Tuesday, June 19, 2012

Getting Ahead of the Game Federal Market Intelligence

You don’t know what you don’t know, and the learning curve can be a killer when you need and want federal business now. Here are a few things you may wish to know before you get started down that road of federal contracting.

Federal Market Intelligence:
Understanding which agencies use your products and services is helpful, but knowing who does the buying and the vendors they are currently using gives you the competitive edge.
  • Who your potential “best agency” customers are and where they are located
  • How much those customers spend and the number of solicitations they issue
  • What their procurement method of choice is
  • What the total potential federal market is for your products and services
  • In-depth agency analysis including mission overview, organization structure, and contact information
Competitive Analysis:
Who are your closest contracting competitors, and how do you stack up against them? Which buying offices are they visiting, and who are they calling? Which contracts are they bidding on and, more importantly, which are they winning? Full competitive analysis requires that you know your competitors’ strengths and weaknesses as well as their business growth patterns and selling strategies.

SWOT Analysis:
Knowing yourself is the key to knowing your competitors. You can reduce or eliminate your competition with a better understanding of what you do well and what opportunities suit your unique capabilities. By conducting a SWOT analysis, the current position of your organization’s infrastructure will be examined and recommendations in the form of a action plan is developed to enhance strengths and minimize weaknesses. A threats and opportunities inventory allows for situational awareness and quick decision-making within the broad context of your government activities rather than case-by-case or bid-by-bid.

Marketing Material Analysis:
You’ve heard it said that the government speaks a language all its own. That’s true, But it also responds to marketing messages written in that language. If you have government-targeted marketing materials make sure your Government-focused image and brand will resonate with your customer, build credibility, and help differentiate you from your competitors.

Government Procurement Business Plan:
Full spectrum research on all government contracting aspects is vital to not only map, but support your procurement activities. A comprehensive 12- month goal - oriented plan for targeting and winning government bids should be established to ensure successful market entry .

Bid Analysis Tool:
The cost of bidding on unwinnable proposals can cripple any organization. Before dedicating precious time, money, and man-hours you should have in place a bid/no bid decision tree. The result is a systematic, replicable, and effective approach to bid analysis that decreases proposal costs, increases revenue, and improves win ratios.

Proposal Generation:
Just remember the government wants to work with contractors who solve problems and fulfill missions. There are a lot of things you'll need to do and everyone's path is different, built on the knowledge, and resources you already have. The one thing that you can be sure of is that if you have'nt done this before, you're going to succeed faster and ultimately more cost effective with the right mix of good help.

You may contact Sean at 201-916-9799 or at Sean@seaninc.biz or support@fedradar.com


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