PlanHub's Competitive Advantage Analytics Provides Key Information for Bidders
December 16, 2020
Have you ever wanted to know how many other subcontractors in your trade were bidding on a project? Of course, you have. It's the holy grail of information when you're deciding whether to bid on a project or not and how aggressive you'll need to be in your pricing.
• If there are many subcontractors in your trade that are interested or bidding on a project, it means there will be a lot of competition. Competition drives prices down. If you want to win the project, you'll have to sharpen your pencil, cut out any extra costs, and probably lower your profit margin. Or you may decide that there's too much competition and it's better for your business not to bid on this project and to go after one with not as many bidders.
• If there aren't a lot of subcontractors in your trade interested or bidding on a project, you have a better chance of winning it. Less competition means you can probably afford to quote your standard profit percentage and still have a shot at winning. You may even decide to bid on a project that's a bit out of your normal scope of work, expanding your business, knowing that there's less competition.
PlanHub's new Competitive Advantage Analytics tool can give you a behind the scenes look at how many subcontractors are interested in a project. You simply select the trade(s) you want to query for, choose the type of activity you're interested in, and the tool will show you how many companies have taken that action.
It's easy to find out how many subcontractors in your trade:
• Were invited to bid on the project
• Viewed the project
• Downloaded the files
• Submitted bids
The Competitive Advantage Analytics tool is part of PlanHub's new Bid Navigator toolset, which is available to Premier Package users. See a video demonstration of the Bid Navigator suite of tools.
If you'd like to get a free 7-day trial of PlanHub's Premier package, including Bid Navigator, sign up today.