Best Way to Increase Your Hit Rate!
It is easy – stop going after projects you can’t win! No matter how complex your Go/No Go process is, you need to come to one of two decisions: “Yes, we can dominate this bid!” OR “No, this one isn’t for us, and we’re going to pass on it.”
If you’re a numbers person, then you may think that you can win more projects by pursuing more – this isn’t true. How many targets can you hit if you close your eyes and randomly shot 100 times in all directions? If you’re lucky, you might hit a few targets. Going after every project is similar to shooting in all directions with your eyes closed; you’re running on lick and low bid.
Now, imagine taking 30 shots where you actually aim at the targets. You will hit much more than a few targets because you took the time to aim. You will also hit the targets you want to hit (i.e. profitable projects).
Here is the proof:
When writing my book on construction marketing (expected out this Fall), I created this formula on winning more by pursuing less. The typical marketer works 2,000 hours annually (40 hours a week x 50 weeks a year). That person could spend 20 hours on each proposal and submit 100 proposals annually. Or that same marketer can spend twice as long on a proposal (40 hours each) when pursuing only 30 proposals, and still have 800 hours to spare throughout the year. [This doesn’t count your technical team getting pulled off active projects to work on proposals either – they’d love to work on fewer proposals too.]
You’d probably agree that you’d win more bids when you spend twice as long on them. To do that, you need to be precise with the bids you pursue. Also, the remaining time allows that marketer to be proactive and do things to attract new clients such as updating the website, create a newsletter, attend a tradeshow, and actually meet with clients periodically. You’ll get more work and earn more by doing fewer proposals.
Now, are you going to go for that bid on your desk or pass on it for a better opportunity?