Knowing how to shape answers that not only showcase the capabilities of the business but also expose the weaknesses of competitors can give pursuit teams a crucial edge. However, the ability to do this relies on up-to-date and accurate knowledge of the competition and its comparative strengths and weaknesses.
What are the risks?
Most organisations have significant knowledge of competitors but this detail often resides with just a small amount of people.
All in the Mind
Generally it is the responsibility of the sales and marketing teams to understand the competitive environment in which the business operates. However, this knowledge isn’t always captured and recorded in formal systems.
Often, useful competitor information will be recorded in the CRM system in relation to a particular customer or opportunity rather than shared centrally.
Under these circumstances, it can sometimes be difficult for the pursuit team to know where to look for the information they need. This might lead the pursuit team to rely on a few individuals they have called on previously, who might not always hold the most relevant or up-to-date information.
Failure to Act
When knowledge is available, the pursuit team need to understand its context so that convincing comparative positioning can be expressed. If the pursuit team lacks the knowledge or confidence to do this, valuable competitive advantage could be squandered.
It is worse still if information about competitors is used which is later revealed to be partial, inaccurate or out of date. Pursuit teams may have highlighted particular capabilities or skill sets where a competitive advantage has been eroded or overtaken.
What can you do?
Accurate, relevant competitive information should be exploited within a tender response to highlight areas of competitive advantage.
Best Practice for Competitive Awareness
- A central repository for all information and knowledge regarding all known competitors.
- Catalogue information in a tired system.
- Assign an owner and expiry date to each piece of information.
- Enable – or require – the review of information by subject matter experts.
- Make sure that tender response feedback is fed back into the system.
- Tailor responses with regard to the known competition.
Use leading software for the successful project management and competitiveness of your tenders
TenderEyes supports successful competitive awareness whilst tendering by providing tools to enable effective understanding and exploitation of the competitive environment, within the landscape of the tender process. TenderEyes can be configured with a selection of gateways and approvals to ensure that the formal mechanisms are in place to ensure competitive information is shared in an appropriate way to inform the tailored approach for each tender opportunity.
TenderEyes supports and manages the whole process of tenders from opportunity selection and management, through to bidding, winning and onward into contract delivery and sub-contractor management. Our innovative software is ideal for large organisations with dedicated tender teams that spread over multiple nations and continents.
Would you like to see more?
If you would like to see how easy it is to use TenderEyes, feel free to book onto one of our demos, where we can take you on a tour of the software and answer any questions you have.
Alternatively, you can find out more about our tendering philosophy here.