Sample RFP Evaluation Criteria: Find the Best Wealth Data Analytics Solution

Sample RFP

There are many ways to write an RFP.  In fact, it may seem like every organization would need its own type of Request for Proposal.  So, what evaluation criteria can you use to determine that your RFP will help you find the best vendor? Keep reading to find out. We will reveal the top 3 tips for writing an effective RFP.  Such an RFP will help you find a wealth data and analytics solution that will best suit your needs. What’s more, We’ll even provide a detailed sample RFP for you to use. Before we get to the sample, let’s start with the basics.

What is an RFP?

An RFP or Request For Proposal is a document used by organizations that are seeking a vendor or partner. Generally, an organization issues an RFP document outlining the specifics of what they would like to accomplish through the vendor’s services.

An RFP is different from an RFQ. An RFQ or Request For Quote is focused more on the cost estimation of a particular project. It is better to use an RFQ where project requirements and terms are fairly standard. An RFP however, allows nonprofits to describe their needs and goals in detail. If you are unfamiliar with how to get started, you can download our sample RFP.

Our Sample RFP has everything you need to find the best wealth data analytics solution. Simply download the template and edit it to suit your needs.

Why should I write a Request for Proposal?

The alternative of not using an RFP is having an ambiguous discussion with each vendor that may not yield the results you are looking for.  Moreover, there are three clear benefits from using an RFP to find a wealth data vendor:

  1. Well Documented Requirements: Creating an RFP allows you to document all your requirements. This exercise helps you review your needs internally and ensures that you have a consensus on them.
  2. Clear Expectations & Terms: When requirements are clearly documented, it is easy to set vendor expectations. They will know what they will need to fulfill from the get-go.  Clear terms stated in your RFP also enables you to arrive at a mutually satisfactory deal quickly.
  3. Ease of Comparison: When you create a structured RFP for different vendors to fill out, comparing their offering becomes easier. Everyone enters responses to a set of standard questions enabling you to identify key differentiators between them.

Sample RFP Evaluation Criteria: Top 3 Tips for Writing an Effective RFP

When creating a Request for Proposal to find the right vendor, bearing these three sample RFP evaluation criteria in mind will help you streamline your process.

  1. Standardize Your Format: Creating a standard format for RFP allows you to repurpose it for several projects. Over time you can refine your template to ensure that it captures all the right information from you and the vendors you are evaluating.
  2. Include Your Company Vision: Although this is an unconventional tip, it helps your vendors or partners understand your needs beyond the scope of a particular project. When they understand your larger organizational goals, it helps them think more strategically. Additionally, you can evaluate if their vision is in alignment with yours.
  3. Be Specific: When looking for an analytics solution, your RFP should be as specific as possible. There are providers who are able to fulfill various functions such as deliver screening data, insights, and in some cases, even a CRM solution. But, wealth intelligence needs to provide you both breadth and depth of insights. In this regard, not all providers are created equal.

wealth data analytics

We have done all the research and groundwork for you! Use our detailed sample template to ensure that you find the solution that answers all your questions.

Sample RFP

Follow these three steps to find your perfect wealth data analytics provider:

Step 1

Download our sample RFP template.

Step 2

Fill out the template based on your needs.

Step 3

Use the RFP as a filter to find the perfect solutions provider.

Download the Sample RFP Now–>

Luxury Product Marketing: Understanding the Luxury Consumer

Interested in learning more about luxury product marketing? Download  WealthEngine’s Market Potential Report, which provides a deeper understanding of opportunities to reach population segments based on estimated net worth, cash on hand, investible assets, business ownership, giving capacity and history, interests and passions, and propensity to invest, spend, and donate, and much more.

Wealth trends are constantly changing. While using a standard luxury product marketing strategy for every consumer may generate sales, by fine-tuning your approach you can get more business from the luxury consumer who becomes a loyal customer.

Listen to the full podcast.

What is Luxury Product Marketing?

Luxury product marketing is the business of promoting and selling high-end products. Not only do luxury brands draw consumers in with their high-end products, but they also actively manage the perception of these products. Incorporating data about your market potential, as noted in this marketing plan example, is a key part of a luxury marketing strategy.

Luxury Goods Market Study

Revenue from the US luxury goods market is estimated to be between $85 and $100 billion annually, according to Euromonitor.

The luxury market is more relevant than ever. Over the past year, the luxury market has grown by 5% worldwide. This growth stems from the sales of three major items: luxury cars, luxury experiences, and personal luxury goods. These three items alone, account for more than 80% of the entire luxury market. Luxury car sales dominated the market in 2017, increasing by 6%. Sales in luxury experiences increased by 20% in two areas: high-end food and wine (up by 4% since 2017) and luxury cruises (up by 16%). As for personal luxury items, which are the core of the luxury consumer market, sales have increased by 5%.

The best luxury product marketing efforts focus on more than just those who can easily afford luxury goods. They target every person who is willing and interested in saving up for high-end products.

Understanding the Luxury Consumer

Reaching the same luxury consumer today can be different a few months from now. Wealth changes. But there’s more to it. When you learn about the interests and buying habits of individuals, you’re able to find more ways to influence those consumers and new ones. Knowing this information can help you find ways to generate more sales.

You might think that only affluent consumers want to purchase luxury goods. But, the truth is that there are other groups who are equally likely to purchase these products, and you can’t neglect them.

Think about the person who has been saving up for that new BMW or that new Louis Vuitton bag. All of those consumers are so drawn to high-end items, that they’re willing to save and splurge on your products. This gives you an opportunity to nurture them as loyal lifelong luxury consumers. As a result, luxury product marketing targets consumers who have both the capacity and intent to buy your products.

Download WealthEngine’s free Millionaire’s Report to find hidden gems about the buying habits of your wealthy customers.

The luxury market is no longer solely dependent on managing brand reputation and recognition. It’s also dependent, if not even more dependent, on understanding luxury consumer behaviors, clarifying your goals and intentions, and using this information to motivate buyers. These qualities will equip you to build a loyal customer base.

Luxury Product Marketing Questions

As you clarify your messaging, ask yourself:

  • What are people buying – what is the brand promise?
  • What are our luxury customers interested in – causes, issues, other non-product related drivers?
  • How can we enhance customer profiles with wealth and interest data to reach more people who fit our buyer persona?
  • How did, and how are, we engaging our customers based on what we know about their purchasing influencers?

When you create luxury product marketing campaigns that are tied to the things that influence your buyers, you naturally forge deeper connections.

Adapting to Changes in Luxury Consumer Behavior

Creating a strong foundation is only the first step. There’s much more.

  • How do you keep that luxury machine churning?
  • What can you do to captivate your customers?
  • What methods get people to recommend your luxury brand?
  • How can you maintain their interest?

Luxury product marketing requires you to be nimble. It’s important to recognize that there isn’t one type of customer coming through your door. More so, they have different needs to satisfy and it is ever-changing. The wealth-profile and buying propensity of a customer today can be different next year. As a result, it is important to stay on top of the changes in the wealth and interest of your luxury consumer.

By tailoring your messaging, you’re able to communicate your mission in ways that are accessible and appealing to more individuals. You’re maintaining the mission of your brand as you continue adapting to your customers’ needs.

Developing targeted messaging creates a good foundation for your brand. However, by leveraging wealth data, you can see how likely your new customers are to make a purchase, and when. This means that you don’t need to keep waiting for consumers to return! You have the power to evaluate demographic data to determine what they’ll need in the future.

When your customer is about to retire, they may be more inclined to buy luxury products associated with travel. They have a greater need for it. This information allows you to create messaging that’s more personalized, for individuals and groups that have similar experiences.

Luxury product marketing, in this case, allows consumers to feel that they’re part of a novel and elite experience. Customers are that much more excited knowing that they’ll have an individualized experience.

Learn More

Learn more about how personalization can enhance luxury product marketing to generate loyal customers with higher LTVs. Request a free demo by clicking the button above and a WealthEngine rep will contact you very soon.