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Selecting & Working with Outside Agencies

If your bank doesn't have the internal resources to perform some or all of its marketing functions, you may find it beneficial to engage an outside vendor or agency. Over the years, we've seen and responded to many RFIs (Requests for Information) and RFPs (Requests for Proposal). Some were clear, concise and well written - so we had a very good understanding of the bank's needs and could respond appropriately. Others were disorganized and confusing, so we weren't sure what the bank wanted and couldn't prepare an adequate response. Simply put, a poorly crafted RFI / RFP will not elicit good responses.

Developing a quality RFI/RFP takes time and planning.

• Provide enough information about your bank and its objectives to ensure that responding firms can develop meaningful, on-target proposals.
• Make sure your questions match up to the criteria you will be using when making your selection.
• Ask that proposals be submitted in a specific format. Being able to compare "apples to apples" will help you spot key points of differentiation in the evaluation process.

We also suggest that you include a cover letter that contains a brief description of your requirements and desired deliverables. This letter should also specify:

• Date submissions are due
• Date the project will be awarded
• Date the project must be completed
• Planned budget or maximum bid
• Selection criteria ranked by priority

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