Breaking the cycle – stop bidding based on ‘vibes’ with a bid or no bid qualification process
In the world of tenders, bids, and proposals, many professional services firms find themselves chasing after opportunities that don't yield the desired results, that is - win.
Often, professional services firm lack a consistently applied and objective approach to bid qualification.
Sometimes firms even bid based on ‘vibes’ …
Bidding based on a ‘vibe’ might sound like:
‘We should throw our hat in the ring!’
‘If we keep bidding, one of them will have to win eventually.’
‘I know one of the managers, and she reckons we should put in a bid.’
‘I’ve got a bit of experience in <insert peripheral skillset or vague claim here>, so let’s do it!’
‘Can you put a draft together today – just copy and paste what we did for that other one.’
‘If we just win this one at any price, from here on it will improve.’
‘It won’t take long to put something together…’
‘The marketing team is a bit quiet, it will give them something to do.’
‘Gotta be in it to win it!’
A lack of process leads firms to pursue ‘sure fire loser opportunities - that is, bids that are unlikely to be won or lead to profitable work.
This behaviour stems from a variety of factors that cloud rational decision-making.
5 reasons firms keep bidding on losers
The bid is imminent
The urgency of a deadline creates a ‘now or never’ mindset, forcing decisions to be made hastily without thorough consideration.
The bid is specific
Firms often overlook alternative business development strategies in favour of the tangible nature of a bid, despite other BD activities potentially offering better long-term value.
The end is in sight
The tangible result of a bid - often a well-crafted document - provides a sense of accomplishment that more strategic, less tangible efforts might not immediately offer.
People in power will benefit
High-profile bids attract influential firm leaders, who may push for participation without fully weighing the costs and benefits (and those higher ups are generally not responsible for putting the submission together and rarely get involved in the ‘heavy lifting’).
Tribal patriotism
Internal pressures and a sense of team loyalty can drive firms to pursue bids that are not in their best strategic interest.
What you can do to stop bidding on losers
To avoid falling into the trap of pursuing poor-fit prospects, firms need to establish a more strategic and objective bid or no bid decision-making process.
This involves being disciplined and using a consistent and documented approach for every opportunity.
The importance of an objective assessment tool
Having an objective assessment tool, such as Bidtique’s ‘Bid or no bid qualification checklist’, is crucial for making informed bid decisions. This checklist provides a structured framework to evaluate each bid opportunity based on key criteria, ensuring that your firm only pursues bids that align with your strategic priorities and capabilities.
Using such a tool helps to:
Eliminate subjective biases and emotional decision-making.
Ensure consistent evaluation across all bid opportunities.
Save time and resources by avoiding unpromising bids.
Ultimately has a big impact by improving your win rate to refocus only high-potential bids.
By adopting a structured and objective approach to bid qualification, your firm can avoid the pitfalls of vibe-based bidding on losers and focus on opportunities that are more likely to result in success.
Injecting objectivity into your bid decision process is essential for long-term success.
Download Bidtique’s Bid or no bid qualification checklist, or why not get in touch if you have someone keen on the ‘vibe’ surrounding an opportunity who needs a talking to.