Unlocking RFP Insights: A Fresh Look at Vertical SaaS Opportunities

Summary:

We explored how RFP responses work across industries, what tools SMBs use, and whether there's room for a rebrandable, vertical-specific platform like Actuality.live. We listed 25+ industries, analyzed process details, current tools, and how RFPs are sourced. We confirmed this is a serious opportunity with a replicable backend and industry-specific UX.

What’s the Deal with RFPs Across Different Industries?

Diving into the world of Requests for Proposals (RFPs) has been nothing short of an eye-opener. We set out to understand how various U.S. industries handle RFP responses, especially for small and medium-sized businesses (SMBs). Spoiler alert: it’s a mixed bag! Some industries are still clinging to the good old days of email and manual processes, while others are embracing modern tools. One of our team members mused,

“Do people mostly respond to local RFPs? or national? how does this all work?”

This question encapsulated our journey. We discovered that the RFP landscape is as diverse as the industries themselves. Some sectors are heavily reliant on local opportunities, while others cast a wider net nationally. The challenge? Many RFPs are invite-only, making it tricky for SMBs to even know what’s out there. It’s like trying to find a needle in a haystack, but the haystack is also moving!

How Did We Map the RFP Landscape?

Our approach was methodical yet exploratory. We rolled up our sleeves and dug into the RFP workflows across 25+ industries. We wanted to see what tools SMBs were using and how they compared to modern platforms like Actuality.live. The research was a treasure hunt, pulling data from trusted sources and mapping out standard RFP response workflows. What surprised us was the sheer number of industries with strong RFP activity. We identified 25+ sectors where SMBs are actively engaging in RFPs, and it became clear that there’s a significant opportunity for a rebrandable, vertical-specific platform. As one of our team members put it,

“I'm considering building a platform similar to actuality.live but making it something that could be repurposed and rebranded for each industry.”

This idea of verticalization really stood out as a game-changer!

What Are the Pain Points in RFP Responses?

As we delved deeper, we uncovered some common pain points that SMBs face in the RFP process. Speed, organization, and customization emerged as recurring themes. Many businesses struggle with the “single-use” nature of RFPs, which often leads to wasted time and resources. The fragmentation of tool usage among SMBs was another hurdle; it’s like trying to piece together a puzzle with missing pieces!We validated that content reuse is not just a nice-to-have; it’s a necessity. The high content reuse rate aligns perfectly with our vision for a modular, white-labeled platform. It’s about creating something that not only meets the needs of various industries but also makes the RFP process more efficient and less painful.

What Surprised Us About the RFP Software Landscape?

The software landscape for RFP responses is both crowded and confusing. We reviewed leading and emerging solutions, and let me tell you, it’s a wild ride! From Loopio’s content library to Responsive’s AI-supported automation, there’s no shortage of tools out there. But here’s the kicker: many SMBs are still stuck in the past, relying on outdated methods that don’t serve them well.Our exploration revealed that while there are some fantastic tools available, the adoption rates vary wildly by industry. It’s like a game of musical chairs, and not everyone is getting a seat! This fragmentation presents a unique opportunity for us to create a platform that not only simplifies the RFP process but also caters to the specific needs of different sectors.

What’s Next for Our RFP Platform Vision?

With all this insight in hand, we’re excited about the next steps. We’re sketching out a modular platform structure with swappable vertical templates, which means we can tailor the experience for different industries. We’re also zeroing in on 2-3 high-pain industries—think marketing, construction, and IT—to prototype first. The idea of a content reuse engine framework using AI-assisted templating is particularly thrilling. Imagine a world where SMBs can easily repurpose their content for various RFPs, saving time and effort while increasing their chances of winning bids. As we move forward, we’re mapping out go-to-market plans by vertical and investigating integration points with proposal submission portals. The excitement is palpable, and we can’t wait to see where this journey takes us!In closing, this exploration has been a vibrant tapestry of discovery, filled with surprises and insights. We’re building something that has the potential to change the way SMBs approach RFPs, and that’s a thrilling prospect. Stay tuned for more updates as we continue to shape this vision into reality!

Tools we used:

['Loopio: Content library and proposal management — https://loopio.com', 'Responsive: AI-supported RFP automation — https://responsive.io', 'Actuality.live: Industry-specific visual proposal builder — https://actuality.live', 'FindRFP: RFP discovery and alert service — https://findrfp.com', 'GovWin: Public-sector RFP intelligence — https://www.deltek.com/en/products/government-contracting/govwin', 'Tribble: AI RFP responder — https://tribble.ai']