This tip is from an article published in our monthly KYPTAC Newsletter through Govology. If you have any questions about this topic, please contact your KYPTAC Consultant. Not a client? Sign up here.
Welcome to the federal fiscal year 2022. It is an exciting time to be a federal contractor as the government is increasingly looking to leverage its "procurement power" to boost the growth of small and disadvantaged businesses. From a commitment to increase spending with Small Disadvantaged Businesses to the pending rollout of one of the largest infrastructure stimuli and spending plans ever, the future looks bright and loaded with many opportunities for small businesses. That said, the flow of those future dollars will only come your way if you are prepared, positioned, and informed. Throughout October, Tip Tuesday will examine each of these factors.
What does it mean to be informed?
Being informed means doing your homework to achieve the following objectives:
Knowing your target buyer.
Understanding their procurement method.
Creating effective positioning to match your target buyer's needs and procurement method.
Analyzing whether your investment of time and money will bear fruit.
Your homework includes reviewing historical spend data and having informational interviews with your target customers; so you know their pain points and what they value in their contractors. Having this information will help you communicate your product's (or service's) value and how it can help your prospective buyer overcome their challenges.
Furthermore, engaging with your prospects and seeking to understand their needs before pitching your offer will most likely earn you their respect and plant seeds of a good relationship.
Put your KYPTAC consultant's market research expertise to work for you! Not a client, sign up for our services at www.kyptac.com.