Improve Your Venue’s RFP Process with These Game-Changing Tools

Managing the Request for Proposals process doesn't have to be overwhelming - these tools can make the entire process easy.

Request for Proposals (RFPs) are essential for establishments aiming to fill their venue spaces - but the process can be a double-edged sword. On one hand, a well-responded RFP can lead to a profitable booking; on the other, the sheer amount of effort required to sift through numerous unqualified RFPs can be overwhelming. It's like looking for a needle in a haystack, except the needle can significantly boost your revenue.

Thankfully, it’s both possible and easy to streamline your RFP process - with the right tools. Explore how iVvy venue management software can transform your RFP process and discover the features you can use to save time and keep your function diary full.

Why is a Streamlined RFP Process so Important?

For venue sales teams, each RFP represents a potential opportunity. Yet, the reality of wading through many that just don't fit—be it because of budget constraints, space incompatibilities, or timing issues—can be disheartening. It's not just about the time spent; it's about the missed opportunities when energy is diverted towards leads that won't pan out.

On the flip side, event planners are often in a tough spot too. They're casting their nets wide, hoping to snag the perfect venue without always knowing the specifics of what makes a venue right for them. It's a bit like trying to find the perfect house without a checklist of what you need—it can lead to a lot of wasted time and effort on both sides.

This whole dance between sending and responding to RFPs begs for a solution that benefits everyone involved. A process where there's a way to quickly filter out the RFPs that just aren't going to work. This doesn’t just cut down on the workload for your venue team; it also means when you do respond, you’re more likely to be pitching to someone genuinely interested and compatible with what your venue offers.

The Benefits of an Automated RFP Process

An automated system to handle the initial filtering of RFPs can be a game-changer. This streamlined process allows venues to automatically sort through requests based on key criteria—things like budget, date availability, and space requirements. This means sales teams can focus their energies on the most promising leads, making the whole process more efficient and likely more successful.

But it's not just about technology. There's a personal element here too. For event planners to be able to send more targeted RFPs, they need to be able to easily find information about an establishment’s meeting and event spaces. Having this information easily accessed can lead to better matches from the get-go.

It's about creating a bridge of understanding between what planners need and what venues offer. A little guidance can go a long way in making sure that when an RFP lands in a venue's inbox, it's met with enthusiasm rather than resignation.

iVvy Tools that Can Streamline Your RFP Process

Booking Rules

Setting your booking rules in iVvy is essential for managing how enquiries from your Marketplace or booking engine are processed. They determine whether an enquiry can come through as a direct booking or if it should be handled as an RFP.

Rules to Streamline Your Booking Process:

RFP Only

This setting ensures that the booking form operates strictly on a request for proposal basis. Potential clients won't be able to book directly but can request more information or a tailored proposal for their event.

Not Available

With this rule, your venue appears as unavailable for booking. This can be useful for periods when you know your venue will not be open for events or is already fully booked.

RFP Rules

This option allows for flexibility. You can accept live bookings except under certain conditions that you define, for which an RFP will be required. These conditions include:

• Timeframe before the event: If an event is less than a certain number of days away (e.g., less than 7 days), the enquiry will be converted to an RFP instead of a direct booking. This gives your team the chance to review last-minute details and ensure everything can be accommodated.

• Timeframe before the event (long-term): Conversely, if an enquiry is for a date that's more than a certain number of days in the future (e.g., more than 90 days), it will also trigger an RFP. This is particularly useful for events that require more planning and coordination.

• Estimated value of the booking: If the potential booking exceeds a certain value threshold, it will automatically require an RFP. This allows your sales team to engage directly with clients planning larger or more valuable events with a personalised approach.

These rules enable you to have greater control over the booking process, ensuring that each enquiry is handled most appropriately. By setting these parameters, you can efficiently manage your venue's availability, prioritise valuable opportunities, and allocate your resources more effectively.

iVvy Leads Module

If you're managing several properties with iVvy, you'll find the Leads Module incredibly useful. This feature helps you keep track of new business leads and makes sure they're sent to the right venue in your group.

Benefits of the Leads Module

Organise Leads in One Place

It gives a central spot for your sales team, including Business Development Managers and Directors of Sales, to look after potential clients. You can start by adding these leads into the system through the Global Contact section. Then, you can keep all the details about these leads, like sales activities and important notes, neatly organised in one place. When a lead looks promising, you can easily send it to the best-matching venue within your group as a potential business opportunity.

Handle Accommodation Offers

If your venues offer rooms to stay, this module lets you create specific contracts for accommodation. This means you can manage room bookings and details directly within the system, making sure your guests have a smooth experience.

Simply put, the Leads Module helps make your job easier by organising potential leads and ensuring they go to the venue where they fit best. It's a straightforward way to improve how you handle inquiries and bookings, making the whole process smoother and more efficient.

iVvy Marketplace

By ensuring that your listing on iVvy Marketplace is always updated with comprehensive details about your venue spaces, packages, inclusions, pricing, and availability, you can significantly reduce the number of irrelevant RFPs from event planners who are searching for the perfect event venue. This means that you can focus your time and resources on responding to the RFPs that are most likely to lead to successful bookings and a higher return on investment.

Utilise the full features available in iVvy Marketplace to speed up your sales conversion process, including adding frequently asked questions, setting additional descriptions for your listing, displaying your COVID-19 practices, adding menus, and replying to clients who leave you a customer review.

Streamline Your Venue’s RFP Process Today

At its heart, a streamlined RFP process isn't just about improving conversion rates or reducing sales costs. It's about making the connection between venues and event planners smoother, more personal, and ultimately more successful.

By using tools available in iVvy venue management software to focus on qualified leads and foster better communication from the start, you can turn your venue’s RFP process from a daunting task into an exciting opportunity for everyone involved.