Market Research RFP Template 2025
Free Caribbean & LATAM Procurement Guide
A comprehensive RFP structure guide designed for Caribbean and Latin American market research procurement. Includes section-by-section guidance, evaluation criteria, scoring matrix, and region-specific considerations.
Essential RFP Sections
A well-structured RFP ensures vendors understand your needs and can provide accurate, comparable proposals. Include all sections below for best results.
| # | RFP Section | What to Include | Tips |
|---|---|---|---|
| 1 | Project Background | Company overview, business context, reason for research | Share enough context for agencies to understand strategic goals |
| 2 | Research Objectives | Primary and secondary objectives, key questions to answer | Be specific; vague objectives lead to inflated proposals |
| 3 | Target Audience | Demographics, psychographics, incidence rate, quotas | Specify if niche audiences require special recruitment |
| 4 | Methodology Preferences | Preferred approaches or open to agency recommendation | Allow flexibility for agencies to propose optimal methods |
| 5 | Geographic Scope | Specific islands, regions, urban vs. rural coverage | Critical for Caribbean — each island is a distinct market |
| 6 | Timeline | Key milestones, proposal deadline, project start and end dates | Allow 2–3 weeks for vendors to prepare quality proposals |
| 7 | Budget Range | Budget parameters or indicative range | Sharing a range helps agencies right-size their approach |
| 8 | Evaluation Criteria | How proposals will be scored and weighted | Transparency drives better, more focused proposals |
| 9 | Proposal Format | Required sections, page limits, presentation expectations | Standardized format makes comparison easier |
| 10 | Appendices | Brand guidelines, past research, stimuli, NDA requirements | Provide any materials that help agencies understand your brand |
Common RFP Mistakes to Avoid
Vague Objectives
Stating "understand consumer behavior" without specifying which behaviors, segments, or decisions the research should inform leads to bloated proposals and misaligned deliverables.
No Budget Guidance
Omitting budget parameters forces agencies to guess at scope. You'll receive proposals ranging from $10K to $200K for the same brief, making comparison impossible.
Treating Caribbean as One Market
Saying "the Caribbean" without specifying which islands creates scope ambiguity. Jamaica and Barbados are vastly different markets requiring distinct research approaches.
Price-Only Evaluation
Selecting the cheapest proposal often results in poor methodology, thin samples, or inexperienced teams. Weight quality and experience at least equally with price.
Unrealistic Timelines
Caribbean fieldwork requires time for logistics across islands. Allow 6–10 weeks for single-island projects and 10–16 weeks for multi-island studies.
No Q&A Period
Failing to allow a Q&A window means agencies work from assumptions. Build in a formal clarification period to get more accurate, comparable proposals.
Proposal Evaluation Scoring Matrix
Use this weighted scoring framework to evaluate and compare vendor proposals objectively.
| Evaluation Criterion | Weight | What to Assess |
|---|---|---|
| Methodology Quality | 25–30% | Rigor, appropriateness, sampling plan, analytical approach |
| Regional Experience | 20–25% | Caribbean case studies, local team, years in region |
| Team Qualifications | 15–20% | Project lead credentials, local presence, language capabilities |
| Value for Money | 15–20% | Cost vs. scope, transparent pricing breakdown, no hidden fees |
| Timeline Feasibility | 10% | Realistic milestones, contingency plans, island logistics |
| Reporting Quality | 5–10% | Deliverable examples, visualization quality, actionability |
Caribbean-Specific RFP Considerations
Multi-Island Logistics
Specify which islands must be covered. Ask vendors to detail their logistics plan for inter-island fieldwork, including local supervisor presence on each island.
Language Requirements
Caribbean research may require English, Spanish, French, Dutch, or Creole instruments. Specify translation and back-translation requirements in your RFP.
Local Regulations
Data protection laws vary by territory. Ask vendors about their compliance with local data privacy regulations and any required research permits or ethical approvals.
Sampling Challenges
Small island populations limit achievable sample sizes. Request vendors' sampling methodology and how they handle low-incidence populations in markets under 500K.
Hurricane Season Planning
June through November fieldwork may face weather disruptions. Ask vendors about contingency plans and whether timelines account for potential weather-related delays.
Currency Considerations
Caribbean territories use different currencies. Clarify whether pricing should be in USD, and how vendors handle exchange rate fluctuations for multi-island projects.
Frequently Asked Questions
What should a market research RFP include?
A complete market research RFP should include: project background and business context, research objectives and key questions, target audience definition, methodology preferences, geographic scope, timeline and milestones, budget range or parameters, evaluation criteria and weighting, proposal format requirements, and any appendices with supporting data. For Caribbean projects, also specify island coverage, language requirements, and local regulatory considerations.
How do you write a market research RFP for Caribbean projects?
Writing a Caribbean research RFP requires additional specificity: clearly define which islands or territories must be covered, specify language requirements (English, Spanish, French, Dutch, Creole), address multi-island logistics expectations, outline data protection compliance per territory, include CARICOM trade considerations if relevant, and specify whether the agency must have on-the-ground presence in each market. A well-written Caribbean RFP prevents scope creep and ensures accurate cost estimates.
How many vendors should I invite to submit a market research proposal?
Best practice is to invite 3-5 vendors to submit proposals. Fewer than 3 limits your comparison options; more than 5 creates excessive evaluation burden without proportional benefit. For Caribbean-specific projects, include at least one regional specialist alongside any global firms to ensure you get competitive pricing and genuine local expertise. Always verify Caribbean operational capability before including a firm in your shortlist.
What are common mistakes in market research RFPs?
Common RFP mistakes include: being too vague about objectives (leads to inflated proposals), not specifying geographic scope precisely, omitting budget parameters (agencies cannot right-size proposals), focusing only on price without weighting methodology quality, setting unrealistic timelines, not allowing for a Q&A period, failing to specify deliverable formats, and not including evaluation criteria. For Caribbean RFPs, common mistakes include treating the region as a single market and underestimating multi-island logistics complexity.
How do you evaluate market research proposals?
Evaluate proposals using a weighted scoring matrix: methodology quality and appropriateness (25-30%), relevant Caribbean experience and case studies (20-25%), team qualifications and local presence (15-20%), value for money (15-20%), timeline feasibility (10%), and reporting/deliverable quality (5-10%). Schedule presentations with top 2-3 firms, prepare specific questions about their Caribbean fieldwork capabilities, and request client references from similar regional projects.
Related Resources
Caribbean Research Pricing
Detailed cost benchmarks by methodology for Caribbean projects
How to Choose an Agency
Step-by-step vendor evaluation guide for Caribbean research
Research Proposal Guide
How to write and evaluate market research proposals
Research Services Overview
Complete guide to available market research services
Survey Methodology
Understanding research methodologies to inform your RFP
Caribbean Research Companies
Guide to market research companies operating in the Caribbean
Need Help Writing Your Research RFP?
HRG's team can review your draft RFP, suggest improvements, and help you define the right scope for your Caribbean or Latin American research project.