When submitting a tender, your ability to keep the buyer’s needs in mind can make or break your response.
Typically, a buyer is not only seeking a solution that represents the best value for money, but they are also seeking a supplier who meets the specification and presents a low risk of contract failure. A tender is the buyer’s way of assessing a supplier’s abilities, and it may be your only opportunity to demonstrate why your product or service should be selected.
Keep reading to find out what buyers are looking for when they evaluate your tender.
Capability
Capability refers to your business’s capacity to meet the buyer’s requirements. Buyers will look at your company’s financial stability and the number of new clients or contracts recently acquired, which will contribute to an idea of the longevity of your business. Evaluators will also consider the size of your business, which may include your organisation’s geographic coverage, the number of staff you have, and the location of your head office.
Credibility
Your company’s credibility is based on evidence that supports your capability claims. Credibility involves the skills and qualifications of your team, clients that you have worked with in the past, certifications, and your business structure. The best way to demonstrate your credibility is through supporting documentation and evidence.
Value-added
The benefit your product or service can provide the buyer is known as value-added. Value is not limited to price, it can include the quality of your product or solution, the longevity of the relationship between the buyer and supplier, and your continual performance over that period. Demonstrate how your solution will meet and then exceed the buyer’s requirements.
Clear communication
Clearly outlining your capability and credibility will help the buyer understand the qualities you bring to the opportunity.
Seek to tailor your response to the buyer by aligning your solution to their needs. Focus on how your business will work with the buyer and how it will deliver benefits, and make sure to use the buyer’s terminology. Make your solution’s benefits tangible and easy to understand by outlining efficiency savings, performance metrics, adherence to service standards, and your industry knowledge. Always keep your material specific, to the point, and make sure you answer the question.
Never assume that the buyer knows you. Many people are part of the evaluation process, some who may know you and some who may not. Always explain what it is you will provide, how it will be provided, why this is the best solution, and most importantly, the benefit a buyer will receive upon taking up your offer.
Summary
Communicating the value of your solution is just as important as understanding what the buyer is looking for. A winning tender response will always keep the buyer in mind. So, remind yourself: what is a buyer looking for from a potential supplier?
- Capability
- Credibility
- Value-added
- Clear communication
If you have questions, contact our team at +1800 TENDER or click here to send us a message.
