The environment of Federal Contracting involves lengthy agendas, complex processes, budget, rules, and regulations. A successful acquisition process requires great efforts, especially in the early stages of preparation. One of the most crucial factors that shape the Federal Acquisition process is Market Research.
Market research is one of the most important aspects of the preparation for the bid which helps the industry make essential business decisions based important, reliable insights. It allows you to gather the most preparatory information needed to successfully develop your marketing strategy for the commercial items or services required by the Government through a Federal Contract.
In addition, market assessment is fundamental for understanding all the specifications of a government procurement before deciding to bid or not to bid, and before starting to prepare for proposal development for a certain contract opportunity. This way, contractors are backed up with significant data when building their business plan and winning strategies.
The main goal of market research, from the industry point of view (potential contractors), for an acquisition opportunity, is to gather valuable information about the customer, competition, and type of acquisition in order to determine what are the most convenient approaches to position the company as a winner. This helps Offerors understand if there is a match between their services/products and the requirements of the Government, or the agency that is sending the RFP.
A comprehensive, detailed assessment of the market provides a great advantage for the industry, which allows them to use customer information in their sales-oriented strategies. In short, a careful study of the situation and a complete analysis enables you to lay the foundations for a proper marketing plan. You can understand exactly what your potential buyer is looking for and how you can offer them your products/services, while at the same time you’ll be able to identify what are the strongest points that will enable you to earn your reward.
Where Should Your Market Research Focus On?
Conducting the research needed to identify, investigate, and analyze potential opportunities that perfectly match your business profile requires in-depth knowledge and understanding of the federal market mechanism, contracting requirements, acquisition procedures, and government processes.
A key factor that is an added value to your competition approach is selecting the opportunity to pursue very early in the capture phase. This way candidates will be able to assess their chances, increase their P-Win, improve the company’s business development strategies, and carefully plan the investment amount for the competition plan.
Whether you’re competing for the first time, or you’re an experienced former contractor, your market research undertaking must primarily focus on:
- Government market analysis
- Target market identification
- Pipeline development
- Marketing campaigns
- Business development campaigns
With such preparation, you will have the right tools to prevail in your competition to win a federal contract. Keep in mind, this process requires time and dedication to harvest the desired results. But everything is possible when the right investment is made!