Business owners and sales-folk listen up.
“Should we bid for this piece of event business or not?” is one of the decisions made by business leads that will make or break a successful year, assuming your delivery is at or above par.
Tender responses are expensive. Your creative, design and finance experts will all spend time analysing RFP requests, let alone the days and weeks spent creating and costing your brilliant response. Often however these “Go / No Go” decisions are made on gut-feel and introduce significant risk to your business.
How many agencies are bidding? What is our response cost? What is the potential return? Do we have good case-studies and experience? Do we have the time and resource to respond? Ultimately, it’s a decision steeped in risk.
For the first time a tool is available to assess and manage this risk.
PREDICT Bid, from EventDecision is available shortly. Developed using leading financial risk software and a deep understanding of the event RFP process, PREDICT Bid won’t give you a hard and fast yes or no output; your attitude for risk is yours and your alone. But PREDICT Bid will show you the risk you are taking on. You can set your benchmarks and make better bid decisions thereon.
Based on proven methodology used for over 70 years in telecoms, pharmaceutical, property, construction, F&B, M&A, investment & insurance industries, now for the first time being made available to event planning decision makers.
PREDICT Bid allows decision-makers to look at not only a range of possible outcomes, but the probability of specific outcomes.
An example: you know the potential (but not exact) revenue associated with a win. You know the likely margin which you may achieve and the likely (but not exact) cost of RFP response.
You may know how many agencies are invited, the likely duration of the contract, the rough alignment with your agency expertise, your average win-rate, what your relationship with the client is, how often does the client tender and so on. A mix and range of quantitative and qualitative data.
PREDICT Bid allows you to quantify these ranges. View not only what MIGHT happen, but the chances of each outcome occurring. Understand the likelihood of success, and what this success looks like. Then make better decisions based on your attitude to risk.
PREDICT Bid is the latest tool available from EventDecision, supporting event planners in making better decisions. Already available is TRACK, industry-leading event carbon footprinting and CONNECT, a WiFi audit service.