Federal market intelligence that is in-depth and robust provides federal contractors with a significant edge over their competitors. Being able to understand and qualify an opportunity before the submission process ever begins helps increase your probability win and reduce costs since you won't be chasing opportunities that you never had a chance at winning. The federal contracting market is going through a maturing process and there is an emphasis on using more robust tools and processes to win more federal dollars.
What Does Your Market Intelligence Look Like?
Federal contractors have made it a mission to not pay for federal market intelligence since there are free providers available, like SAM.gov. This is true, however, this is only one portion of the market intelligence piece. While you can see opportunities available, the odds aren't in your favor as the opportunity you're looking at has most likely already been worked on by your competition.
There are reactive and proactive contractors. The reactive contractors are the ones who search for opportunities and when they arise, they begin the submission process. They find their teaming partners and get their ducks in a row to move the opportunity through their pipeline. However, the biggest issue with this is that this opportunity has been in another federal contractor's pipeline for weeks, maybe months, and they've been building their reputation with this customer in the meantime. Plus, with the rise of GWACs, these opportunities aren't even available on sites like SAM.gov. Another disadvantage!
Proactive contractors have searches and processes set up so when an opportunity comes available and it aligns with your company's goals and you can actually win it. Remember, getting opportunities isn't sufficient and won't result in positive, long-term results. It's about what you can win that matters most when it comes to your opportunities and it all comes down to your federal market intelligence.
Opportunity Fit Assessment
No matter how you're currently getting your market intelligence, ask yourself these questions:
- What opportunities offer the best value to achieve your revenue goals?
- What pathways does this customer prefer?
- Do you meet the past performance requirements?
These three questions will help you determine if your market intelligence is providing you with information that is useful or if it's causing more harm than good for your business.
Put an Emphasis on Your Federal Market Intelligence
Many federal market intelligence providers will promise that they have tons of market intelligence that will allow you to see tons of opportunities, which is great. Having the transparency to see federal contracting opportunities is the first step towards providing your company with revenue. But the biggest question is, is this market intelligence catered to your business? What type of competitive advantage does this provide you if your competition has access to the same exact data?
At Federal Compass, we have tactical and strategic solutions built on a foundation of personalization and customization. We provide analysis and insights based on your organization's specific needs- not available to anyone else. Our system will help you reduce the time between research and action to provide your team with the tools needed to positively impact your success.
Learn more about our in-depth market intelligence platform so you can see the entire federal market.