The GovQuote Winning Quote Series focuses on the most effective strategies vendors use to submit competitive quotes, and consistently win bids outside the request for proposal (RFP) threshold. If you are new to the government market, or looking to improve your existing process, you should consider the following 7 points to maximize your success:
Buyers need to receive the most accurate pricing available to ensure the fastest possible purchasing decision on any request for quote (RFQ). Most agencies have a list of vendors they currently do business with or have bought from in the past, but this does not always yield the best price as there is little room for competition. Other factors, such as location, can also limit the pool of companies buyers have access to. GovQuote, the free online government marketplace, gives agencies the power to reach thousands of vendors that sell the products or services they are looking to procure. Purchasing departments typically save 15-20% on average after expanding their vendor base, and 78% of awarded quotes on GovQuote are based solely on price.
Do you have the product requested by the agency in stock? If not, when will it be? If it is a service, will you be available to perform it? Asking these types of questions is critical as requisitioners push buyers for time, so the better the availability, the more likely your quote will be awarded. Keep your customers updated at all times with GovQuote’s instant notification system that alerts the agency both in-app and by email as soon as you provide more information.
Always make sure to include information about any warranties applicable to the product or service you sell. With products such as electronics and vehicles, most buyers will look to see if it is covered by a warranty as that will most likely play a major factor in the final purchasing decision. With GovQuote, you have the option of including warranty information within a file, such as a PDF, or through an intuitive instant messaging system. Both methods make it easy for the agency to receive and process the details quickly, bringing you closer to winning their business.
Do not forget to include shipping options and pricing, as many requests are time-sensitive. Take advantage of your location relative to the agency, how long shipping would take, and how much it would cost. Include this in your quote as the agency will most likely prefer to do business with a local vendor. GovQuote gives companies the power to reach agencies outside of their existing customer base, making it an extremely easy-to-use lead generation tool. Remember, there may be more agencies in your area looking to buy the products or services your company sells! Instead of tracking them down yourself, utilize the free online government marketplace that matches you with new agencies automatically.
Make sure to specify if your product is new or used, if applicable (such as with a vehicle). Most agencies request products in new condition, but if not, you may be in a position to provide a more competitive quote than other companies responding to the same request. Specifics like condition are key in every quote response, as inaccurate information can lead to longer response times or even losing the bid.
The average quote on GovQuote is awarded within 15 calendar days of its publication, but a few have been awarded as long as 75 days past their due date. While many requests are fulfilled lightning-fast on the online marketplace, it is still a best practice include the longest possible time frame for your quote to be offered. Agency procurement processes can vary in length (from days to months), so be sure to account for this in order to secure a higher likelihood of having your quote awarded!
Finally, make sure you send your quote in letterhead to the agency. GovQuote makes it easy to attach files to each quote response in PDF, DOC, and other formats. Quotes are delivered to the agency instantly, allowing you to avoid time-consuming delays that come with faxing and standard mail. In addition, GovQuote keeps you up to date with in-app and email notifications as soon as the agency confirms receipt of the document.
Tip: 36% of agency requests on GovQuote get cancelled due to not receiving accurate information, and 22% of awarded quotes on GQ are based on quality, availability, and shipping — so be sure to include all specifications for the best possible experience.
GovQuote is the first fully web-based platform to connect government agencies and private companies on the largest, fastest, and most user-friendly request for quote (RFQ) marketplace. GovQuote is revolutionizing public procurement by providing an online marketplace where State, Local, and Education (SLED) agencies obtain quotes by reaching thousands of qualified companies competing for government business. Using powerful smart technology to cut out costly and outdated procurement methods, GovQuote saves organizations countless hours and millions of dollars, all with full compliance, facilitating crystal-clear transparency in the public sector while leveling the playing field for small and disadvantaged businesses.