY ON THE RISE The average age of proposal managers is on the rise. Three-quarters of proposal managers (75%) are now older than 35. The biggest change is a drop in the 25-34 age category, which went from making up 32% of proposal professionals in 2022, to just 19%. But it’s not all bad news. While the average age goes up, so does salary. On average, proposal professionals earn $97,000 USD, a notable $8,000 increase over last year. Average Age of Proposal Professionals | 2024 Trends * 10. AVERAGE TEAM SIZE HOLDS STEADY AT 8 PEOPLE Since 2021, the average team size has remained consistent at 8 people—despite increasing RFP volume over the past year. Even though the average has remained the same, there are notable shifts within specific industries. Software, Financial Services, and the Non-Profit & Government all decreased their team size by an average of two people in the past year. On the other hand, the size of Healthcare teams increased. In terms of overall rankings, Technology (Hardware & IT Services) have the largest teams. They also generate the second-greatest proportion of revenue through RFPs, which may explain why having more people resources is important to them. On the other hand, Software has the smallest team size, experiencing a drop from 7 to 5 people over the past year. * Industry 2022 Team Size 2023 Team Size Advertising, Media, Telecom 8 8 Financial Services 11 9 ↓ Healthcare & Medical 7 8 ↑ Insurance 9 9 Management Consulting – 8 Manufacturing, Supply Chain, Construction 8 8 Non-profit & Government 10 8 ↓ Software 7 5 ↓ Technology (Hardware, ITS) 10 10 Want to see more trends? Download your full copy of the report now. Download Now INDUSTRY BENCHMARKS RFPS ARE COMPETITIVE BY NATURE. HOW DOES YOUR TEAM STACK UP? SEE PERFORMANCE BENCHMARKS UNIQUE TO YOUR INDUSTRY. A QUICK SNAPSHOT OF GLOBAL AVERAGES FOR WIN RATE, BID VOLUME, AI USE, AND MORE. Select Industry Please choose an industry Advertising/Publishing, Media/Telecom Financial Services Healthcare & Medical Insurance Management Consulting Manufacturing, Supply Chain, Construction Non-Profit & Government Software Technology (Hardware, ITS) 199 Annual RFP Volume 42% Win Rate 57% Shortlist Rate $97m $ Influenced by RFx 65% Use Go/No-Use 30% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. 208 Annual RFP Volume 37% Win Rate 51% Shortlist Rate $202.7m $ Influenced by RFx 65% Use Go/No-Use 27% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. 155 Annual RFP Volume 37% Win Rate 53% Shortlist Rate $1.3b $ Influenced by RFx 60% Use Go/No-Use 26% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. 215 Annual RFP Volume 42% Win Rate 64% Shortlist Rate $124.3m $ Influenced by RFx 64% Use Go/No-Use 19% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. 159 Annual RFP Volume 48% Win Rate 56% Shortlist Rate $221.8m $ Influenced by RFx 88% Use Go/No-Use 34% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. 153 Annual RFP Volume 43% Win Rate 53% Shortlist Rate $207m $ Influenced by RFx 71% Use Go/No-Use 33% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. 124 Annual RFP Volume 48% Win Rate 53% Shortlist Rate $85m $ Influenced by RFx 75% Use Go/No-Use 38% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. 146 Annual RFP Volume 39% Win Rate 60% Shortlist Rate $30m $ Influenced by RFx 81% Use Go/No-Use 33% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. 194 Annual RFP Volume 45% Win Rate 52% Shortlist Rate $224.6m $ Influenced by RFx 87% Use Go/No-Use 46% Use Generative AI Want to learn how Loopio helps teams win more RFPs in 2024? 💬 Chat live with our team. SEND ME THE FULL 2024 REPORT Plus, receive an invite to a webinar to hear all the top trends, firsthand. FOOTER * LOOPIO * About * News * Careers * Contact * Sitemap * 1 844 456 6746 * PLATFORM * Product * Request Demo * Video Tour * Customers * Plans * Integrations * LEARN * Resources * Success Stories * RFP Academy * Response Insiders * Product Summit * Help Center * PRIVACY & TERMS * Website Terms of Use * Terms and Conditions * Privacy Policy * Data Security * Legal Documents * Modern Slavery Policy * ESG Policy * Compliance Statement * Accessibility Statement * Supplier Code of Conduct Notice © 2024 Loopio Inc. All Rights Reserved × × This website uses cookies to ensure you get the best possible experience when interacting with LoopioMore information about your privacy Got It PRIVACY PREFERENCE CENTER When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. 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