Market Research is Key for Successful Government Contractors
Market research is key for winning government contracts as it helps to understand the market landscape, identify needs and requirements, comply with regulations, develop competitive strategies, mitigate risks, establish pricing strategies, and strengthen marketing efforts. By conducting thorough market research, contractors significantly improve their chances of securing contracts and achieving success in the government marketplace.
Who buys what you sell? How much are they spending? What types of contracts are being awarded? While not the only factor determining success, market research greatly improves a company’s chances of securing contracts and delivering high-quality products or services.
In the government contracting marketplace, it’s important to be able to focus your energy and resources on attainable targets. The Market Intel database provides specific information on who is buying what you sell? The right agency offices to contact, and who you should be reaching out to.
The Market Intel database search engine provides instant access to open solicitations and expiring contracts based on a combination of keywords, industry codes, and geography, among other relevant information. Opportunity alerts include federal, state and local solicitations.
Why market research is important:
- Understanding the Market Landscape – Market research helps government contractors identify potential customers, competitors, and opportunities within the government sector. It helps recognize the key players, trends, and dynamics that may affect their chances of winning contracts.
- Identifying Needs and Requirements – Market research can provide insights into government agencies’ needs and preferences, enabling contractors to tailor their offerings accordingly. By understanding the specific needs of agencies, contractors can develop solutions that effectively address them.
- Compliance with Regulations and Policies – Government contracting is subject to numerous rules and regulations. Market research can help contractors stay informed about the latest changes and ensure their bids and projects comply with all relevant policies and guidelines.
- Developing a Competitive Strategy – By analyzing the competition and identifying market gaps, contractors can develop strategies to differentiate themselves and offer unique value propositions. This can help them stand out in a competitive bidding process and secure more contracts.
- Risk Mitigation – Market research can help contractors identify potential risks and challenges in the government contracting space. By being aware of these risks, contractors can develop strategies to mitigate them and increase the likelihood of a successful project.
- Establishing Pricing Strategies – Market research can help contractors understand the prevailing pricing trends and develop pricing strategies that are competitive while maintaining profitability. Reviewing expiring contracts provides insights into previous pricing and contract terms to make future bids more successful.
- Strengthening Marketing Efforts – Market research can provide insights into what messaging resonates with government agencies, allowing contractors to create targeted marketing materials and campaigns that effectively communicate their value proposition.
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 (“FedBiz”) offers research and engagement strategy sessions, as well as marketing packages to targeted buyers at the federal, state, and local government levels. An experienced fulfillment team takes the time to understand your business and ask questions to ensure you have a solid government contracting foundation.
FedBiz is a leading government contracting business development and marketing firm that offers research, engagement strategy coaching, registrations, set-aside certifications, and GSA Schedules.
FedBiz has over 22 years of experience working with thousands of companies worldwide to help them win over $35.7 billion in awards. From registration to award, FedBiz helps businesses succeed in the government marketplace.
Your Government Registration Level (“GRL”) is your roadmap from registration to award.
