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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
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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.

 




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