The Importance of Doing Government Market Research (Plus Infographics!)

The Importance of Doing Government Market Research

Small business owners all get a rush of excitement when we find a bid opportunity that’s right in our wheelhouse. Reading through a Statement of Work and discovering that we can perfectly accomplish its requirements–and be real competitors–is akin to taking the first steps on an amazing adventure. The thrill of what lies ahead inspires us to push forward, make plans, pack up, and hit the trail running. But before we finish packing and head out the door, it’s important to prepare ourselves for what lies ahead. Which path should we take? Who else has walked this path? How did they prepare? What did they pack? What new paths opened up along the journey?

Preparing your business to strategically find and win government bids is a lot like assessing the potential risks and rewards of setting out on an adventurous trail. It’s helpful to see how others have succeeded, to learn which paths were most rewarding for them, and to guesstimate which industries, products and services are trending upwards. Conducting market research on government spending in your industry will help you price yourself more competitively and win more government opportunities. As a small business owner, it’s really important to conduct research before hitting the trail.

A new mobile app called BidView–created by two service-disabled Veterans in Texas–is revolutionizing how small business owners can find government procurement opportunities and conduct market research. You can use BidView to conduct market research, view past winners and make more accurate estimations of how to price your bids. With BidView’s Awards feature, you can see which Texas businesses are winning government contracts, how many are winning multi-year contracts, and how much they are bidding. BidView’s Awards feature can help you identify the top players across key industries and determine which prime government vendors you might want to partner with on large government solicitations.

How to Use the BidView Awards Feature

Here’s a quick overview of BidView’s Awards feature. Sevie Sarabia, one of BidView’s Veteran co-founders walks you through BidView Awards in this excellent video tutorial. Watch this first!

How to Conduct Texas Government Market Research on the BidView App

Now that you have an overview of the BidView Awards feature, it’s time to conduct government market research in your industry. Follow these easy steps to get a closer look at Texas government spending in your industry:

1.) Open the BidView app and select the “Awards” tab.

2.) Search an industry keyword (like “architecture” or “janitorial services”) in the search bar.

3.) Click on an individual award to pull up the Award Details, which look like this:

4.) Dive into more thorough research about the award by clicking on “Attachments.” Here, you’ll find the original solicitation and all supporting documents, so you’ll know what the contract entailed and which Contracting Officer made the final purchasing decision.

5.) Send yourself and your business partners all the Award Details, including the attachments, easily via email by clicking “Send via Email.”

Texas Government Spending in Key Industries

We followed the advice above to conduct government market research on three key industries in Texas:  Architecture, Staff Augmentation, and Janitorial Services. Check out the incredible results!