Terms

Request for Information

A Request for Information (RFI) is a formal business process used to gather written information about the capabilities of various potential suppliers for a specific good or service. It is typically the first step in a procurement process, allowing an organization to collect general information, understand the market, and narrow down a list of potential vendors before moving to more detailed requests.

Purpose and Importance

The primary purpose of an RFI is to gather information to make more informed decisions. It helps a company understand the landscape of available solutions and suppliers without committing to a specific path. This initial exploration is crucial for developing a clear strategy for procurement and building a list of potential partners.

Its importance lies in its ability to save time and resources down the line. By pre-qualifying vendors, an organization ensures that only the most suitable candidates are invited to the more intensive Request for Proposal (RFP) stage. This streamlines the entire procurement process and leads to better final outcomes.

Process and Workflow

This is how you conduct the RFI process.

  1. Define your needs and draft the RFI document, outlining your objectives and the specific information you require from suppliers.
  2. Distribute the RFI to a broad list of potential vendors to gather a wide range of responses.
  3. Collect and organize the submitted information, which is often standardized to allow for easy comparison.
  4. Analyze the responses to evaluate vendor capabilities and create a shortlist of qualified suppliers for the next procurement stage.

Request for Information vs. Request for Proposal

While both are key procurement tools, RFIs and RFPs serve distinct purposes at different stages.

  • RFI: A Request for Information is a broad inquiry used early in the process to gather general information and understand the market. It's ideal when an organization, whether a large enterprise or a mid-market company, has little knowledge of potential vendors or solutions. This helps narrow the field efficiently but isn't used for final purchasing decisions or pricing.
  • RFP: A Request for Proposal is a more structured document used when requirements are well-defined and a company is ready to solicit detailed, competitive bids. Enterprises and mid-market companies use RFPs when they are closer to making a purchase decision and need specific, actionable proposals to evaluate against clear criteria.

Key Components

A well-structured RFI is essential for gathering clear and comparable information from potential suppliers. While formats can vary depending on the industry and project complexity, most effective RFIs include several standard sections to guide vendors and ensure all necessary details are collected.

  • Objective: A clear summary of the project's goals and the purpose of the RFI.
  • Scope: A detailed description of the specific products or services being explored.
  • Questions: A list of specific questions for vendors about their capabilities and experience.
  • Timeline: Key dates, including the deadline for submissions and the expected response period.
  • Format: Instructions on how vendors should structure and submit their responses.

Best Practices

To get the most value from an RFI, it's crucial to be clear and strategic. Following best practices ensures you receive high-quality, comparable information from vendors. This sets the stage for a smoother procurement process.

  • Specificity: Avoid vague questions. Clearly define your project's scope and ask targeted questions to get precise, relevant answers that are easy to compare across different vendors.
  • Engagement: Give vendors a reasonable timeline to respond and provide a clear point of contact for questions. This encourages participation from high-quality suppliers and fosters good relationships.

Frequently Asked Questions about Request for Information

Is an RFI legally binding?

No, an RFI is not a contract. It's an information-gathering tool to explore the market and vendor capabilities. Responses do not create a binding commitment for either the issuing organization or the responding supplier.

Can I ask for pricing information in an RFI?

While you can ask for general pricing models or ballpark figures, detailed quotes are typically reserved for the RFP stage. The RFI's main goal is to understand capabilities, not to solicit competitive bids based on price.

What happens after the RFI process is complete?

After analyzing RFI responses, you'll create a shortlist of qualified vendors. These selected suppliers are then typically invited to participate in the next stage, which is often a more detailed Request for Proposal (RFP).

Other terms

Oops! Something went wrong while submitting the form.
00 items

Unique Selling Point

A Unique Selling Point (USP) is the distinct feature or benefit that sets your product, service, or brand apart from the competition.

Unique Selling Point

Firmographics

Firmographics are descriptive attributes of organizations, used to segment companies by characteristics like industry, size, and location.

Firmographics

PPC

Pay-per-click (PPC) is an internet advertising model where businesses pay a fee each time one of their online ads is clicked by a user.

PPC

Data Mining

Data mining is the process of discovering patterns, trends, and useful information from large datasets to make better business decisions.

Data Mining

B2B Data Enrichment

Learn about B2B data enrichment, including benefits of B2B data enrichment, implementing B2B data enrichment strategies, B2B data enrichment vs. data cleaning.

B2B Data Enrichment

BAB Formula

Learn about BAB formula, including implementing BAB in sales strategies, crafting an effective BAB pitch, & comparing BAB with other sales frameworks.

BAB Formula

Conversion Rate

Conversion rate is the percentage of visitors who complete a desired goal, like a purchase or sign-up, out of the total number of visitors.

Conversion Rate

Latency

Latency is the delay between a user's action and a system's response. It's the time it takes for a data packet to travel to its destination.

Latency

Cold Call

Cold calling is a sales technique where reps contact potential customers who have had no prior interaction with their company or product.

Cold Call

Application Performance Management

Application Performance Management (APM) monitors and manages an application's performance, availability, and the experience of its end-users.

Application Performance Management

Sales Dashboard

A sales dashboard is a visual tool that centralizes and displays key sales data, metrics, and KPIs to help teams track performance and goals.

Sales Dashboard

Firmographic Data

Firmographic data is information used to classify firms. It includes attributes like industry, employee count, location, and annual revenue.

Firmographic Data

CRM Integration

CRM integration connects your CRM software with other tools, creating a unified system for all your customer data and business processes.

CRM Integration

Lead Nurturing

Lead nurturing is the process of developing and reinforcing relationships with buyers at every stage of the sales funnel.

Lead Nurturing

Inside Sales

Inside sales is a remote sales process where reps sell products or services via phone, email, and other digital tools instead of in person.

Inside Sales

Pipeline Management

Pipeline management is the process of tracking and managing potential customers as they move through the different stages of your sales process.

Pipeline Management

Sentiment Analysis

Sentiment analysis, or opinion mining, automatically determines the emotional tone behind text—whether it's positive, negative, or neutral.

Sentiment Analysis

Buying Process

The buying process is the journey a customer takes from first realizing a need to making a final purchase decision and evaluating it afterward.

Buying Process

SPIN Selling

SPIN selling is a sales technique using a sequence of questions—Situation, Problem, Implication, Need-Payoff—to uncover a buyer's needs.

SPIN Selling

Sales Process

A sales process is a structured set of steps that a sales team follows to move a prospect from an initial lead to a closed customer.

Sales Process

Serverless Computing

Serverless computing is a cloud model where the provider manages servers, so developers can focus on code without worrying about infrastructure.

Serverless Computing

Scalability

Scalability is a company's ability to handle increased workloads or market demands without a drop in performance or a spike in costs.

Scalability

Product Recommendations

Product recommendations are a marketing strategy that uses customer data to suggest relevant products, boosting sales and customer engagement.

Product Recommendations

Follow-up

A follow-up is a communication sent after an initial interaction to continue the conversation, provide more value, or prompt a response.

Follow-up

Account Development Representative

An Account Development Representative (ADR) identifies and qualifies new business opportunities, creating a pipeline for account executives.

Account Development Representative

Drupal

Drupal is a free, open-source content management system (CMS) for building websites and applications. It's known for its robust flexibility.

Drupal

Database Management

Database management is the process of organizing, storing, and maintaining data in a database to ensure its accuracy, security, and availability.

Database Management

Bottom of the Funnel

Learn about bottom of the funnel, including maximizing conversions at the funnel's end, & strategies for nurturing bottom-funnel leads.

Bottom of the Funnel

InMail Messages

LinkedIn InMail messages are a premium feature that lets you directly message any LinkedIn member, even if you're not connected to them.

InMail Messages

Sales Enablement Technology

Sales enablement technology refers to software and tools that equip sales teams with the resources they need to close more deals efficiently.

Sales Enablement Technology

Progressive Web Apps

Progressive Web Apps (PWAs) are websites that look and feel like native mobile apps, offering features like offline access and push notifications.

Progressive Web Apps

Request for Proposal

A Request for Proposal (RFP) is a formal document that outlines a project's needs and invites qualified vendors to submit bids to complete it.

Request for Proposal

Mobile App Analytics

Mobile app analytics involves collecting and analyzing data from mobile apps to understand user behavior and optimize the app's performance.

Mobile App Analytics

Mobile Optimization

Mobile optimization adapts your website to ensure visitors on smartphones and tablets have a seamless, user-friendly experience.

Mobile Optimization

Technographics

Technographics is data that outlines a company’s technology stack, helping B2B teams identify prospects based on the software and hardware they use.

Technographics

Demand Generation

Demand generation is the process of creating awareness and interest in your products to build a pipeline of qualified leads for your sales team.

Demand Generation

Kanban

Kanban is a visual project management method that uses a board to visualize workflow, limit work-in-progress, and maximize team efficiency.

Kanban

Ransomware

Ransomware is a type of malicious software that encrypts a victim's files, holding them hostage until a ransom is paid for the decryption key.

Ransomware

Direct Mail

Direct mail is a marketing method where businesses send physical promotional materials directly to potential customers' mailboxes.

Direct Mail

Customer Relationship Management Hygiene

CRM hygiene involves regularly cleaning and updating your customer data to ensure your CRM system remains a powerful and reliable tool.

Customer Relationship Management Hygiene

Real-time Data

Real-time data is information processed and made available almost instantaneously, enabling immediate analysis and decision-making.

Real-time Data

Zero-Based Budgeting (ZBB)

Zero-based budgeting (ZBB) is a method where all expenses are re-evaluated and must be justified from scratch for each new budget period.

Zero-Based Budgeting (ZBB)

Consideration Buying Stage

The consideration buying stage is where potential customers have defined their problem and are now actively researching and evaluating solutions.

Consideration Buying Stage

Business Intelligence

Learn about business intelligence, including key components of business intelligence, the role of BI in decision making, business intelligence tools and techniques.

Business Intelligence

B2B Sales Channels

Learn about B2B sales channels, including types of B2B sales channels, strategies for effective channel selection, & integrating technology in B2B sales.

B2B Sales Channels

Consumer Buying Behavior

Consumer buying behavior is the study of how individuals select, buy, and use products and services to satisfy their needs and desires.

Consumer Buying Behavior

Process Automation

Process automation uses technology to execute recurring tasks or processes, replacing manual effort to cut costs and boost efficiency.

Process Automation

C-Level or C-Suite

The C-suite, or C-level, refers to a company's most senior executives. Their titles usually start with 'Chief,' such as CEO, CFO, or CTO.

C-Level or C-Suite

Call Analytics

Call analytics is the practice of analyzing phone call data to extract insights, track key metrics, and improve overall business performance.

Call Analytics

Enterprise

An enterprise is a large-scale organization, often a corporation, defined by its complex structure and substantial number of employees.

Enterprise

Referral Marketing

Referral marketing is a strategy that incentivizes existing customers to recommend a company's products or services to their personal network.

Referral Marketing

Marketing Funnel

The marketing funnel is a model illustrating the path potential customers take, from initial awareness to making a purchase.

Marketing Funnel

Product-Market Fit

Product-market fit is when a product meets the needs of a strong market, leading to high demand, customer satisfaction, and organic growth.

Product-Market Fit

Lookalike Audiences

Lookalike audiences are groups of potential customers who share similar characteristics and behaviors with your existing, high-value customers.

Lookalike Audiences

Champion/Challenger Test

A Champion/Challenger test pits a new 'challenger' against the current best-performing 'champion' to see which one performs better.

Champion/Challenger Test

Bad Leads

Learn about bad leads, including identifying bad leads, warning signs of bad leads, impact of bad leads on sales, & strategies to minimize bad leads.

Bad Leads

Remote Sales

Remote sales is selling from a distance. Reps use digital tools to connect with prospects and close deals without meeting them in person.

Remote Sales

Digital Contracts

Digital contracts are legally binding agreements created, signed, and stored electronically, offering a faster, more secure alternative to paper.

Digital Contracts

Personalization

Personalization is the practice of using data to tailor products, services, or content to an individual's specific needs and preferences.

Personalization

Buyer Journey

The buyer journey maps the path a potential customer takes, from first learning about a product to the final decision to buy.

Buyer Journey

Sender Policy Framework

Sender Policy Framework (SPF) is an email authentication method that lets you specify which mail servers can send emails on behalf of your domain.

Sender Policy Framework

Account-Based Marketing

Account-Based Marketing (ABM) is a focused B2B strategy where marketing and sales collaborate to target and convert high-value accounts.

Account-Based Marketing

Value Gap

A value gap is the difference between the value a customer expects from a product and the actual value they receive, often leading to churn.

Value Gap

Adobe Analytics

Adobe Analytics is a leading web analytics solution for gaining real-time insights into user activity across websites and mobile applications.

Adobe Analytics

Pain Point

A pain point is a specific, recurring problem your target customers face, causing them frustration, inefficiency, or added costs.

Pain Point

Average Revenue per Account

Average Revenue per Account (ARPA) is the average revenue generated from each customer account, usually measured on a monthly or annual basis.

Average Revenue per Account

Annual Recurring Revenue (ARR)

Annual Recurring Revenue (ARR) is the predictable income a company expects to receive from its customers over a one-year period.

Annual Recurring Revenue (ARR)

Account-Based Advertising

Account-based advertising is a hyper-focused B2B strategy that targets key accounts with personalized ads across multiple channels.

Account-Based Advertising

Warm Outbound

Warm outbound is a sales strategy for contacting prospects who've shown interest in your brand through prior engagement, like website visits.

Warm Outbound

Open Rate

The open rate is the percentage of recipients who opened an email. It's a primary indicator of a subject line's effectiveness.

Open Rate

Application Programming Interface

An Application Programming Interface (API) is a set of rules that lets different software applications talk to each other and share information.

Application Programming Interface

Sales Coach

A sales coach is a mentor who trains and guides sales reps to enhance their skills, boost performance, and ultimately close more deals effectively.

Sales Coach

Segmentation Analysis

Segmentation analysis is the process of dividing a broad market into smaller, distinct groups of consumers with similar needs or characteristics.

Segmentation Analysis

Enrichment

Enrichment is the process of adding third-party data to your existing customer profiles to get a more complete picture of your leads.

Enrichment

End of Quarter

“End of Quarter” (EOQ) refers to the final weeks of a business quarter when sales teams rush to meet quotas, often leading to a flurry of deals.

End of Quarter

Value Chain

A value chain is the series of business activities required to create and deliver a product or service, from conception to the final customer.

Value Chain

Marketing Automation

Marketing automation uses software to automate repetitive marketing tasks, such as email marketing, social media posting, and ad campaigns.

Marketing Automation

Lead Generation Software

Lead generation software helps businesses automate finding and capturing potential customers' contact information to build sales pipelines.

Lead Generation Software

Contract Management

Contract management is the process of creating, executing, and analyzing contracts to maximize performance and minimize financial risk.

Contract Management

Sales Workflows

Sales workflows are a set of automated actions that streamline the sales process, helping teams engage leads consistently and close deals faster.

Sales Workflows

Buying Criteria

Buying criteria are the specific requirements and standards a customer uses to evaluate products or services before making a decision.

Buying Criteria

Sales and Marketing Analytics

Sales and marketing analytics involves measuring and analyzing performance data to maximize effectiveness and optimize return on investment (ROI).

Sales and Marketing Analytics

Objection

An objection is an explicit expression by a prospect that presents a barrier to moving forward in the sales process.

Objection

BANT Framework

Learn about BANT framework, including implementing BANT in sales strategy, advantages of the BANT methodology, & BANT vs. other qualification models.

BANT Framework

Sales Intelligence Platform

A sales intelligence platform is software that provides sales teams with data and insights about prospects to help them sell more effectively.

Sales Intelligence Platform

Closed Lost

Closed Lost is a sales term for a deal that didn't go through. The prospect decided not to buy, or the sales team disqualified them.

Closed Lost

FAB Technique

The FAB technique is a sales framework connecting product features to advantages and then to the specific benefits for the customer.

FAB Technique

Expansion Revenue

Expansion revenue is the extra money a business makes from its current customers via upgrades, new products, or additional services.

Expansion Revenue

System of Record

A System of Record (SoR) is the authoritative data source for a specific type of data. It acts as the single source of truth for an organization.

System of Record

Use Case

A use case is a detailed description of how a user interacts with a system to achieve a specific goal, outlining the steps from start to finish.

Use Case

B2C2B

Learn about B2C2B, including how B2C2B transforms sales, key strategies for B2C2B success, & differences between B2C2B and B2B2C.

B2C2B

Hot Leads

Hot leads are prospective customers who have shown significant interest and are ready to buy, making them a top priority for sales teams.

Hot Leads

User Testing

User testing involves observing real users interact with a product to identify usability issues and improve the overall user experience.

User Testing

Docker

Docker is a tool that packages applications and their dependencies into isolated environments called containers for easy deployment and scaling.

Docker

Forecasting

Forecasting uses historical data to make informed predictions about future trends, helping businesses anticipate outcomes and plan accordingly.

Forecasting

Brand Equity

Learn about brand equity, including understanding its importance, building strong brand equity, measuring brand equity, & real-world applications.

Brand Equity

Sales Strategy

A sales strategy is a comprehensive plan that outlines how a business will sell its products or services to achieve its revenue goals.

Sales Strategy

Data Enrichment

Data enrichment is the process of enhancing raw data by adding missing information from other sources, making it more complete and actionable.

Data Enrichment

Rapport Building

Rapport building is the process of establishing a connection and mutual understanding with someone, creating a foundation of trust and affinity.

Rapport Building

SEO

SEO, or Search Engine Optimization, is increasing the quantity and quality of traffic to your website through organic search results.

SEO