Market assessment is a process essential for business development. By gathering the valuable information you can easily make significant decisions that impact the future of your business. If you want to successfully participate in the competitive environment of Federal contracting, assessment should be given much importance. To increase your winning chances for a business opportunity you’ve targeted, you need to know who your customer is, your competitors and what’s more important, what are your chances to position your company as a winner.
What does Market Assessment Incorporate?
With a thorough analysis, you’ll be able to research the health of the federal marketplace, and gather information on which government agencies are requiring your services, in what quantity and when are they releasing their request for proposals. Focus your assessment on:
Your capabilities: To compare and contrast your company’s business capabilities against those required to win the contract opportunity you’ve decided to pursue.
Federal Regulations: Analyze the regulations of the federal procurement in order to ensure that they do not affect your company negatively. This way you’ll also understand their compliance requirements and help your writing team prepare a compliant product with a high winning chance.
Contract Opportunities: Intelligence will help your capture management identify various opportunities for to make business with the Government. This way you’ll be able to fill your pipeline, and see which one is worth it to pursue. With the available information from your assessment your team will have the resources they need to determine whether the contract you’ve targeted suits your business strategic vision and long-term objectives.
How else will you be able to gain a competitive advantage if you don’t know who your competitors are and what are their business capabilities? Assessment will help you track your competitors on a specific contract opportunity and allow you to predict and counter their strategies.
Customer Preferences: If you think that the Federal agency that is requiring your services has written all their preferences in the RFP solicitation, you’re wrong. On contrary, you need to establish relationships, meeting in order to assess how they feel about their problem and the way they want you to provide the solution.
Why is Market Assessment Important?
Conducting Market Intelligence will enable you to gain a broader knowledge of your market, obtain statistics, understand the needs and requirements of the agency acquiring your services/products, and help you observe your competition. This way you’ll know how to develop your winning strategies, understand where you stand against your competitors, improve your weaknesses, use your strengths and discriminators to gain an advantage.