Grow Your Company’s Federal Sales & Revenue at a High Pace
First and foremost, the term federal sales are also known as government sales. Federal sales mean sales to the national government of a nation and the government of states, provinces, territories, and other political subdivisions. It also includes any agency, department, branch institute, ministry, or any other bureaucratic subdivision.
If a company has a high rate of federal sales then it is quite obvious that the company is reaping high revenue as well. The profit margin has to be adequate to enjoy high profitability. In general, the sales help to generate revenue as they go parallel in terms of the earnings of an enterprise. Revenue refers to the entire income of a company and sales are the proceeds a company generates from selling goods and services.
We have covered the matter of growing a company’s federal sales and revenue at a great pace with valid information.
Identify & choose the right contract vehicle for your company
You need to understand the products and services that you are selling to the government while deciding the right contract vehicle for your company. The contract vehicle you will be choosing depends on the marketplace you will be selling to.
If you are looking forward to sell your products and services to the government then you need to acquire the GSA certificate. You need to utilize the General Service Association Schedule to become eligible and avail the benefits. GSA schedule allows companies to sell to the selected state and local agencies that initiate themselves in cooperative purchasing. If some agencies do not participate in cooperative purchasing then you may need to register for their individual procurement portal.
Established companies are able to sell supplies and services through their GSA Multiple Award Schedule Contract that were previously out of the scope of their schedule. It means, companies can potentially sell goods and services that were out of the scope of their contracts.
New emerging companies can opt for selling to the government by partnering with a channel distribution reseller to sell on their prime contract. However, certain supplies are not eligible for GSA Schedules as well.
Build an online presence & develop government marketing strategies
After establishing a suitable contract vehicle you need to build your government marketing strategy. This can be done in a variety of ways such as fostering a strong online presence, building case studies and whitepapers, and many more. You can develop an official website of your company to include a government section and drive online traffic. Enhancing your social media presence can also be advantageous. Make sure to include sections on your website that are geared toward government and public sector offerings. As a result, it will increase the brand awareness of your business in the marketplace. Add case studies and whitepapers on the official website as well as trade shows and other government events. It helps to present your company as a subject matter expert and bring great value to the government.
Find the sources of federal contracting opportunities more precisely
If companies wish to do business with the United States Government, then they must register with the System for Award Management (SAM). Nearly all government contract opportunities are on web-based eCommerce portals.
There are many new federal contractors who often struggle to find the right sources of federal contract opportunities. They need to search for the best vendor portals to find federal contract opportunities. Consider using the following resources:
- GSA eBuy.
- Federal Procurement Data System – Next Generation, FPDS-NG in short.
- Government websites.
- To get state and local contract opportunities, consider targeting the following resources.
- State Procurement Portal.
- State Procurement Forecast.
- County and City Procurement Portals.
Identify and outsell your competition
Competitors are present in every sector and it is unavoidable. They might not offer the exact same solution or services. The variation between your company and competitors helps you to stand out in the RFQ process by putting up similar kinds of products and services on the list. Government marketing and online presence help companies to outsell their competition.
Identifying the differentiator between the companies and competitors is very important as every company’s products and services have a unique selling point. By building a unique image in the marketplace companies can procure more federal contracts and gain awards because it becomes easier for the government to identify the companies from the market.
Build & establish a secured pipeline of sales
Building and establishing a pipeline that generates sales is the ultimate thing that any company wishes to achieve. To build a pipeline you need to track your company’s awards, government budget forecasts, renewal contracts, and various opportunities.
While building a pipeline of sales, conducting thorough market research is also necessary. It helps to identify the upcoming opportunities that would be suitable for your company. Building a pipeline for sales helps a company to grow consistently in the government marketplace.
Conclusion
Companies that do business through federal contracts should consider numerous tactics to sell to the federal government. The contract vehicles help to regulate businesses in the government sector.
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