Leverage Best Fit Searches for Your Go-To-Market Planning with GovWin IQ
Finding new opportunities is one of the top challenges government contractors face when trying to grow their public sector business. 81% of contractors actually ranked it as the number one challenge they face in this space in their response to the 12th Annual Deltek GovCon Clarity survey, with increasing the number of qualified leads and expanding into other agencies following closely behind.
This begs the question: How can you make strategic growth decisions and pursue new business without exhausting your resources trying to identify new leads? The answer points back to what are your lead generation strategies; and further, how are you leveraging your go-to-market planning tools?
GovWin IQ centralizes federal, state and local coverage in a single, easy to use platform to help make finding new opportunities, no matter the market you serve, as streamlined as possible. When paired with the analyst research we serve to users and the detailed data sets housed in the product, you can trust you’re looking at the entire contract lifecycle and making growth decisions grounded in data rather than just hunches.
Best Fit Searches Help You Find More Government Opportunities
Although centralized coverage is an important pillar of growth, it isn’t enough on its own to ensure you’re capturing every opportunity of interest. Best fit searches are the other critical piece of opportunity identification; meaning your searches are broad enough to capture everything you might be interested in pursuing but specific enough to cut through the noise.
GovWin IQ’s IntelliSearch feature helps government contractors fine-tune their search filters to do just that. Search filters include countless customizations by government type, opportunity type, status, location and much more. For even more complex searches, leverage Query Builder, our Boolean logic tool to apply an added level of filtering to your searches to include or exclude particular leads. By allowing users to have the freedom to set up a series of saved searches with different filters applied, you can ensure you aren’t missing relevant leads while getting updates sent straight to your inbox.
Beyond self-selected filters, GovWin’s cutting-edge AI and machine learning technology take searches to the next level. Smart Tags are an exclusive AI-powered classification schema that bridges the language gaps between an agencies and vendors. Behind the scenes, Smart Tags review the context of a project using a unique set of rules that determine the proper categorization of a project – even if there are misspellings and nondescript titling. For example, agencies might use phrases like “New wing build for Walter Reed National Medical Center” and vendors might be searching for “Hospital Construction.” With Smart Tags, you know you’ll see that contract in your search results.
GovWin’s latest enhancement, Smart Fit Scores, leverage machine learning to “score” best fit opportunities for your organization directly from GovWin’s IntelliSearch interface. This scoring model takes into account five influential criteria (NAICS codes, Smart Tags, keywords, agency, and place of performance) and compares your historical contract award data reported to FPDS (federal procurement data system) to help you quickly determine the best fit opportunities for your organization. Each of the five criteria are weighted slightly differently to help gauge the realistic likelihood of a realistic fit with scores ranging between 40-100, from very weak fit to very strong fit. With searches rendering these quick-hitting results, you can quickly assess the quality of your searches to ensure you’re capturing relevant, actionable leads.
Go Beyond the Bid with Go-To-Market Planning
After identifying best fit leads, the go-to-market process begins and exemplifies why it’s so important to plan beyond the bid. This is where your organization makes decisions about which opportunities to pursue and which opportunities are more trouble than they’re worth. It can be difficult to qualify leads without a blueprint for which government agencies have the budgets to support the work you do or already buy the type of solution or product you provide. Without that insight, you risk mismanagement of your B&P budget.
For broad strokes of where to focus your growth efforts, dive into GovWin’s subject matter experts’ research reports and market analysis forecasts. These help you maintain a pulse on the industry and market you serve to guide your growth directionally with insights on key market impacts you should be aware of prior to making strategic decisions.
GovWin’s detailed agency profiles and spending analytics help you go a level deeper into your market research. You can quickly identify what agencies are investing in so you can create actionable, go-to-market plans based on insights and analysis collected by our award-winning team of subject-matter analysts. Specifically, Federal Agency Profiles, State Government Profiles, and Vertical Profiles (i.e. healthcare, transportation, etc.) contain a wealth of knowledge to help you make those strategic growth decisions. And you can review top expenditures, budget data, key contacts, top contractors by type of spending, and more to get a complete picture of your likelihood to win new business or expand into a new market.
Go-to-market planning can be stressful because allocating resources should always be backed in data. With GovWin, you can streamline your market research and pursuit workflows to ensure you’re making the best decisions for your organization.
Ready to learn more? Click the button below to see how GovWin can help you leverage best-fit searches to enable better go-to-market planning.
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