When pursuing the next opportunity, it’s [of course] important to understand the competitive landscape—who are the major players? how entrenched is the incumbent contractor? The answer to these questions lies in two fundamental areas of research 1) human intelligence, and 2) data-driven market intelligence. The only way to paint a complete picture of the competition around any opportunity requires both elements and requires them to work in concert.
Arriving at the desired fidelity for any answer can take time, but with a standard and disciplined approach to research, results are consistent and consistently valuable.
Let’s say that “A” is the most basic understanding of competition around an opportunity, or maybe even no understanding at all. And “Z” is intimate knowledge of who will participate, the nature of their competition, teaming alliances and pricing structure. Where do you begin this journey of understanding?
We like to start the opportunity qualification journey with an initial pre-qualification based on objective data-driven market intelligence. When casting a sufficiently broad net, it’s just not realistic to begin with human intelligence. We need to quickly identify the major players for this opportunity, their relevant past performance and teaming history. Fortunately, there’s a sea of data available to answer these questions and a platform (Federal Compass) that makes it readily available.
Our algorithms identify competition based on a ten-point scale, including degrees of customer fit, service/offering fit and market presence for each potential competitor. Our system literally analyzes thousands of competitors for each opportunity in real-time so that you’re presented with a complete picture of the competitive landscape.
We’re halfway there, now it’s time for the human touch.
Anecdotes are trouble when it comes to research. It’s also problematic to have all these little nuggets of human intelligence scattered across your team and not readily available to decision makers. We make it easy to pivot from data-driven research to more intimate qualification with user-defined fields attached to every piece of content across our system. When it’s time to dive deep, the collective knowledge of your team is now presented alongside objective data-drive market intelligence. Just like that we’ve arrived at a complete picture of the competition for any pursuit.
There's reason to be excited for CIO-SP4. With new tracks and more initial awards than CIO-SP3, spending on CIO-SP4 is anticipated to surpass to CIO-SP3 trends. We've put together an eBook focused entirely on understanding CIO-SP3 trends ahead of CIO-SP4. Lessons learned from CIO-SP3? You are more likely to fail than to succeed. If you’re determined to pursue CIO-SP4, preparation is necessary to position yourself for success.
Federal Compass launched its Opportunity & Market Intelligence platform for government contractors back in 2019. Since then, we've attracted a diverse user-base, focused on a range of industries within the government contracting space. We get a lot of questions about who uses Federal Compass and what features they find most compelling. Here are some quick numbers to show just how diverse our community has become.
The Federal government has become one of the largest incubators for small businesses. A reliable and secure customer that sets aside a portion of the hundreds-of-billions of dollars spent every year to create a safe harbor for start-ups and growing companies. In a universe of thousands of potential customers and contracts, where will you begin?
Are you monitoring SAM or have you become dependent on SAM? Understanding what is and what is not posted to SAM is critical for obtaining a clear view of your market. While SAM offers a great resource for identifying potential leads, there is a much bigger universe you're missing by fixating on SAM.
written by Jim Sherwood, published 02/18/2020