Industry best practices become the SOP because they consistently yield the best results. Capture management best practices help create a repeatable, scalable process that generates the highest probability of a win for every prospect.
As you develop your internal processes to maximize your government contract opportunities, you need to keep these items in mind.
All business activities rely on clear and concise communication, and this is doubly true for capture management. Your company leadership is an essential part of the decision-making process when tracking and qualifying leads. As you assess different opportunities for tracking, you need to know which best fit with your company and which are the most desirable to leadership.
2. Keep Your Data Up to Date
Tracking data and updates to different prospects in your pipeline is essential at every stage of capture management. When your CaptureExec pipeline tool has all of the information, you can make the best possible decisions about which opportunities to pursue and which need more nurturing before moving on to the pursuit-and-capture portion of the process. Data also plays an essential role in your review process, as you work to create the most convincing proposal.
3. Shape the Deal
Regular meetings with the government agency that is looking for a contractor are crucial to shaping a deal that makes sense to both sides. You need to identify all of the pain points and separate needs versus wants as you work on each capture opportunity. The more you meet with the government, the better you can understand the subtleties of each RFP and how to support the deal if implemented.
4. Scope Out the Competition
Setting up meetings with the competition might seem counter-intuitive, but they are another great resource when you’re trying to land a government contract. Companies that already work for the agency can offer unique insights into what the agency is looking for and where your company might help plug holes.
There are absolutely situations where a single business is not the best provider, making partnership opportunities the way to move forward.
By arranging meetings with the competition, you can not only gain a behind-the-scenes look at how the competition intends to pursue a contract, you can also open doors to a possible partnership that might benefit both companies.
5. Ask Questions, Repeatedly
As you’re pursuing different government opportunities, it is important to ask the right questions at the right time. You need to know what the agency wants, what they need and how they expect your service to perform.
By asking the same question multiple times to multiple people, you gain a bird’s eye view of the problems and solutions required. You can create a “Ground Truth” that encompasses all aspects of a proposal request.
When communication is not a priority, businesses waste time drafting proposals for opportunities with a low Pwin. When your data falls out of date, you might miss an opportunity to network or develop a new relationship.
When you meet with the government agency only during industry days or other public events, you don’t create a relationship that leads to a successful close. Ignoring the competition is a recipe for disaster, as they might sneak in and offer a solution you never considered. By asking questions of everyone involved in the deal, you get the best picture to help you move forward.
These practices help you up your Pwin for every prospect and create an environment for capture management success.