If you’re looking to land a federal contract, you’ve got your work cut out for you.
Guy Timberlake, co-founder of the American Small Business Coalition, believes although market research can be intimidating, it is necessary in order to achieve success.
“Ultimately, that’s what market research is. It’s asking questions that help position you a certain way, or leads you down a certain path,” Timberlake told WNEW.
It is imperative that contract hopefuls ask the right questions and then challenge the answers.
“A lot of folks get that information and treat it as Gospel. They see it as the absolute truth, and don’t challenge or test it to insure that it’s relevant or timely. They’ll take it at face value,” said Timberlake. “A collection of information that you haven’t challenged is simply data.”
There are three common reasons why businesses fail to win the bid or fail in market research. Timberlake says a lot of businesses don’t even bother to do market research. And even when they do, there’s still a risk of failure.
“They don’t have a plan coming from the leadership that explains the direction they want to take,” he said. “And, if you don’t have an understanding of the language of the land that you’re working in, information related to that domain is going to be foreign to you.”
That puts businesses at a disadvantage. So bidders need to do research, ask questions, and then challenge the answers.