You may have read our recent article titled “Start Winning More Construction Bids”, but we’ll admit it…
You won’t win every bid
It’s true! We often chalk it up to “just a part of business” and some organizations leave it at that and move on to the next bid.
We’ll let you in on a secret…
If you don’t track your lost bids, if you walk away from a losing bid without learning every detail possible about the winning bid – you are leaving money on the table. It’s not always possible to get all the details from the customer – or even any detail, but you’ve gotta ask the question.
You may assume that the reason you lost is price related; that you were not the lowest bidder. That might be true – perhaps you did not prove your value and explain why you are worth a higher price. Maybe you didn’t stick to the guidelines, you didn’t provide the required documentation, or you didn’t effectively explain how previous projects you’ve worked on relate to the bid and demonstrate why you’re the best contractor for the job.
Information you miss out on when you don’t track your lost bids
You won’t win them all, but understanding why you lost is key to improving those win-loss numbers because it delivers the valuable intel you need to help you bid smarter in the future.
With technology like Thunderbolt Pipeline you can easily track your lost bids and closed opportunities over time to gain valuable marketplace insight. Here’s the intel you’re losing out on if you don’t currently track your lost bids:
The best offense is a good defense:
Is there a player in town who is branching out into your specialty? Is there a new kid on the block that’s creeping into your business? You won’t know what you’re up against if you don’t ask who you’re losing to.
What is the going rate?
Do you know the numbers your competitors are putting up for bids? Without this insight, you won’t know what number you need to be at in order to be competitive. If a competitor’s bid is drastically lower – that says you might need to source a new vendor or supplier who has better rates. Alternately, you could mark this one as a high likelihood that your competitor will not come in on budget.
Keeps tabs on competitors
If you know your competitor is busy on a job that you lost to them, you’ll feel confident their bid on a future job during that same time period won’t be as competitive.
Using these tidbits of information that you gain when you track your lost bids over a period of time, you’ll be able to make smarter decisions the next time you put in a bid.
Plus, growing and evolving your bid process as a whole – from start to finish; win or lose – makes you a stronger competitor and will help you win more in the future.