New business development – the three dirty words of our industry or most for that matter. I’ve heard people who say they like sales and some who even say they like cold calling – they’re liars. They like money, and those who can sell make money, but that is a post for a later date.
Today, I pose the simple question…”How long do you wait on a response to your RFP submission or even after you pitch?”
Answering RFPs is pretty common in our industry. Some agencies do it and do it well. Some don’t at all. It’s really probably a Founder’s or VP of Marketing’s preference. Maybe they think its a waste of time? Maybe they got burned in the past? Maybe they landed a whale through one? There are many factors that may influence whether or not an advertising agency answers RFPs and even more whether or not they answer a specific RFP.
Our agency answers them.
Our new business analogy is…”it’s like fishing” – Your website, PR and social media is net casting. Spearfishing is when you set your eyes on a specific account or industry and go for it. And RFP responding is long-line fishing. Typically, it takes a lot of bait, a lot of line, a lot of reeling and you only land a big one every once in a while, but when you do – whoa boy!
What comes to my mind about long-line fishing and the reason for this post is the waiting. I’ve been on boats where it seemed like we chugged around for weeks (it was hours) and never got even a nibble (my line didn’t get a nibble). I mean, the fish like my bait, right? There’s a lot of fish in the sea but like mine better, right?
We’re in the process of answering two RFPs. We’d like to win them both, as I’m sure the other fine agencies would as well, but they’re not in my boat. We submitted final proposal for one on Thursday of last week and pitched another last Tuesday and now…radio silence. Others in the agency have speculated that maybe we weren’t chosen and they are negotiating terms with the selected agency, keeping us in the back pocket – a possibility? Others have said to give it time. And, others have said to call…again…to follow up.
So I ask you, how long do you wait before you reel in the line to make sure the bait is still on the hook or cast in another direction?
