It’s not always a level playing field when it comes to government contracting. This is especially true for A/E/C companies that go after large infrastructure projects, or equipment manufacturers that need to get spec’d in years ahead of the RFP. Vendors in this space cannot rely on the projects to be published to pursue the opportunity. Instead, they need to be building relationships with the agencies years ahead of time. This is challenging because how do you identify projects way ahead of time and find the decision makers to build relationships with? When there’s no formal publishing of this information, long term business development planning is difficult. We are curious about how vendors do it in the market so we recently surveyed mid-to senior level marketing and business development professionals to find out what strategies they use to lock in government opportunities. Below are some of the findings from our survey:
As you can see, a majority of the professionals surveyed rely heavily on existing relationships with constituents and agency executives to get information on upcoming opportunities. This can present a problem if the information provided is too vague or the person sharing the information is not informed of changes to the future projects.
Because the majority of people (49.4%) do not have a formal method in place for monitoring plan revisions, there is a lot of room for error and the potential to miss opportunities. In a competitive market, there is no room for error when working with agencies. To respond appropriately, you need a way to find out when plans change.
Insight into 3+ year spending plans can provide a significant competitive advantage. Insights into agency coverage, size, and geographic scope are also needed in order to build a lucrative future pipeline. Geography and funding source play a fundamental role in determining what projects are high priorities and worth spending the time and resources to pursue.
Having intelligence about future government spending is highly coveted, however many lack the internal resources to consistently gather such intelligence to create a workable strategy. In the current economic climate, competition is increasing and projects can change with little notice. Having a winning strategy is crucial to grow your government business.
Onvia offers a solution to help professionals see years ahead of bids and RFPs, the Spending Forecast Center. Eliminate countless man hours needed to search capital improvement plans and budgets and have the information at your fingertips. With the Spending Forecast Center, users will have access to over 34,000 future capital projects. Analyze your market for future opportunities, target key agencies and contacts, and build your future pipeline with actionable projects that fit your business.
Click here to view or download the full survey results.
To see future capital projects in your industry, click here or call 1.800.575.1736.