While firms might have once scoffed at filling out long, lengthy requests for proposals and preferred to lean instead on relationships, the reality is that RFPs are now a constant presence in the marketing and business development process at most firms. But just because something is prevalent doesn't mean it's always in the best interests of the firm. 

While RFPs can allow firms to clearly articulate value propositions, highlight market differentiators and showcase previous relevant work, they can also drive down margins, commoditize work, damage reputations and, in some cases, just generally be a waste of time.