A Request for Quotation (RFQ), also known as an Invitation for Bid (IFB) is a business practice used by an organization to invite multiple suppliers to bid on an upcoming project or job prospect.
A supplier must include various information including payment terms, price per item, and contract terms when responding to an RFQ. The soliciting company must ensure that the job package they are providing to vendors is specific and detailed in order to accurately assess each suppliers quote. The RFQ practice creates healthy competition between vendors, ensuring that the vendor with the fairest market-value offer is selected for the upcoming project or venture.
It is important for a business to effectively promote itself. Business promotion will attract new clients while also helping establish the organization as the main supplier/distributor for its clients. In today’s fast paced, technologically advanced world, it is crucial for the organization to develop and maintain a corporate website; securing their competitive edge. Simply having an online presence is not enough; the organization must continually evolve and update their website to protect business growth, find new opportunities, and establish relationships with new and prospective clients.
The biggest mistake many organizations make when promoting themselves is devoting a lump sum of money to kick start the company website and then failing to manage its content to ensure relativity.
As the content becomes less relevant, search engines stop picking up key words from those websites, consequently forcing those sites beyond the first page of the search engines results. This in turn, diminishes the volume of traffic being driven to those sites, and particularly those organizations seeking suitable vendors for upcoming projects. Ultimately, these companies receive fewer solicitations for projects, thus reducing the number of request for quotations (RFQ) and ultimately future projects and earnings. This cycle becomes gradually detrimental to the viability of the organization and may eventually cause those organizations to permanently cease operations.
Organizations must understand and utilize effective practices of search engine optimization (SEO) to avoid this situation. Search engine optimization is an ongoing strategy that requires organizational commitment to continual monitoring in order to ensure that online traffic is being directed to their websites. The most effective SEO strategies use marketing tactics such as inserting keywords into web content, utilizing inbound and outbound links, and integration with social media platforms with content to increase awareness of the business and promote the products or services being offered.
In addition to maintaining the organization’s website, businesses must also ensure that they understand what the soliciting company is requesting. Vendors must communicate their unique features when seeking new contracts and responding to RFQ’s and emphasize the qualities that set them apart from competitors.
In conclusion, organizations cannot ignore the importance of establishing and maintaining their corporate websites. Businesses must be accountable for ensuring their websites are effectively delivering content and reaching intended audiences. Conducting regular audits of published content and search engine optimization effectiveness is the most effective way to determine content relativity and timelessness.
Having a well-managed website is the secret success to receiving requests for quotes, securing job prospects, and consistently generating future income for an organization.