Revolutionize Your RFP Process with AI: Streamline and Innovate for Success

Unleash the power of AI with our new eBook

Every media company knows that a sales organization’s ability to respond to requests for proposals (RFPs)—quickly and strategically—can mean the difference between muddling along and blowing past quotas. But every publisher also knows the struggle of navigating through the intricacies of RFPs, with their fast turnarounds and labor-intensive demands. As the lead time for campaigns shrinks—down 50%, according to Boostr data—the pressure only increases. 

But new advances in AI are helping media companies streamline the RFP response process, freeing up sales teams to be more strategic and go after more significant dollars—in addition to upping their close rates and answering a greater number of RFPs. Read on to learn how proposal generation software changes the game for publishers, or download our eBook for more details. 

The pervasive RFP challenge: A glimpse into the media maze

RFP responses, though crucial, are often a sore point in the media industry. Publishers respond to only about half of the RFPs they receive due to the daunting nature of this process. Media buyers, too, acknowledge that the RFP process is overdue for disruption and innovation. Despite the complaints from both sides, RFPs are here to stay. In light of this reality, publishers must redefine their approach to proposal development and seek innovative ways to streamline the process, win bigger deals, and do it more efficiently.

Enter the era of AI: Transforming RFPs for greater efficiency

The game-changer? Artificial intelligence (AI). AI is revolutionizing the RFP response process by swiftly collecting necessary information, keeping track of pitching strategies, and consolidating data into polished plans and presentations. 

At Boostr, we've witnessed the power of AI in action with our industry-leading Proposal-IQ and the integration of Proposal-GPT. This generative AI extension processes RFP information, pre-populates key fields, and significantly boosts publishers' response rates.

Navigating the RFP transformation: 3 crucial aspects to consider

As you embark on the journey of transforming your RFP process through technology, consider three key elements that will define your success:

1. Support for complex product mixes

Media companies have hundreds, if not thousands, of line items they can pitch to advertisers. Finding technology that supports this complexity across channels and deal types is critical. 

Technology that automates bundling, pricing, and availability checks can save loads of time. Through AI, proposal generation software can streamline the process, offering flexibility across digital, linear, audio, and various other formats and understanding your organization’s rules, margin considerations, and topline spend thresholds.

2. Leverage tribal knowledge

The best RFP responses leverage not only product knowledge but institutional knowledge. By pulling in historical data of what’s worked well in the past, AI-powered proposal generation software is taking what seasoned sellers think and using it to inform future proposals. 

This way, proposal generation technology can benefit experienced sellers and junior staff, promoting shared learning and improvement over time. 

3. Ease of use and time savings

All technology purports to save time. Proposal generation software is no different, but it’s important to understand where a solution will help your team the most. 

Intuitive design and recommendation wizards can speed up the proposal development process, while built-in avail checks can ensure what’s pitched can be delivered. 

Some solutions, like Boostr’s, provide recommendations based on advertiser objectives and industries right out of the box. Our solution also pulls in past performance data, so your proposals are more likely to be accepted the first time, speeding up sales velocity. 

The world of RFP responses is evolving, and AI and automation are at the forefront of this transformation. Our eBook delves deeper into each aspect discussed in this blog post, offering actionable insights, case studies, and a handy checklist for selecting an RFP solution that aligns with your business goals. Ready to revolutionize your RFP process and win bigger deals efficiently? Download our eBook now.