Many business proposals are won or lost before they even begin. Some companies have an actual knowledge advantage, but others will only pretend to have what it takes to win a bid.
As a company matures, the bid/no bid criteria tend to become more sophisticated. It is important not just to believe you have a chance at winning but also to know how much information is necessary for that winning proposal. Having a standard for whether to bid on an opportunity is not the same thing as having the process of lead pursuit and capture.
Many companies fail at the start of their lead pursuit by only think thinking of activities such as meetings, events, and contacts. They fail to develop these activities as a process with a planned sequence. They might contrive bid/no bid criteria but neglect the sophisticated process toward that end.
Goals are needed. Pursuit decision goals. Goals steer you with information that leads toward accomplishment. Goals can help toward developing a winning proposal.
Pursuit Decision Goals
Many companies fail at the start of their lead pursuit by only thinking about activities such as meetings, events, and contacts. They neglect to develop these into an organized process with planned sequences towards accomplishing goals which can help influence you in your bid/no bid criteria selection but also includes more sophisticated strategies for success.
To win this race, it is important not just to have good ideas or specific skills related specifically to the projects themselves. Instead, having intermediate pursuit decision goals will give direction during each step along the way so that the proposal team may continue moving forward toward the probability of winning the bid.
The decision-making process in an effective bid/no bid situation is like a game of chess. Every step, review, and goal is like another gate that can either bring you closer or push you away from what is best for the business.
Determine The Acceptable Lead
It is important to know when a prospect is actually worth your time. Some companies track every lead they consider, while others only take the ones that look promising.
A worthwhile lead that is qualified as such is a lead that is accepted by the company as a worthwhile lead. It must be evaluated as worth pursuing because it is a worthwhile match for the company. The company needs to determine what lead is a potential match for the company. What criteria determine a potential lead for the company?
Determine The Lead Is Worthy Of Pursuit
Once you have a lead, the next goal is to qualify and prove that it is worth pursuing. This investment decision will make or break your business because capturing new clients can be expensive for some companies.
The level of effort put into lead qualification can vary depending on the company. Some have rigorous requirements for qualifying a lead, while others just need to know if they are capable enough before getting started with your project.
The type and difficulty in acquiring new customers affect how much time goes into ensuring every detail is perfect when it comes down to closing deals. The more complex or sophisticated the product or service is that is being offered, the more effort and rigor should be expended in qualifying and determining the worthiness of pursuing the lead.
Pursue Only Desirable Leads
When the lead is qualified as a worthy lead, the next step is multi-faceted. You will then need to:
· Learn what will be demanded to win the lead
· Pursue an information advantage
· Provide responses to the customer such as draft RFPs, answers to questions, sources sought, etc.
· Determine the proposal
Prepare Input For The Proposal Team
It is important to ensure that the pursuit process delivers information needed for writing a winning proposal, as it will make all your effort worthwhile. The knowledge advantage needs to be provided as input for the proposal writers for them to write the winning proposal.
Pursuit decision goals should result in spending efforts on a worthwhile lead. This lead should end with a high probability of winning (Pwin). Pwin is the evaluating concept that will help position the contractor into a more probable win for the bid.
The best help toward gaining the good Pwin number for confident bidding is using AI-empowered software, such as Scion Analytics’ Proposal & Contract Suite. The Bid/ No Bid Dynamic application can provide comprehensive bid/no bid analysis of an RFP quickly.