What is the Tender Process?
A tender process is a process in which you respond to a company’s tender, its quotes, or its information proposition. If he has any requirer, then you reply to him and in return, the company gets different vendors, from which he can select the most cost-effective and most qualified vendors.
If a company has to do their job and a vendor who needs a job, then we can call both processes a tendering process.
Generally, there are two types of tender process:-
- Open Tendering
- Negotiated/Selective Tendering
1. Open Tendering
Open tendering means when any information related to tendering is given to a newspaper or a large tender portal, then we call it Open Tendering. Everyone is welcomed in the open tender. Those who want to apply the tender from these tender portals or newspapers can apply from here.
Benefits of Open Tendering:
- In this, you get different types of applications. You get more choice in this. The more choice you can make, the more you can negotiate.
- In this, there is no any favoritism.
- Open Tendering gives the opportunity to newcomers. Experience is low but the potential is very high in newcomers.
Disadvantages of Open Tendering:
Now, when there is a lot of benefit in open tendering, some advantage of some of those benefits can bring losses. Because due to the many applications coming in them, there is too much time, too much energy and little money consuming in evaluating all those applications.
2. Selective/Negotiated Tendering
There are already a few industry experts vendors who are already working with you or have already known in the market. It saves you less time, energy and less money. As it is already known to you that it is best for this industry and it does not need to be analyzed in it.
The disadvantage in this is that you can not bring a new participant in it. And secondly, it also becomes too much favoritism.
The more options you have in this, the more you have less power. If you have more options for it, you can have more value to negotiate.
10 Best Tips You Should Know To Win a Tender
If you are a vendor and you want to successfully complete a tender, then keep these 10 things in mind.
Many of you will have to hear about the business of tender, you would have been aware of the business of tender, but very few people can successfully make tender business. So in this article, I will tell you 10 great tips from which you can easily get a tender process.
1. Do Your Own Complete Analysis
When filling any tender, you must make a complete analysis of it. There is a need to further analyze your 4 things. First of all,
- You need to understand the needs of your customer.
- And understand your customer interests.
- Understand your customer anxiety and hopes.
So these 4 things must be understood for your own customer.
If you have trouble filling your tender or you do not understand how to fill the tender form, then you are filling the wrong tender. One thing to note is that not every tender is filled up. There will be a lot of tender in it that you do not understand.
Therefore, to understand easily any tender process, you have to keep in mind the 4 things given above. If you think that you can better understand your customer’s needs, interests, anxiety, and hope, then go ahead in the same tender. Never try to new tender every time.
2. Verify all the Information After Filling the Form
After filling the tender form, verify it. Check it yourself so that you can not know if you have missed any column or field. You have to check that form by keeping in mind your customer’s needs.
You can follow this 4 steps to properly verify the entire form.
- Double Check
When you follow these 4 steps and verify your form then the chances of mistakes are made in it are very less. If you incorrectly fill the tender with any incorrect information, then the tender of the work is also rejected. Carefully fill the form by reading all the details of the compliances, its languages, clearing-writing, proposing filling, proposal copy, proposal requirement etc. to tender.
Understand the filling process of tender, whether it is an electronic bid or a by post or if it is physically available. Whatever form of the information they have requested you get it done properly once.
If you keep all these things in mind and verify your form then there is a lot of chances that you get that tender. But if you do not properly verify your form, then that form will not be late after going to the garbage container.
3. Client Focused Compelling Story
Whether the tender runs on logic, data, information or numbers, but it is a reader. The person who reads the tender form has emotions. Do not just say that you are good inside your compelling story, let’s shuffle it in the format of Client Focus Compelling Story.
According to your client’s needs, you have to add emotions to it and tell it as a compelling story. By doing this, you can get a different advantage if your emotions touched the tender form reader.
So the more you make happy the tender form reader, the more you will benefit and the more you will be successful in your tender process.
4. Make Engagement and Relationship and Get Success
Any business should be a business that does not have the same tender, it is very beneficial to have a relationship with each other. Relationships help you get more information, information, and understanding of your clients.
When all of these meet your own client, then you can take the advantage of that customization in your relationship.
Maintaining engagement and relationship from one another in business creates a trust. Therefore, becoming a trust does not have much trouble in getting any decision.
That’s why you have to maintain both your engagement and relationship with your client in your tender business. This can prove to be very successful in your tender business.
5. Fixed Your Gross Margin
If you ever get too cheap or bidding the flame prices, then in order to take the business of tender, you are having difficulties in delivering it. After that, you start looking for unethical roads.
Pay attention ” Expansion Without Gross Margin is Committing Suicide”.
You do not have to expend intensively and never force yourself to take the business. Pay more attention to securing your gross margin. And you also have to pay attention to never over-price while securing the gross margin.
You have to keep the price so that your application will not reject. And if you have been keeping the overpriced price, then do the mention to your differentiator so that the people understand why they should give an extra price.
6. Ask Questions When You Need
If you are having trouble filling the tender form or in the tender process, then you can contact the tender owner and know the answers to your questions.
In each tender form, a contact number is given in the lower part, so you can contact them there and find out the solution to your problems. When you feel that you need them then don’t lose any time to contacting them.
Anything is more clear than asking. When the question is good then your answer will also get good. Frequently ask questions so that you understand the tender process properly.
7. Collaborating For A Stronger Bid
Many times you have less expertise and can you create a super specialist for sub-contractor? Yes! Creating a sub-contractor reduces your profit share slightly but is not good enough to meet anything.
This will not harm your business, but you will get the business that you never get.
8. Outstanding Presentation
Many of you turn on copy-paste. Reading the same thing repeatedly becomes bored. Many people make their practice such that the listener becomes bored and rejects your tender form.
If you want to impress the tender form reader, then you have to make something different and fun for it to see and read after it is scratched.
The presentation is a huge role for any business and this will also impact on your tender process. Make that presentation so that you stick to the listener and the viewer’s mind.
Please note these things for a good presentation.
- Use Excellent Graphical Design.
- Use Sequencing & Coherent Theme.
- Use Simple & Clear Congruent Message.
- Use Single Signal.
The more your presentation will be easier, the more your chances will increase to win that tender.
9. Don’t Loose Your Faith
Suppose if you have done three contracts and you only get one contract from them, believe it is very much. If you are getting spread then do not worry. You start preparing for the next contract. Once again make preparations for your second team with the team.
If you’re getting fail for the first time and you’re not trying to get any contract then you’ll not be able to get the tender. You can ask your feedback from them where and where you have made some mistakes. You get feedback from a lot of places.
A lot of people will give you feedback about where you are making a mistake and why they did not select you. And as soon as you know about that mistake, immediately after that, you have to convert that feedback into FeedForwords.
Take a second note again that you have to do your work tender. Do not apply such extravagant tender any time so that your time is wasted.