Earlier today, our own Darlene Bereznicki led a webinar about making the most of your bid history. Whether your goal is to increase revenue (win more jobs) or decrease costs (aka, man hours spent bidding on projects), the gold is in the data — and your bid history reveals some of the most valuable data at your disposal.
Here’s a quick recap of what she shared. If you’d prefer to catch up on everything you missed, check out the recording here!
Why you need to track bid history
Maybe you already track your bids and want to make some sense of the data, or you don’t track your bids at all and want to know why you should. The fact of the matter is that understanding your bid history is crucial to growing your business and improving your bottom line.
So, how do you actually make sense of your bid history to make informed business decisions? The first thing you need to do is consistently track your bid invites and maintain a bid history. This can be as simple as collecting data like project name, due date, client, estimator, and dollar value.
How to identify trends in your bid history
Many subcontractors we speak to track their bids in notebooks, on post-it notes, or simply in their heads. However, the trouble you’ll face if your bids are tracked all over the place is that it makes it difficult to get a holistic picture of your data, identify trends, and improve.
The trick is to get all of your information in one place and not have it in silos. You also need to have some consistent, basic information so that you can compare bids, wins, and losses side-by-side. Ultimately, subcontractors want to bid more efficiently and bid on the jobs they have a higher chance of winning.
To start, look for trends in your data. You can ask things like:
How many bids did I submit this year?
How many bids did I submit for one trade versus another?
How many bids did I win?
What types of buildings have been more profitable?
Which general contractors do I have the worst performing hit rates with?
How to use those answers to take action
Once you identify any noticable trends, it’s time to convert those lessons to action. What changes can you make to your bidding strategy that will impact your business?
For instance, should you stop bidding on a specific trade or project type? Why didn’t you win as many projects with a particular general contractor? Could you have followed up better? Understanding why you win and lose makes it easier to make a decision the next time a bid crosses your desk.
Watch the recording
To catch up on what you missed — and get a quick demo of how you can begin tracking and analyzing your bid history data in Bid Board Pro — check out the recording of “Leverage your bid history to increase hit rates.”