Tracking and identifying trends in federal government spending is no small task. For business developers in the contracting space, one of the biggest challenges is understanding and breaking down government spending to size their market.
The good news is federal contracting spending is on the rise – topping $597 billion in fiscal 2019, a 7% increase from the year before. Spending on research and development rose 16% in fiscal 2019 to $45.9 billion, while federal small business contract obligations rose 5% to $131 billion.
That means the opportunities are vast, but sorting through the information takes resources. The government produces an abundance of data – some digitized, some not, in various formats and on different platforms. Pipeline outlooks tend to drop off after six months unless there’s an additional source of information, such as procurement forecast information from government agencies.
Unfortunately, none of the data is standardized – procurement forecasts could be on spreadsheets, PowerPoint presentations, or HTML on a website. Federal budget data is on a completely different system from contracting data.
A One-Stop Shop
Keep track of the best federal contracting opportunities and latest market trends with Bloomberg Government’s Salesforce integration.
Unlimited Federal Data
Bloomberg Government has done all the heavy lifting by standardizing this information, which business developers can then use to gather intelligence and present it in a way that makes it simple to identify opportunities.
BGOV markets include all the GSA category management definitions, DOD definitions, and custom markets developed by BGOV’s analysts and data team.
“There are scores of ways to slice the federal market, and offering multiple markets will help a company find a definition that fits their service offering and get a realistic estimate of the market size and trends,” said Cameron Leuthy, senior analyst at Bloomberg Government.
Companies can also expand their search beyond their own capabilities if they believe that the market is shifting. This can be used to identify white space that the company could move into if it added capabilities via strategic hires, subbing to a prime in that space, or an acquisition or merger.
To stay ahead of the competition, business developers need to gather this crucial intelligence about spending trends from various sources in order to establish relationships and build a portfolio of promising leads.
Analyzing Market Penetration
So where do they start?
The first step for a company developing a strategy is to define their market(s) – identifying the product or service they are trying to sell and determining where it fits in the government market definitions – IT, professional services, aircraft maintenance, etc.
“Second step: figure out who’s buying – which government agency is buying the most, which agency is buying the most consistently,” said Leuthy. “BGOV’s Contracts Intelligence Tool can leverage existing GSA or DOD market definitions. It also includes custom BGOV analyst-defined markets.”
Contractors can also leverage BGOV’s various federal budget dashboards to try to forecast agency buying.
Finally, managers need to understand how the government is buying. Are they using conventional contracts, multiple award contracts, or other transaction agreements? The Contracts Intelligence Tool can help here by determining the correct contract title for your company.
Collaborating on Opportunities
Now, Bloomberg Government’s Salesforce integration helps to streamline the process of qualifying and tracking opportunities in your market. With an improved workflow [link to “How to Optimize Your Business Development Workflow” article here], you can mine and find opportunities faster, track the opportunities, and spot new market trends all in one integrated platform.
“We saw what business development teams were coming up against and wanted to make it easy to keep track of what the government is talking about and when available opportunities come up,” said Karina Taylor, product manager of government contracting at Bloomberg Government.
Having a platform that combines data from Bloomberg Government with Salesforce’s collaborative capabilities helps managers and their teams qualify and track potential opportunities more efficiently and win more of the market.
[Bloomberg Government offers news, analytics, and data-driven tools to help streamline the government contracting process. To learn more, request a demo.]