Regardless of what market sector you belong to, one thing is sure. There’s competition, and they’re fierce! Likewise is the situation with the federal market, too. In order to become part of it in a successful way, companies need to be organized and commit to a tireless work. To increase your win rate and revenues, you need to actually win that contract you’re pursuing. One of the main processes in this long path to success is the implementation of an effective capture management. The core role of the capture management process is to win the heart of the customer before making the final proposal. The time you need to accomplish your objectives depends on the complexity of the federal business opportunity.
Expertise, experience, commitment, ‘best practice’ implementation, sophisticated and updated techniques and a huge bag full of skills and strategies are needed to close winning projects. However, try to focus your capture management procedures on these points:
Your win rate is a great indicator of your ability to develop your capture strategies. You need to focus on your customer’s specific needs, and use your expertise to create a personalized solution. You need to be able to use your strengths and discriminators to differentiate your proposal from your competitors. The core role of your capture team is to make your customer prefer your solution over all other candidates.
The Federal Agency
Capture planning should start much early than the final RFP release in order to allow enough time for the federal agency to adequately determine needs, hot-buttons, requirements, and expectations. If you wait for the final solicitation to begin your preparations, your winning chance is almost zero. Remember that the enemy never sleeps, and your competitors have already started planning their strategies. The purpose of establishing a healthy relationship with your customer is to build trust and understand what the Government wants you to do for them. Intelligence is essential, but if you don’t communicate with your customer you won’t be able to gain valuable insights.
Competing with competitors that are highly positioned to win can lower your win rate. Research and learn who your top opponents are. Assess their capabilities, experience, history, weaknesses, strategies and compare them to your own. Use the information you collected and develop your strategies as best as you can.
Price to Win
This process requires great skills. Establish your price to win by assessing all your analytics and make your decision based on your business objectives.