Government contracting is a complex world with a goldmine of opportunities for businesses to flourish. However, a common pitfall that many new contractors fall into is the notion that relentlessly bidding on every available contract will maximize their chances of success. On the surface, this approach may seem logical; after all, more bids equal more opportunities, right? Yet, the reality is starkly different.

The Downside of Over-Bidding

Many government contractors, especially newcomers, tend to dive headfirst into any/all opportunities, allocating all their resources into bidding on government contract opportunities day in and day out. They often believe that this aggressive tactic will pave their way to quick success.

However, this scattergun approach tends to be counterproductive for several reasons:

Dilution of Effort: By bidding on every opportunity, the quality of each proposal can become diluted, leading to generic proposals that do not effectively address the specific requirements of a project.
Wasted Resources: Considerable time, money, and effort go into preparing a proposal. Bidding on contracts without a genuine likelihood of winning wastes these valuable resources.
Swift Discouragement: A continuous stream of unsuccessful bids can demotivate a team, making them question their competency and the viability of their venture into government contracting.

For many, this whirlwind cycle of hope and disappointment leads to a swift exit from the government contracting sphere.

Getting Started with the Market Intel Database

Playing to Your Strengths

Rather than adopting a ‘one-size-fits-all’ approach, it’s paramount that businesses strategize by focusing on contracts where they have the greatest chance of success. This starts by recognizing and leveraging the business’s “Superpowers” — those unique strengths and capabilities that set it apart from competitors.

By channeling efforts towards bids that align with a company’s core competencies, the chances of success increase dramatically. Not only does this present the contractor in the best possible light, but it also ensures that they can genuinely deliver on their promises, leading to satisfied clients and potential repeat business.

Leveraging Advanced Research Tools

While platforms like SAM.gov do provide basic research tools, diving deeper into the intricacies of government contracting requires a more sophisticated approach. This is where platforms like the Market Intel Database from FedBiz Access come into play.

The Market Intel Database offers a plethora of advantages:

Deep Insights: It provides a comprehensive look into historical data, shedding light on the types of contracts previously awarded in your domain.
Identifying Key Buyers: Knowing who’s buying what you’re selling can be invaluable. The Market Intel Database offers contact information for these key decision-makers, allowing for targeted outreach and relationship building.
Forecasting Opportunities: By understanding the historical trends, businesses can anticipate upcoming contract expirations and position themselves appropriately for rebids or new bids.

In conclusion, the secret to thriving in the world of government contracting doesn’t lie in the sheer volume of bids but in strategic, focused efforts. By recognizing their strengths, aligning with the right opportunities, and leveraging advanced tools like the Market Intel Database, contractors can increase their chances of success, leading to sustained growth and profitability in the government sector.

Need help in the government marketplace or would like to discuss the Market Intel Database with a FedBiz Specialist? Schedule a complimentary consultation today.

Why FedBiz Access?

FedBiz Access (“FedBiz”) has an experienced team that takes the time to get to know your business and ask questions to ensure you have a solid contracting plan. FedBiz is a leading government contracting business development and marketing firm that provides engagement strategy coaching, SAM & DSBS registration, set-aside certification registrations, GSA Schedules, and targeted market research.

Your Government Registration Level (“GRL”) is your roadmap from registration to award.