You’re viewing the article on Tracking Your Tendering Performance, in which we focus on how you can track your performance and benchmark yourself against your competitors. This article is the last in a series of 3 that are sent to TenderBoard Supplier accounts to familiarise you with how we can help you with your tendering activities. To read more on the other guides, click on the weeks below.
Tracking & Benchmarking Your Tendering Performance
Now that you’re catching all deals through our daily alerts, and analysing past tenders for your pricing strategies, the next step is to track and benchmark your progress. By measuring your performance and benchmarking yourself to the competition, you will adopt a more data driven and deliberate approach to tendering, which will help improve your performance.
For example, do you know how your company is performing in tenders? Some key metrics to track are:
Tender Success Rate
Tracking your success rate gives you a clear idea of how your company is doing in tendering. Different companies may apply different tendering strategies, but the goal should always be to win as high a percentage of the deals you participate in.
When you track your success rate, you’ll know if your current approach is improving your performance, and you can continually refine your tendering strategy to ultimately improve your success rate.
Do you know the total value of the tenders you’ve participated in? And what percentage you’ve won? Your market share is like a pie, and the percentage you’ve lost means someone else has taken a bite out of that pie.
TenderBoard’s proprietary Company Report calculates this for you, giving you feedback on how much you’ve won, and lost. Further, we also identify which competitors took up the largest chunks of your market share, giving you insight into who your most “dangerous” competitors are.
Many times, suppliers tend to view their top competitors as the ones whom they compete with the most. This may be the case some of the times, but not always.
You do not only want to track competitors you go head on with the most times, but also the competitors who are winning the deals you are participating in (and you would be able to see this from the market share analysis in your TenderBoard Company Report). These competitors are the ones whom you may not meet often, but when you go head-to-head with them, they often have an edge that allows them to come out on top.
Knowing your key competitors and their strengths in tendering helps guide your tendering strategy so you are in a better position to win more deals.
TenderBoard has been compiling data over the past 4 years and has turned this data into meaningful reports that you can use to answer these questions. With your trial, you have access to this information too. TenderBoard shows you your Company Report with key performance metrics over the past few years. On top of that, TendrBoard also shows you your key competitors in your Competitor Analysis, giving you an insight into which competitors you meet the most number of times, and which are the ones who are gobbling up your market share.
Plus, TenderBoard also offers a Competitor Watchlist where you could add competitors to track their tendering performance. With your company report and your competitor watchlist, you would then be able to benchmark yourself. Knowing how your tendering performance stacks up with the competition is the starting point that allows you to start asking questions about how your tendering strategy and approach differs from your competitors. Ultimately, this will help you identify opportunities to gain an edge over the competition.
Tracking Your Performance is one of the steps to ultimately winning more deals! Find out more what the other steps are in our Ultimate Tendering Guide.
To learn more on how to use TenderBoard to not only show you all deals, provide data analyses and help you win more deals, keep up to date with our blog, where we constantly share new tips and strategies to tendering.