While PWIN (percentage win), is clearly an easy metric to apply to sales and performance of capture with a targeted customer base, it doesn’t lend itself so easily to the government arena. That’s because there are a number of fundamental differences between government and the open market, and it’s important to understand these differences if a vendor wants to be successful on public Organization bids.
The success rate of your firm’s capture management process — the critical time between choosing to pursue a government procurement and ultimately submitting your proposal – is a critical determinant as to whether your business will succeed and grow or, at best, remain a small business. And although many firms do get into a steady rhythm with this process, there are always opportunities, to stop, analyze your metrics, and move forward more in a manner that is much more aware of all steps of your capture management process.
As a firm, you only have a certain amount of money allocated to work through the capture management process of all the deals you intend to work each year. What you don’t want to do is spend money blindly throughout the capture process only to decide at the end to not work through the RFP process because you didn’t have enough information at your finger tips to make that decision early.
Luckily, there are five simple things you can to do improve your capture management process immediately.
Government contracting holds great promise, but it continues to confound many businesses, leaving only a few mega-entities and adept companies winning bids regularly. There are core reasons why this occurs and it often has to do with sellers not having a planned process in their approach.
As an experienced capture management process consultant, working with numerous clients provides a platform in which you begin to identify areas of improvement that are shared from client to client. Although the companies may differ in size, be in varying states of maturity, and are focused on differing lines of business, there are five key mistakes that are consistently identified through the consulting process.
Employed during the capture management phase, Black Hat review processes may vary in implementation between companies and people, but the overall goal remains the same: to find the top competition for a government contract and analyze the strengths and weaknesses of those businesses, so you better understand how they will bid against you.
A government contract can be an incredible revenue stream; however, actually landing the deal can be a long and arduous process. That’s where customer relationship management (CRM) software can help. CRM technology is useful in managing and analyzing customer interactions. In the era of “the customer experience”, it’s increasingly vital to solve your client’s needs quickly and effectively. As a contractor, the government is your client.
Recently I have seen many different people make comments about how software technology is not very helpful within the worlds of capture management and procurement. And while that may help to explain why so many contractors still rely on Excel spreadsheets and emails for NDA’s, TA’s and SubK’s, avoiding government-focused technological solutions is only committing a disservice to yourself.
In the coming years, there will be lots of opportunities for businesses that depend on government contracts. But how do you find the ones you can successfully capture?
Second only to projecting sales, your capture management tool of choice is a key indicator of your capture management team’s performance and is also what keeps accumulated data about each prospect in one place. Its active monitoring begins the day your Capture Executive (also known as a Capture Manager or Capture Executive Manager) starts work. At that moment you with understand that your capture management team will change over time, and thus you may be faced with extreme difficulties when your Capture Executive leaves for other opportunities.
Take a look at the habits of successful leaders in your industry or your company’s area of expertise. By cultivating these same habits or by looking for them in your employees and consultants, you can identify employees most likely to lead your business through a successful capture management strategy.
Everyday, regular tasks become habits because they are recognizably and predictably essential for success, and you should always stock up your company’s cupboard with everything you need to improve your capture success rate. Read More