Defining and Sizing Your Market
Defining and sizing your market is an essential first step for businesses looking to win government contracts. It starts by understanding what your product or service is, how it solves a problem for your customers, and the potential value you can generate for them.
In the case of federal contracting, your customer will obviously be the government, but you can further define this market for a more targeted approach. For instance, a software company might want to target a specific government market, such as IT or professional services, depending on the capabilities of its product or service. Finding your company’s competitive niche inside these markets is vital to building a portfolio of promising leads, establishing business relationships, and ultimately winning government contracts.
With a target market defined, the next step is using research and analysis tools to determine your market size. Free government databases like the U.S. Bureau of Economic Analysis might be able to help you partially quantify your market potential, but they’re insufficient for complete and accurate estimates.
[Explore the tenth annual BGOV200 Federal Industry Leader rankings and download the full report.]
Powerful Tools and Intelligence
Whether you’re performing in-depth market research, industry news, competitive analysis, or opportunity searches, Bloomberg Government has a comprehensive suite of workflow tools and features that can help corporate federal strategists find and capture the right bid-to-win information for their government contracts.
Bloomberg Government offers access to unlimited standardized federal data, making it fast and easy for strategists to find the reliable information they need. BGOV markets include product filter functionality for all of the DOD and GSA category management definitions, along with custom markets developed by our analysts and data team.
The Contracts Intelligence Tool harnesses the power of big data to provide a retroactive glance into any market. With easy access to fast, accurate, and reliable recompete data and agency intelligence, strategists can determine where the government has been spending money and use this information to forecast future trends.
Opportunity Search enables quick and convenient keyword searches in critical documents like amendments and statements of work. While most RFP and RFI searches only scan the title and description, BGOV sifts through it all to uncover more qualified opportunities than competing solutions.
For professional services contracting firms, the Labor Rates Dashboard can help set a fair price for work. It compares industry-specific competitive pricing and government spending to determine the best labor rates for your business and contracts.
Bloomberg Government is an all-in-one platform enabling businesses to streamline their government contracting process. With reliable news coverage, detailed market analytics, and data-driven tools, BGOV has the intelligence and resources strategists need to confidently and efficiently bid on government contracts and grow their businesses. To learn more, today.