Many companies are looking to increase the win rate of their proposals. However, simply counting your number of successes may not give you all the information necessary for making sure that this approach is successful.
While it is not a hard science to predict a good win rate, some companies will apply to as many RFPs as they can, hoping to win some contracts. But this will also result in many losses too. Others may be favored with being privately invited to a closed RFP. This results in fewer bidders and the chances of winning are a higher rate.
One of the best ways to increase your proposal win rate is by establishing a connection with customers before they go through an RFP. There are many methods you can use. Below are some steps toward improving your win rate in government contracting:
Build Business Relationships Before The RFP
Your proposal efforts should be preceded by aggressive relationship building:
· Plan to build a good client relationship that will foster a winning strategy before they go to RFP by determining a capture approach for important contracts.
· Using a marketing strategy before the client goes to RFP, you can foster confidence in your company by positioning yourself before the client to make contact with them.
· Use a marketing approach to align and contract with new customers with your company before they go to RFP.
Know And Outshine Your Competitor
Understanding your competitors’ approach to winning contracts can give you a competitive edge. Your company must learn all they possibly can about the competitor’s style so as not to be left in awe by their skills and capabilities. Rather, by knowing what your competitor plans to bring to the table of bidding, you will know what things you must bring that will outshine them.
Pursue Only Promising RFPs
While it is a natural inclination to respond to as many RFPs that align with your company’s capabilities, this may not be the best approach. Narrowing down the list of RFPs to respond to will help you win more bids. Using a scoring matrix can help you identify the most promising RFPs to pursue. This way, your company can focus its business powers only on sure wins.
Suit Your Proposals
A tailored proposal is one that speaks directly to the customer’s needs. This will help you win more contracts and be successful in your endeavors. A smart way to accomplish this is to have a base library of proposal content. This then can be adjusted for each customer. Maintaining cohesive stories throughout all documents that are requested by customers will make them truly understand why your company deserves their business.
Every vendor wants to improve their win rate when bidding for a federal government contract. Discovering as much as you can about the competitors’ strategy and capabilities before the RFP is released will certainly help. And pursuing an aggressive relationship with the agency before the RFP is released is another way to increase the probability of winning (Pwin). Knowing beforehand how to outshine your competitor with key differentiators is an important way to ensure successful bidding.