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Business - 3 min read

Tender Tips: How to Research Your Buyer

Jason Hook

Head of Sales and Marketing

Jul 24, 2017 8:19:00 AM

Effective tender response documents not only address the selection criteria, but are expertly researched and carefully crafted to the individual project. When writing your tender response, the more you know about your potential buyer and the work they require, the better you can meet and exceed the client’s expectations. 

These three tender tips will help you to better understand your buyer and win more work.

 

1. Read the Tender Request and Conduct Further Research 

As an essential first step, conduct a careful analysis of the tender request to establish an understanding of the buyer and the requirements of the job. Any knowledge gaps or important questions raised during this process should be jotted down, and answered with further research. You may wish to research the buyer online through government websites and policy documents, by speaking with the tender coordinator, and attending briefing sessions.

By forming a detailed picture of the buyer through this research, you will discover valuable information that you can use to enhance your tender response. The end goal is to be in a unique position to write an informed tender response, increasing your chances of success.

 

2. Consider the Buyer’s Needs

While carrying out your research, it’s important to focus on what the buyer is asking for. Aim to answer the following questions:

  • What is their buying process?
  • What do they hope to achieve?
  • What are their strengths and weaknesses?
  • Does the buyer display strong environmental concerns?
  • Is there a strict deadline?
  • Are there any issues driving the tender request?

Further to answering these questions, cross-examine your findings with your own capabilities to identify unique selling points (USP). This is your chance to provide specific examples of how you meet the selection criteria outlined in the tender request. 

Tender tips, marketing tips, technology for builders.

 

Describe the benefits you can offer the buyer, align your abilities with the requirements that are most important to the buyer, and tailor your tender responses with their needs in mind.

 

3. Conduct a PEST Analysis 

Identify the political, economic, social, and technological factors that affect the buyer and the wider industry using a PEST analysis. A PEST analysis is a research tool that helps individuals better understand the external and environmental factors impacting the industry. 

When it comes to writing a tender response, a PEST analysis can help you understand the buyer’s needs and requirements within a greater industry context. Below is a breakdown of a PEST analysis. 

Political: 

  • Current legislation (local and international)
  • Economic and environmental issues
  • Planned or future legislation
  • Government policies
  • Regulatory agencies
  • Political change
  • Funding, grants and other initiatives
  • Wars or conflicts
  • Local and internal trading environments

Economic: 

  • Economic growth and trends
  • Local tax, interest, exchange and inflation rates
  • International economic factors
  • Trade cycles
  • Growing and declining markets
  • Industry trends
  • Environmental factors (seasonal/weather trends)

Social:

  • Consumer attitudes and opinions
  • Law changes affecting social factors
  • Demographics (age, sex, gender, ethnicity, employment, home ownership)
  • Lifestyle trends
  • Major events and influences
  • Media opinions
  • Advertising and publicity
  • Ethical issues

Technological:

  • Innovation potential
  • Research and development
  • Technology incentives
  • Maturity of technology
  • Barriers to entry and competing technology development
  • Information and communications
  • Manufacturing
  • Automation
  • Digital economy
  • Rate of technological change

For more tender advice, enrol in our free Building a Better Trade Business eCourse and start winning more work today.

Tender tips, marketing tips, technology for builders.

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