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Market Research: the Key to Your Next RFP's Success

Quick Read: Market Research: the Key to Your Next RFP's Success

When drafting a solicitation, tight timelines, complex programs, and limited staff resources can make it difficult for governments to systematically reassess needs, gather strategic input in designing new solutions, or engage with providers to help them understand the departments goals and priorities. Many government employees fear that collaborating with prospective vendors or outside stakeholders crosses over a legal line and creates an unfair advantage. However, not conducting any market research runs the risk of receiving few high-quality bids or receiving quotes that are way over budget.

Investing some time to understand the vendor marketplace before releasing a new solicitation can yield far better results. This quick read will describe 12 market research tools and explore which one is right for your next solicitation.