How Market Research Leads to Effective Procurement

Before introducing a product or service, a business owner should not forget to conduct a survey to know about the buyers or users of the products or services launched. If you fail to do so, your business might be at the risk of failure. Likewise, when we are looking to procure some sort of product, service or deal, the lack of information about the seller may put our procurement at risk. And, here is where Procurement Research Services become actively relevant for all businesses.

Therefore, it’s always advisable to all procuring officials to keep updating their knowledge and awareness about the market, clients, and competitors so that they could be able to attract qualified and eligible sellers or bidders available in the market. Market research or intelligence will be an excellent way to keep yourself updated, knowing the behavior of your targeted customers, and also keep an eye on the activities of your competitors.

Market research can be formal or informal. Information collected right from the bids can prove to the best source of market intelligence, if gathered on a regular basis. In addition to that customized secondary and primary research reports work as eyes and ears for procuring officials. Hence, continually looking for market intelligence, as it might come in any form, will help you reap excellent results.

Are you aware of the biggest risk associated with the lack of market intelligence or research, especially in public procurement? It is falling into the trap of an interested bidder. For instance, if a bidder knows that the purchaser isn’t aware of the market, he might disclose credentials of his product or services so carefully and selectively that you might feel tempted to ready your bid document, keeping in mind qualifications best suited the interested bidder and put technical specifications perfectly suited to the service or product offered by the bidder.

On the other hand, if you have gathered maximum knowledge on your market, clients, and competitors, you will prepare the bid document, technical specifications and qualification criteria in a way that the maximum participation of the bidders is achieved and you could get the best-by.

You can seek assistance from Penterra Analytics for getting Customized Research Reports and conducting market research. A top-ranked market research service provider in India, Penterra has been offering excellent services for the last ten years or so.