Insight Paper – Understanding Your Market: The Key To Success

For any business to be successful a comprehensive understanding of the market they operate in is key. When looking to win work with public sector bodies this is particularly true as well-informed decisions need to be made regarding which bids to pursue and which not to. Detailed insight and analysis are needed to make such informed decisions and to build a strategically qualified pipeline of bids.

Contracts Advance recognises the importance of this and has developed a leading market analysis tool that can be used to analyse relevant market data on suppliers and buyers alike. It includes information on current contract holders, the goods or services supplied, financial values involved, expected dates to market, as well as useful information such as named contacts. This level of insight and information is key to effectively qualifying opportunities, avoiding those with a low chance of success, and building a pipeline of bids that has the potential to deliver a high win rate.

Looking at suppliers, or in other words competitors, the CA market analysis tool details who they are working with, what they are supplying and when their contracts are coming to an end. It shows how much has been paid for the contract and who is responsible for managing the contract on behalf of the buyer. With this information, it’s easy to strategically identify the best contracts to go for and when which can lead to effective resource planning and investment.

When looking at potential buyers, the CA tool can search all buyers who have awarded contracts based on specific search criteria. This can include searching on keywords, CPV codes and regions if required. Understanding who has procured certain goods or services before can help identify who is most likely to procure them again. It’s a great way to identify which potential buyers to start engaging with and begin to build a business relationship with.

The analysis tool also shows who potential buyers have used in the past which is valuable insight when considering the ability to compete. In addition, it shows if a buyer has used the same supplier on multiple occasions which should be considered when looking at re-tender opportunities as could be a strong indicator that they are happy with the existing supplier and may be less likely to switch. If this is the case, businesses need to be extremely confident they can outperform the incumbent as, without this confidence, it may be best to focus efforts on bids with different buyers.

When it comes to sectors and industries, the CA market analysis tool covers all. Below is a snapshot of the volume of contracts within four popular sectors.

  • Recruitment
    • Suppliers = 3,151
    • Buyers = 844
    • Contracts = 14,634
  • Legal Services
    • Suppliers = 1,393
    • Buyers = 658
    • Contracts = 7,298
  • Architectural Services
    • Suppliers = 2,308
    • Buyers = 1,158
    • Contracts = 8,648
  • Cleaning Services
    • Suppliers = 1,472
    • Buyers = 1,230
    • Suppliers accessing 5,271 contracts

With detailed insight and analysis of suppliers and buyers, businesses can conduct a thorough qualification process whenever they identify a live tender. The CA market analysis tool is a highly effective part of any qualification process, covering all sectors and industries, and helping businesses to achieve the highest win rate possible. Try our free 3-day trial today.

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