WHAT IS A BID?
To start the very important topic, let’s discuss ” what is a bid “. A bid is a calculated money where one company is looking to purchase the services of a vendor, who deliver the services. A great example is a government policy that invites other private companies to submit a bid on a project. Various companies then prepare a proposal, which discusses what the company would be able to provide, their timelines to complete the project, and, of course, the cost of the project. Here the cost of the project is working like a bid.
Once all proposals have been submitted there is a selection process that takes place and then a winning proposal is chosen based on quality of project, timeline and bid. The company, which provides suitable bid with great timeline and quality, win the chance to complete the project. There is usually a fair amount of time given to put their proposal with all the context.
What is bid management?
For a variety of businesses, Bid manage involves looking the entire tender process for a project. In order to do bid management, first identify the competitors proposal if possible or guess any idea about the bid of competitors. After this prepare the suitable plan for the project. Under the planning process find out the total cost of the project. Then calculate ROI (return on investment). According this ROI you can up or down your bid amount. This system is called a bid management system.
Bid management Team
Bid manage team is totally based on the size of the company.
In big business company, the bidding team contains a bid directory, bid manager, bid writers, a bid coordinator and bid designer as well. On the other hand, small company mainly has one person that is bid manager.
Both teams have their own benefits or loss. In larger teams each member can provide a unique viewpoint that is very important, but it can lead some confusion about to fix right bid price. On the other hand, only one person as the bid manager or writer for small businesses remains good enough. But in this condition bid manager should be very experienced.
You For micro businesses, the role of a bid manager is to organize all the things. This bid manager is responsible for all the things. Bid manager can be any one from organization. It can be an administrator or a manager.
A bid manager’s job is to look the entire bidding process, right from selecting relevant bids through to managing the team. Bid managers will also contribute to look other processes.
Bid managers also need to understand what the organization is looking who needs to develop this project. After this create a bid that will really prove why your company should be successful in securing the tender project.
Bid manager skills
Before deciding the bid, any good bid manager will do their research. This can include:
1. Handle Compitition
This is absolutely key in bid management. Bid managers should identify all the competition terms and range of all competitors’ bids. The Bid manager should identify those specific terms that are necessary for this competition.
2. Good Communication
Bid manager, working like a mediator. He communicates to the buyer why you are the best fit for their needs and with his team. A Bid manager needs to communicate consistently with the team to make sure everything is running smoothly.
3. Calculate right pricing
That is the most important skill in big manager to calculate right pricing for bid. Bid pricing should be balanced. It should be not very much high or low as well.
4. Fast in working
Time matters a lot in bidding. So bid manager should be fast and the team who is developing this project should be very fast and efficient.
Why is bid management important?
Bid manage is essential because bid selection can be very time-consuming with various terms, so it is important that the bid is managed correctly in order to create a winning bid in the proposal.
Bid manage can very frustrating for businesses who do not have a bid manager – the individual who doesn’t have knowledge of bid management can find the process difficult to manage. It can be stressful for other team members who already have heavy workloads and often short deadlines can make the project completion difficult.
Bid manage is very essential for the organization growth. If you are not doing correct bid management then your organization can be crashed due to unbalanced budget.
If you are spending a lot of money on bid then you will get problem in your your company budget and if you are not spending enough money to bid management then you can lose the project. So bid manage is very essential for your organization growth.
Bid Management Strategies(plan) For Success
Bid management have an important role in improving success rates when tendering. Tendering without a bid management strategy will gives you poor results.
Biding can often be difficult with many small details. Proposal can be varied in size and complexity, ranging from smaller to larger.
The key steps for any good bid management strategy are:
Your Brand guidelines
First impressions count, and essential in high-quality bid management.. It will describe the look and feel of your proposal, giving a consistent and professional impression to buyers. Brand guidelines are follows such as:
Logos, use of colour and space
Colour, primary brand colours
Font, including font style, size and spacing
Use of images
Icons of concepts
Use of proposal templates, etc
Assessing buyer’s demands
The best ways of implementing this into your bid management are:
Give enough time to go over the specification documents.
Find out each question of asks and picking out the relevant answer for each.
Find out deep research on the buyer’s organisation and how it operates.
Planning enough time into your bid management strategy to create best proposal.
Types of bid management
Bid management can be different types. Here we are going to explain bid management process based on project nature. According to project, bid management can be of two types. One for online project and second for offline projects.
1. Online project bid management – online project bid management is based to online. Here you can bid to display your items of services to the online users. Examples – Google ads bid management, twitter ads bid management, LinkedIn ads bid management, Facebook ads bid management, bidding for website development project, app development bidding, Etc
Google ads bid management
Google Ads bid manage is the process of raising and lowering your keyword bid to come first in Google search results. Google ads Bid manage is important because your bid will determine when and where your Google ads show up in Google search results, as well as how much you have to pay for each click.
First use Keyword Planner. Not only does this free tool, it’s free tool and it also provides a “suggested bid” for each keyword,
In Google ads, you ads getting place at the top position if you are good in these three terms.
1. Your page quality score – how much your website Page content is good.
2. Relevancy – the web page content should be relevant with keyword and ads.
3. Bid – cost of perticular keyword
Google Ads Bidding mainly 12 types. You have to choose manual bidding out of it.
Target CPA (Cost Per Acquisition)
Target ROAS (Return On Ad Spend)
Enhanced Cost Per Click (ECPC)
Manual CPC Bidding
Target Search Page Location
Target Outranking Share
CPM Bidding (Cost Per Thousand Impressions)
vCPM Bidding (Cost Per Viewable Thousand Impressions)
CPV Bidding (Cost Per View)
Target Impression Share Bidding
How to manage Your Google Ads Bids
By selecting manual bidding, you can change your bid at any time in Google ads. By checking the performance of each keyword you can easily manage them properly.
Bid = bidding is based on ROI( return on investment )
The basic formula for ROI is:
ROI = (Gain from Investment – Cost of Investment )/ Cost of Investment
Offline projects bid management :- this kind of bid management is used for offline projects. Like real state project, construction projects, electronic projects, railway projects, health projects, etc.
Bid management for road construction project :- for this kind of project, you have to find out the manufacturing cost of construction, the timing of the project. According to these terms you can calculate the profit and lose detail. Then you have to identify a fixed bid. Below the bid you will get profit and above the bid you will get less. Then fix your bid according to calculating the profit value with respect to time.
Bid = cost of construction + profit.