IRVINE, CA – (January 25, 2024 ) – ikaun, the AI-powered, world class experience management platform for law firms and professional services organizations, today announces it has released the results of the company’s 2024 RFP Impact Report for Marketing and Business Development Professionals (the “Report”). The Report demonstrates that RFPs redirect marketing teams away from the key activities that increase win rates in RFPs (understanding clients’ needs), to instead spend the vast majority of time lower level, manual search for past work and responses, creating inefficient and costly drag on an operation that costs the firm between $959,000 and $2,200,000 annually. To request the Executive Summary, go here.
According to recent data, law firm marketing win rates when responding to prospect RFPs is 18%, and yet marketing budgets shrank in 2023. In addition, anecdotal evidence inferred that most firms experience workflow issues and process bottlenecks that were negatively impacting win rates in the RFP process. ikaun endeavored to quantify the problem in a useful industry benchmark as well as identify the key points of the process challenges and propose solutions.
ikaun co-founder and Chief of Product Strategy, Jason Noble, comments: “The RFP survey report was extremely valuable in validating our thesis, but also in bringing to light clear direction on how firms can increase their win rate.”
“According to the research,” Jason continues, “win rates are dramatically impacted by the firm’s ability to summarize a client’s desired outcome and make it obvious how the firm will achieve those outcomes. The problem is that firms spend the majority of their time searching through and formatting past RFPs instead of focusing on crafting a winning message. It just so happens that generative AI is a perfect solution to this problem. We look forward to helping firms understand this opportunity.”
Key data points of the RFP Impact Report include:
• Most firms (59.26%) firms believe understanding client needs and requirements are the greatest contributors to winning an RFP.
• The majority of RFP response time is spent simply trying to find past work and relevant experience (42%) and reading past RFPs (31.43%)
• Over half (52%) of any RFP is duplicative and/or contains questions the firm has previously answered.
• Generative AI can be deployed in the RFP process to reduce time spent on RFPs by 90%
To produce the 2024 RFP Impact Report, ikaun partnered with the Legal Marketing Association (LMA) to distribute the RFP Impact survey to its membership of 14,000 marketing and BD professionals and received responses from 49 firms across the Am Law 100 and 200. Outside data sources were validated via ALM Legal Compass and reviewed by law firm leadership and Calibrate.
To learn more about ikaun and request the report, go here.
About ikaun
ikaun is world class experience management, powered by AI. The ikaun platform helps law firms and professional services organizations extract the value of their expertise, increase win rates, significantly reduce RFP response time, and create, find, and use knowledge to improve productivity and organizational efficiency. For more information, please visit http://www.ikaun.com.
Media contact:
Patricia Ann Nagy, Director
Proxy PR
270 West 11th Street 4c
New York, NY 10014
patricia@proxypr.com
646.717.4541