From our “Keys to a Successful Bid Strategy” blog post, you read about the different types of questions to answer about your company and your crew in order to begin crafting an effective bid strategy. Now that you have completed the assessment, you can apply the information and start winning more bids.
Please keep in mind, the keys to success are having a plan and tracking your progress. You may need to reassess your company and crew as often as monthly or quarterly and then adjust your strategy accordingly.
Let’s get started on creating your strategy:
Bid/Hit Ratio: You’ve nailed down the number of projects you bid on compared to the number of projects you win. Below are more specific lists you need to be keeping track of as well:
Keep record of your bid/hit ratio for:
- All bids proposed
- Each customer separately
- Jobs that are similar: in size, type, location, and even by specs
Take a good look over the data you compiled and ask yourself, “What are the trends?”
1) Our company is most successful with “X” # of jobs per year/ per month.
2) The types of jobs we should focus on bidding:
3) Whose bid lists do we need to be on?
4) Each type of bid vs. contract quantity (your ratios)
Also, take note of square feet costs, competition, and current market conditions that affect your bidding outcomes.
Stay tuned for our next blog to continue learning about developing your strategy to success.