Class was in session on Closing the Books as Tyler Kern got a crash course in the secrets behind writing an accurate collections RFP to capture vendors’ attention and deliver the results businesses desire.
IC System Proposal Manager Mark Pollard provided insights into what vendors like IC System look for in a well-written RFP that helps them communicate how their solutions will make a perfect fit for a prospect’s business.
There are many standards and requirements in an RFP that won’t change over time, but Pollard said he’d seen his fair share of RFPs that had not changed in 20 years. With technology changing and many other aspects of a business rapidly evolving, Pollard recommended companies regularly review and update their RFP process and documents.
A key consideration Pollard said that some businesses don’t give full attention to during a collections RFP is their debt portfolio.
“Know that the details of your debt portfolio are yours,” Pollard said. “The hesitancy I see with some buyers is they’ve been working with a collections vendor for a number of years. That collections vendor has accomplished a certain amount of success and returned a certain amount of dollars to them. When when you ask them about that success, and what has your incumbent provider accomplished over the last, say, four years, they say they don’t feel right about sharing that; it’s kind of maybe proprietary to the incumbent provider.”
This information is the buyer’s information, and they are within their rights to share it in an RFP.