RADAR: Learn to Earn

In this episode of FedBiz’5 we are discussing the importance of researching your market before entering the federal government contracting arena. “Test before you invest” or “Learn to earn” are themes those businesses new to government contracting should embrace. You want to know who buys what you sell, how much they buy, and how often they buy.

An important first step before entering any market is to learn more about the market opportunity, and who buys what you sell. The RADAR report (Real-Time Advanced Data Analysis Report) is a deep dive into the federal government marketplace based on a keyword search through award history associated with the products and/or services you sell.

The RADAR lets you know you the ‘who, what, when, where, and how’ of federal buying for your products and/or services, including the procurement offices that issue the most awards and how to contact them.

Many small businesses wanting to get into federal contracting spend time and resources chasing and responding to open solicitations to no avail. This is not the best way to start.

Those businesses who do make research a priority and an ongoing part of their federal procurement process typically win many more awards, primarily those awards that are not publicly posted. Through research, these businesses know who to contact to develop relationships in the offices that buy the products and/or services they sell.

So, while their competitors are spinning their wheels focusing only on the big RFPs and public solicitations, businesses that research award history and contracting offices can best target new award opportunities. These are harder to find, but the payoff is exponentially higher.

A free resource for small businesses to consider for assistance is their local PTAC (Procurement Technical Assistance Center).

If you plan to spend time and resources to engage in government contracting, let it be on research first so that you understand your path of least resistance and do not spend your efforts in the wrong place.

Just as in your commercial business, the key to success in government contracting is educating yourself on the market and building relationships with those who buy what your sell.

FedBiz Access offers research and engagement strategy sessions, as well as marketing packages to targeted buyers at the local, state, and federal government levels. FedBiz Access has over 21 years of experience working with companies to help them win business by ensuring their research, engagement strategy, registrations, and certifications are current, complete, and compliant.