The process of building a pipeline takes a village. For an opportunity to move through the pipeline, many different parties need to weigh in. The more quickly your company can move on an opportunity, the less time and money is wasted on those that are likely to go nowhere.
Bidding on and winning government contracts “takes hundreds of thousands of dollars and years of effort,” said Courtney O’Connell, account manager team lead at Bloomberg Government. “The more eyes, the more quickly you’ll get a ‘go or no go, bid or no bid,’ the quicker and better off you’ll be not wasting time or money. That is crucial.”
Recent government stimulus programs highlighted the need to move quickly – Bloomberg Government has forecasted that approximately $50 billion of the $2 trillion government stimulus package is going toward federal agency activities, varying from assisting with telework to creating communication efforts to inform the public about the risk from the coronavirus.
“Whenever there is crisis and a slowdown on the commercial side, we usually see more government spending. It’s a big market and remains attractive even to those who haven’t previously performed work in the federal government,” said Daniel Snyder, director of government contracts analysis at Bloomberg Government. Snyder noted that the volume of opportunities has remained constant, if not increased, in some areas. Spending has increased since March as well.
To stay ahead, it’s essential to move quickly, but doing so requires visibility. Managers use Bloomberg Government’s news and analysis to understand changes that may affect contractors. Analysts tracking the data make it possible to discover which agencies have the most funds available, which have the fewest transactions relative to overall allotment, and which bureaus within the agencies have won money. With the current stimulus spending, Bloomberg Government analysts are providing guidance, identifying opportunities that agencies are issuing, and highlighting new solicitations that are released by agencies. All the information is updated weekly.
A One-Stop Shop
Bloomberg Government’s Salesforce integration can help you better manage your opportunity pipeline.
Bloomberg Government’s data and analysis, coupled with Salesforce, make it a one-stop shop for sales team members to understand where current projects are in the opportunity life cycle to gauge the quality of the leads and decide what to move through the funnel.
Having a single reliable source of information on your government leads can help you build your pipeline more efficiently. With Bloomberg Government’s Salesforce integration, capture managers can get that visualization. Having one place to see all the relevant data helps you glean data-driven insights into the effectiveness of your customer relationships, partnerships, historical pursuits, and financial and project information. Having that visualization makes it easier to spot spending trends, forecast recompetes, and more effectively identify ideal prospects.
With Salesforce embedded, you’ll be able to get a better view of what is happening in your pipeline. The ability to create and share reports and charts can help your team and leadership in the decision-making process. You can also organize all the people who work on proposals – marketing and sales, project managers, company management – to help make the decision.
Getting a full visual of the pipeline requires piecing together different platforms, spreadsheets, and emails. But with Salesforce integrated, users can share information from Bloomberg Government with a single click. Getting a snapshot of an opportunity is also easy because the data has already been inputted automatically. From there, you can continue to monitor and assign tasks on the same platform.
You also have access to full-color report templates with charts to visualize what is being put into the pipeline, the number of leads at each stage, the win rate for the quarter, conversion rates, whether you are hitting targets at each stage, and what stages require more attention. Reports automatically refresh if there is an update in the RFP or contract and as the opportunity or lead moves through the pipeline.
Having so much information in one place makes it easier to track and analyze opportunities in the pipeline, identify resources, and make decisions quickly. The combination of aggregate news and market data from Bloomberg Government with Salesforce’s collaboration features and visualization through reports and charts helps you craft more winning proposals.
[Bloomberg Government offers news, analytics, and data-driven tools to help streamline the government contracting process. To learn more, request a demo.]