Winning a business bid can be stressful due to competition. Since many bids are not made in person, the process can feel stark. Dan Lok, a successful online business influencer, has experience on the subject.
Individual business proposals require individual strategies. While there may be limited templates available, finding methods to win is possible. Specific steps can help create a unique proposal to win a variety of business bids.
Like all successful business strategies, research is imperative. Understanding how a client operates and what they value is critical information that is necessary to win. Before responding, it’s important to have an idea about the basic requirements. To fully grasp the expectations, setting up a meeting or phone conversation is recommended. Information such as potential contract deadlines and the payment process should be discussed.
The tender document should specify the critical details. These details will illustrate how the buyer prefers his or her bid. The procurement process is often different for multiple proposals and can be challenging to follow. It is often helpful to write down the key points necessary for submitting. Evaluation and scoring methods are generally outlined in this document. Even if certain details feel redundant or inconsequential, they may make the difference between winning and losing.
Talk to the Client
If possible, meeting with the procurement team will increase the chances of winning. Dan Lok strongly believes in communication as a part of the winning strategy. Talking to the client is usually not an option during the beginning stages of this journey, but it can be done. After reviewing the RFP is the prime time to ask for a meeting. Some firms may be unwilling to discuss matters with a bidder, but others may find it advantageous. Those that see the benefit are likely to discuss their desires. This can include what is valued and their other relationships with bidders.
A bid submission should lead with the business’s qualifications. Instead of writing a list, expand on how these skills can assist the client in specific ways. A bid submission should be similar to a legal case. Dan Lok considers why he should win the contract throughout the entire writing development. Include how the job will be completed and add any requested paperwork. Additional documentation can consist of proof of insurance and certifications. All submissions must be completed with precision.
Know Your Numbers
While it may be impossible to find out what other bidders are bidding on, a rough idea is necessary. To find a ballpark estimate, calculate the bid and overhead costs. This can include equipment, supplies, labor, and profit margin. Bidding too low is not profitable. Bidding too high is often risky. Bidding in the slightly above middle range is ideal.
Depending on the business, aggression can improve or hinder the chances of winning. The private sector will allow for an aggressive personality, but government jobs are different. Selling to the government involves a composed temper and thorough research. If a bidder is too aggressive with government agencies, this can come across in a negative light. Individual meetings can help bidders understand how to operate on a personal basis.
Get State Certified
In some cases, certain certifications can improve the likelihood of winning. Woman-owned businesses can be certified by the state or through the National Association of Women Business Owners. Minority-owned businesses can be certified by the National Minority Supplier Council in addition to certain states.
Write a Winning Proposal Title
A successful proposal title should stand out from the rest. Ideally, this is done in one single line. Depending on the audience, proposal titles should be engaging and quick. The most comprehensive titles are usually procured once the writing process is completed. When the material is still fresh, the title can incorporate all of the content into one snappy line.
Have An “About” section
The majority of clients may never meet with bidders before they’ve won. The “about” section in a proposal is one way the bidder can share relatable details that may be of value. This section can include why this solution works better than others and the background of the company. Previous statistics can be included as well as success stories. Contact information should be current and easy to find. With a more relatable bidder, the chances of winning drastically increase.
Track Your Ratio
By keeping track of how many bids and how many hits have occurred, bidders get a sense of what is and isn’t effective. Measurement comes from the ability to clearly quantify something. By focusing on the strategies that worked previously, the outcome is far better for future bids. The industry, size of the company, and specific projects are all relevant.
Bidding is a skill. To master this process, research and attention to detail are vital. Certain tactics can be used to negotiate success, but they must be executed properly. Winning a bid is not difficult, but it does take work.Activate Social Media: