For newer and growing GovCons, getting recognized by the right people in the industry is essential in gaining access to the ever-important past performance opportunities. Believe it or not, just saying you are the best at what you do doesn’t amount to opportunity knocking. Nor does registering in SAM amount to you being on the list for every contracting officer looking for a business like yours to fill their need. Throwing your hat in the ring is going to take some concerted effort in market research, target marketing, and flexible and affordable funding options to jump-start your success.
It’s not just about the certifications you acquire either. While it is beneficial in some circumstances to hold certifications, leading with that as your value add isn’t the best approach. If you really want to catch the eye of the buyer you desire, you need to first figure out who they are and build a plan of displaying to them why they should care who YOU are and furthermore, why you can do the best job in supporting their mission. I’ve witnessed some uncomfortable conversations between major Prime representatives and the small contractors who want to do business with them. What I garnered from that experience is a short list of advice of what to keep in mind before you have that initial discussion.
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Know your buyer
What you do best may not be for everyone, so it is important to zero in on what your strengths are, and the agencies or primes that will be most likely to need you. It is a waste of time if you aren’t doing this type of market research. You should know who else does what you do and see who they have worked with because at least you are starting in a place where opportunity is likely. Marketing yourself to the wrong buyer is a waste of time and resources, and will set back your timeline for earning that experience you are looking to obtain. Knowing your accurate PSC codes and researching who has purchased what you are selling is a key differentiator in your process of hitting your target market.
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Effective Initial Marketing Strategy
Creating effective messaging is essential in getting noticed once you identify your buyer. Once you have narrowed down the potential best areas for opportunity, you need to be able to project what you do to convey a clear and concise message. Your capabilities statement needs to be focused and strategic. It is also a good idea to start social media marketing with strong messaging and create a website that accurately explains what you do. If they can’t tell quickly then it most likely is sub-par messaging.
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Know where you’re going and how you are going to pay for each step
Your level of access to funding options will change throughout the lifecycle of your contractor. Knowing what is available to you at each stage will require some research. Be sure, in the case of all resource partners, that they have an adequate understanding of the industry and why what you do is important to your buyers. It is your job to educate your partners on what you do best and how they can most effectively service your needs. This will require open conversations on your finances, both personal and business, knowing the right questions to ask to weigh the pros and cons, and investigating how much your cost of capital will be. Hiring people to your team that understand this facet of your business is imperative so they can advocate on your behalf and not let what you don’t know affect your access to opportunity and the money you will need to do the work.
Taking the time to build a strategy in these 3 areas can assist with spending your time and money wisely. You don’t know everything, so to fill in the gaps where your experience is lacking is essential to build a strong team of experts around you. Taking the time to create a plan and a timeline will allow for you to learn from your failures as much as through your success. Sometimes the best lessons learned are in the hardships that we experience, so take the time to see setbacks as an opportunity to grow.