Conducting market research is the upmost important part of the federal contract procurement process. This is extremely necessary as. you will research and find valuable information about not only the industry but also your competitors. Market research will let you know exactly what contracts are up for bid as well as who may be competing for it or who has won it in the past. So how can you do this effectively enough and get results that will benefit you?
Knowing the Market
Getting yourself familiar with the market and its tools will increase the benefits of market research. Anyone looking to get started in federal contracting should have a general understanding of the federal marketplace. Geneally, the federal marketplace is a blanket term for how the government buys goods and services. Instead of them making things or doing things on their own, they contract small to medium sized businesses to do the work for them. This can be for asbolutely anything. A few resources you can look up to see what exactly the government is looking for is the DSBS (Dynamic Small Business Search) as well as the FPDS (Federal Procurement Data System). Both of these are great resources for you to use to conduct market research.
DSBS
The DSBS is a database for anyone that is registered in SAM and is considered a small business according to the SBA’s Small Business Size Standards. This is an excellent market research tool because it not only shows you who is registered in SAM, but you are able to search other businesses via NAICS Codes and geographical location. Using a NAICS code and geographical location will really help you know who are your competition is when it comes to federal contracting.
The DSBS is also how prime contractors and agencies learn more about your business. When you submit bid proposals or reach out to agencies and prime contractors, they are going to look you up in the DSBS to see if 1) you are a small business and 2) if you are ready for work. If they go to the DSBS and they see a missing capabilities narrative, they will skip over you and over onto the next business.
FPDS
The FPDS stands for the Federal Procurement Data System and it is used search contracts and opportunities. Anytime a contract becomes available or prime contractors need to contract a sub (subcontractor), this is where you’ll find those opportunities. While the FPDS can seem out of date from the outside, all data is updated in realtime to help you with your research.
With the DSBS in place to help you find competitors, the FPDS (Federal Procurement Data System) exists to help you find contracts. The FPDS is a necessary tool for those who would like to see opportunities for them and be the first to grab at it. You will also be able to see what contracts your competitors might go for, giving you that insider knowledge to a headstart on the contract.
System for Award Management (SAM)
The System for Award Management was started in order to keep track of businesses that do business with the federal government, whether that be grants or contracts. The SAM Registration is necessary for anyone looking to partake in federal contracting, including federal agencies. When departments of the government post contracts,
While not the most effect way to conduct research, SAM has the ability to pull up contracts for you. You are usually able to do this via CAGE Codes or UEI, knowing what agencies have posted the opportunity. The search can be very limited however, unlike other resources where you can do multiple fields for research like NAICS and zip code.
USASpending
USASpending enables public access to federal spending data through transparent disclosure. This platform was created to display federal grants contracts loans and other financial assistance details. Users can access spending data through location-based and agency-specific and award-type searches to view how taxpayer dollars distribute across the country.
Businesses need USASpending to perform complete market research when they want to participate in federal procurement opportunities. Users can use the platform to study spending patterns while discovering new competitors and detecting rising demand for goods and services. Organizations use this tool to develop strategic plans for federal market entry and expansion based on current government spending data.
FEDCON Portal
Another great tool for market research is our very own FEDCON Portal. With the FEDCON Portal, you will not only be able to know when jobs are posted, but also. teaming opportunities as well as what contracts are getting ready to expire, giving you the chance to snatch them. Depending on the program you choose (consulting, marketing, or other), you also will have the option to receive notifications for new opportunities and contracts via email or text.
