One of the most effective ways to predict procurement opportunities before they’re listed publicly is to learn from past spending.
Two great free government-run websites that show how federal government agencies are spending their money are USASpending.gov and FedBizOpps.gov. Each site allows you to research how the government has spent its procurement dollars in the last several years, and can give business owners a snapshot of what industry segments and what type of commercial products and services offer the best contracting opportunities so vendors can conduct their target business analysis and approach a select group of potential buyers.
SmartProcure offers a unique service that allows you to search thousands and thousands of government purchase orders, providing you ability to predict purchasing opportunity in the future. SmartProcure lets you search specifically for a product or service you sell and show you exactly which government agencies have bought that product or service, how much they paid, and which vendors (your competitors) they’ve purchased from. In addition to purchasing histories you’ll have access to powerful market analysis tools to help you conduct thorough competitive and market intelligence reviews to find the right niches for your business to take advantage of. Whether it is federal, state, or local governments, a snapshot into the past can help determine the future.
Imagine having this sort of business intelligence for procurement opportunities at your fingertips – a chance to demonstrate to your potential business customers that you are aware of their purchasing trends and needs. Government agencies are always looking to award a contract to the entity that makes more business sense, and showing that you have a clear understanding of market trends and can forecast opportunities or changes is sure to set your business miles ahead of the completion.
Whichever method you choose, know that, by learning your industry and past industry spending, predicting the future of government spending becomes more of a possibility.
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