Construction companies often end up bidding low rate projects due to the complexity of the process. Winning high-profit construction bid contracts requires proper planning and strategizing. Fortunately, you can adopt ways to improve your bid-hit ratio and win highly profitable projects.
Here are some tips to save you money and time and improve your construction bidding game. Visit Bridgit branded to learn about the most effective ways of placing bids on branded construction projects.
1. Be an Early Bird to Win Over Your Competition
One of the easy ways to win more construction bids is entering into the game early. Keep yourself updated with the latest project posting on construction bidding marketplaces. Plus, collect details of your competition so that you can prepare your bids accordingly.
The more you know, the better you can prepare the proposals on the bids. Your offer shouldn’t be only about the price. Aim at selling your services in a lucrative way.
2. Be Selective When Picking Projects for Bidding
It’s not a great idea to place a bid on every construction job listed on the bidding marketplaces. Instead, take your time, do a little research and carefully select the top projects for bidding. Also, be careful when crafting a proposal.
Note that the prospects of winning a high number of bids don’t increase with the bidding volume. Instead, focus on submitting high-quality proposals on selected projects. The construction bidding process is exhaustive. Hence, use your time and efforts wisely.
Place bids on the projects fitting your niche. Figure out your strengths and expertise when selecting projects for proposals. Then, focus on jobs that are likely to give you repeat business. Don’t bid on the projects requiring specialties and skills that don’t come under your area of expertise.
3. Focus on Connecting With the Key Decision-Makers through Your Bids
There is no point in connecting with people who have no role in decision-making. You’ll end up wasting your precious time instead. Do some research and find out about the decision-makers who are part of the project. It will give you a clear idea of the key people who could help you win the bid.
Before placing the bid, learn about the organizational structure of the company. Aim at building trust with the decision-makers. People are more interested in doing business with trusted contractors. Build a personal relationship with the prospects and help them learn about you and your construction company or team.
4. Highlight Your Skills, Special Qualities, and Qualifications
When writing the proposal, don’t hesitate to show off your unique construction-related skills, qualifications, and other qualities. Explain how your company and team will prove a perfect option for this job.
In addition, showcase your experience and expertise in the field. In simple words, show how you are different from your competitors and what value you will add to the project. The idea is to build a good reputation before the prospects so that the proposal scales in your favour.
Promote your company’s value instead of focusing on the price. Don’t compete on cost alone. Share your best works in the construction bidding.
5. Understand Client Perspective When Placing Bids
First, read the project description carefully before placing the bid. Then, understand what is required of the project. The trick is to talk to the professionals who have handled previous prospect projects. It will give you a better idea of the project owner’s likes and preferences.
Break down the project cost and highlight the same in your bid. It is one of the best ways to highlight your expertise and knowledge in material costs, equipment allocation, etc. Represent yourself in the best possible way. Focus on giving the proper perspective to the potential client.
6. Take Objections and Concerns of Prospects as Opportunities
Every prospect involves concerns or questions in the construction bidding process. Try to understand the objections of the project owner. It will help you in connecting with them in a better way. Additionally, be prepared with complex data to back up your claims for the project. Use case studies to present the data before prospects.
Your bid-hit ratio is sure to be high if you are persistent in your bidding efforts. Stay connected with the prospects. Check your competitors’ proposals and grab the good points of their presentation and how they highlighted important aspects like project timing and cost. Then, pay attention to the details and demonstrate the same in your proposal.
7. Measure the Overtime Progress of Your Construction Bidding Efforts
Track your bid-hit ratio to measure your progress. The bid-hit ratio gives a better overview of what’s working best for you. Your yearly bid-hit ratio will highlight a picture of your bidding progress. You can use the stats to set future goals.
Don’t count your success only based on numbers. Instead, note the different efforts and strategies you invested in the projects. Over time, you will better know what methods work best for you.
Besides, learn about the types of projects where you win bids frequently. It’ll help you identify your niche and discover what kind of projects you should consider for bidding. Also, find out whether you are winning bids for commercial or residential construction.
8. Adapt To the Changes to Stay Relevant In the Competition
It is one of the most important factors in ensuring a winning bid. Track the economy or industry changes to stay resilient and competitive in the market. Be prepared for the unforeseeable situations (such as the COVID-19 pandemic) that may occur anytime in the construction industry.
Residential construction may boom while commercial construction’s demand may fall and vice versa. Be prepared to shift your focus to a niche with high demand (which may change from time to time according to the market condition). Opportunities like these will allow you to diversify your portfolio and experience.
Endnote
Now that you know how to get construction bids, you can plan your resources accordingly. Finally, be confident about your skills and expertise in construction. The construction bidding marketplace is complex and competitive. Apply the tips above to win the bids of your dream projects. Trust your team, highlight their qualifications and expertise confidently in the proposal.