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Bid Smarter - Increasing your Win Rate

In our last post, we discussed the importance of leveraging technology to increase your team's bid volume to grow revenue.  In this post, we will summarize different ways to increase your win rate.

There is nothing worse than spending weeks putting together a quote and bid proposal only to come in last place. There are many factors that determine your team's overall win rate. Technology and analytics can help you track these in real-time to improve long-term performance.

General Contractor's and Design Consultants

Understanding your strong and weak GC and design relationships is important to increasing your win rate. Sharing data on bid volume, win rate and "value engineering" success stories with these groups will build trust and help you understand what needs to happen to improve these relationships. The best way to win a bid is to avoid bidding in the first place by getting the last look or the only look from these parties.

Competition

Certain competitors will have different cost structures -- they might be in a different buying group, have local installers or in-house, low-cost fabrication. They may also have different margin requirements. Understanding who consistently beats you and by how much is critical to optimizing what you bid on and at what price.

Price

Price is almost always the most important factor in securing a bid so if you don't understand the market price and how it's trending, you will always be a step behind.

Project Size

With any project, there is opportunity to make more money AFTER you win the job through better buying, installation, value engineering and change orders. Typically larger jobs present more of these opportunities. Accurately projecting your realized profits versus your quoted profits based on these opportunities is critical to ensuring you price your bids correctly.

Sales Pitch

Price is important but so is how your team sells their capabilities and service. Certain offices, teams and individuals will be better at this than others. Tracking these variances is critical to identifying best practices and training opportunities to ensure your company is always putting it's best foot forward.

The Math

The table below shows how even small increases in your win rate can lead to large gains in revenue and profits.  

Please sign up for our waiting list if you are interested in learning more about how Centerpiece can help you bid more and win more.

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