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RFP vs. RFI: Knowing Your Acronyms and Saving Everyone’s Time

There is a lot of industry jargon in the advertising world. You’ve got CPC, CPA, CPM, and the one that sounds like a parking violation—RFP. And let’s not forget its often confused cousin, the RFI. If you’re mixing these up, don’t worry; you’re not alone. Let’s break down the differences between an RFP (Request for Proposal) and an RFI (Request for Information) so you can avoid embarrassing mix-ups and get the most out of your agency relationships.

RFP: The Full Monty An RFP is like the engagement announcement of the advertising world. When a brand issues an RFP, they’re essentially saying, “This is what we’re looking for in a partner, and here’s all the juicy info you need to know.” This includes budget parameters, ad targeting requirements, key performance indicators (KPIs), key business metrics, and campaign goals. It’s a comprehensive guide that lets agencies know exactly what they’re getting into, and gives them the chance to showcase how they’ll meet the brand’s needs. The RFP process ideally leads to a happy marriage, or partnership.

RFI: Just Testing the Waters On the other hand, an RFI is more like a first date. It’s casual, exploratory, and doesn’t require too much commitment. Brands use RFIs to gather basic information about potential partners without diving into specifics. It’s a way to feel out the market, understand who’s out there, and what they offer. Think of it as a way to see if there’s chemistry before you ask for a ring size.

When RFPs Become RFIs in Disguise Here’s where things get tricky. Sometimes, brands issue an RFP but do not include critical details like budget or campaign goals. They’ve actually issued an RFI in that case. Without those specifics, agencies can’t give a tailored proposal; they can only provide general information about their capabilities. It’s like asking someone to cook you dinner without telling them you are a vegan or are allergic to nuts.

Avoiding the Mix-Up To avoid this common pitfall, double-check your RFPs before issuing them. Make sure you’ve included all the necessary details. If you’re unsure about what you need or want to keep things open-ended, go with an RFI. Clarity is key. The more information you provide, the better the responses you’ll get. And who doesn’t love getting exactly what they want?

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