Building a winning bid structure
Businesses will often focus on sales, and sales training is an important tool in achieving success, however often overlooked is bid training. It can be a learn-on-the-job situation, and while every business are claiming their services are the best how can you stand out?
To get the edge over your competition here are our tips on how to write a winning bid that doesn’t mean cutting your fees in order to compete and win in today’s market.
Adopt a different plan than everybody else. Ensure your bid is tailored to the business, the marketplace but also to your client. It will resonate more effectively if your wording, terminology, acronyms relate to their business and to them individually. It shows you understand their industry and will give them confidence you can deliver on your points.
Analyze Your Win Rate
The “win rate” is one of the major aspects that you need to focus on. To calculate your win rate, divide the total number of business deals won by the total number of submitted proposals. If you are using a client relationship management (CRM) system for tracking opportunities and submittals, it will estimate your win rate by itself. A higher win rate depends on factors such as how leads are obtained, how the opportunities are utilized, and the proposal quality.
Ask yourself if you are bidding for the right job. In a business where winning is critical, vital parameters such as deciding if an organization should bid on a particular job are easily overlooked. Finding the projects that actually fit the best financially and professionally is the ultimate key to success. The classical approach of bidding on as many projects as possible isn’t the right way to execute business.
The best way of beginning is by scrutinizing the process of opportunity management. Talk to the members of your team who have roles in marketing, sales, and business development. Interact with them and try to find answers to potential questions.
Alongside your clearly outlined value of services offered this may seem obvious. However including a structured plan for implementation of your bid (along with a timeline) will strengthen your bid and show that you are prepared, ready and able to execute on what you’ve submitted.
There is a simple strategy to bidding successfully and winning contracts. To begin winning more, calculate your win rate, ensure you’re bidding on projects you have an excellent probability of winning, ensure you include a powerful executive summary, and spread your past success stories, expertise, and strengths.