We are often made to feel as though we must have the answers for everything and that if we fail to excel in certain aspects of our life, that we are in fact failures. However, the truth is we all have different strengths and weaknesses. More importantly, if we truly wish to thrive, we need to learn how to rely on each others' strengths in order to compensate for our weaknesses. This is a lesson I didn't learn until I had dug myself so deeply into debt that I thought I would never be able to crawl out of the hole. With the help of a financial consultant, I was able to crawl out from under my debt and learn many valuable lessons in the process. It is my hope that this blog will allow me to share those lessons with you.
When ad agencies are bidding a new video project for one of their clients, it is common to contact several video-production companies for a request for proposal, often referred to as an RFP in the business world. This is a chance for a video-production company to introduce themselves to an ad agency and let them know that they are capable of performing a job that will be based on professional skills and creativity. If your video-production company is being asked to submit an RFP for an upcoming video project, here are some tips to make that RFP a success.
Don't As for Too Much
Part of your RFP may require that you submit an itemized price estimate for the cost of the production. While you will want to make enough money on the job to justify the expertise that your company can provide, you also do not want to submit a bid that is too high in the process.
Always remember that other companies will be competing alongside you for this new project, and your price estimate will be directly compared to theirs. Charge what you are worth, but always remember to stay competitive. Bidding a slightly lower price with a new client could lead to future work at your full rates.
Create a Custom Demo Reel
You will want to include a section in your RFP that highlights previous videos that you have completed for other clients. While you may be tempted to showcase your very best work, it's more important that you show them your most relevant work.
For example, showing the agency an amazing 3D animation video may show off your capabilities in 3D, but that won't matter if the agency is requesting a video with direct-to-camera interviews. Take the time to cut a new demo reel with relevant work that can give them an idea of what their video will look like.
Use RFP-Creation Software
The aesthetics of your RFP can be just as important as the information in it. If this is your first time creating an RFP, you do not want to be faulted for having one that looks sloppy and unorganized. Since you are a company that works with multimedia and design on a daily basis, your RFP should be a reflection of those skills.
Consider using RFP-creation software, such as some from Expedience Software, that can get you started with templates that you can customize toward your business. Having a consistent and organized document could be what helps put you in high consideration for the upcoming project.