Choosing A Project to Approach
With thousands of project opportunities available to subscribers, it’s vital to prioritise between project leads to maximise the chances of success. In this article, we cover some ideas to help you to choose the right project to approach.
There are many different factors to consider when choosing a project to sell your services to. Even with a very specific product, it’s always worth assessing your options to make sure your sales efforts are focused in the right direction.
Qualifying your leads is a key way to help you cherry pick the best projects for your company. Not all opportunities will suit your products. Be honest about your own strengths and weaknesses.
In this article we are going to look at some of the factors to consider when choosing a project. This is not necessarily a checklist (though can be used as one) as different companies will have different requirements, but can hopefully be a source of inspiration.
Information on all of the factors covered below is available to Protel subscribers on our project bulletins. Think this information could help your company? Get in touch now to improve your sales leads.
Things to Consider
Location
The location of the project can be an important factor when deciding which leads to pursue. Do you have the budget or the available resources to transport your goods to the site? In some cases a smaller value project that is local might prove more fruitful than a larger one that is further away.
Furthermore, you need to think about the packaging of your product. Is it easier to assemble at your facility or to transport pieces and assemble it on site? Additionally, If you’re looking at projects abroad you need to consider transport logistics as well as any taxes or fees.
If transporting your goods is a large cost of the operation, you may want to base your project searches on location. This will help you target the most relevant projects.
Technologies
When choosing a project you need to be clear on exactly what the requirements are. What solution can you match to the clients’ problem? Think about how your equipment stands out from other providers.
Check what kind of works are happening at the site. You might be able to offer solutions for different elements of the project rather than just one. This can increase efficiency for the site as well as your sales revenue.
Think about how well your equipment will work on the site. If the project is an upgrade, will your machinery fit in with the existing line? Do your research into your target company. Finding out what kind of equipment or suppliers they have used previously will help to paint a picture of their needs. Using this you can target the projects that specifically fit your services.
Project Scale
The scale of the project is another important factor to consider. You know better than anyone your production capabilities. Think about the size of the project. In some cases you might be better going for smaller, lower value contracts. It’s easy to be attracted by a €50m value project, but do you have the capacity to meet those requirements?
Consider other things you can bring to the project aside from your product. For example, do you have manpower available or manufacturing capabilities to help with other areas of the site?
Take a step back and make sure you can provide your best possible service. This will help build business relationships and could lead to further orders.
Project Scope
Do the requirements of the project present a good opportunity for our products or services? You want your products to fit in well. Think about how your options and your pitch might change depending on if it’s a complete new build or additions to an existing site.
Doing your research on the site and company is also very important. There might be other areas of the works that your company can handle. Look to gain a bigger contract where possible, offering as much help as you can to your client.
Protel subscribers have the ability to search our database using our scope key words. This can help you really dial in on the projects that are perfect for your business. Get in touch now to have a demo of our project database MyProtel.
Potential Order Value
Value is obviously a key factor when looking at projects to approach. You need to make sure that the available budget justifies your time. The last thing you want to do is undersell your products.
Consider all the cost factors before choosing a project. Think about the size of the works and your production costs. As mentioned, location can effect delivery costs as well. Ask yourself, can the company afford your services?
Resource Requirement
Don’t overstretch yourself. you know what your production capabilities are. Make sure you have the time to service the opportunity. Additionally, make sure you have available human and material resources to be able to offer the best service possible.
Assess your current order book alongside the projected project timeline. Do you have other orders due at the same time? Will you need some time in between to recover resources or preparation time before starting work on the next project?
Timescales
The project timescale is also another key factor. How quickly do you need a sale? Do you need a quick turnaround or are you more flexible with time? Some of our project data is very early stage. This means there could be quite some time before work actually begins.
Match up your own business timeline with the projected timeline of the project. Do you have other works in the pipeline which could interfere with the project? You need to be prepared for potential changes to the timeline as well. Projects sometimes are put on hold for various reasons. Make sure you have the available time and resources to fulfill the order
Incumbent Suppliers
We’ve mentioned it a couple of times already, but doing your homework on a company and their previous projects is very important. Does your target always use the same supplier? How long have they been using their suppliers? Sometimes it may be better to focus on newer companies rather than trying to break down years of previous relationships in an established business.
Find out what the current or previous supplier is offering. Think about how you can better their offer. Is your machine more efficient, more economical or able to offer them more functions? Providing a good USP will help get you noticed. Knowing how your target company works means you can tailor your pitch directly to their needs.
Check for Previous Contacts or Links
Checking back on your previous contacts is a great way into a new project. Do you have previous links at the company, or any people part of your network who have worked with them before?
Doing your research and using any previous business relationships is a great way to help choose a project. Think about other contacts on site such as the engineering house. If you’ve worked alongside the company before, it may be easier to approach them than a completely new business.
Product Type
Product type is a really good way to hone in on the best projects for your company. If you’ve had previous success with bakery factories, look for projects on a similar vein. Dial in your product types. For example, you might be looking at drink projects, but especially focus on distillery equipment. Make your searches more specific to help find the project most relevant to you.
There is no right or wrong way to decide which projects to approach. Each company has different requirements and abilities. Play to your strengths. Looking back at your previous success is a great way to start. Furthermore, using any contacts you may have that are or have been involved in your target company can help get your foot in the door.
Once you have identified important factors for deciding a project, a great way to plan your approach is to grade them. As an example, you could give each of the points in this article a score out of 5. Adding these together will give you a project score you can compare to your other options. You know the highest scoring projects are the best ones for you to approach.
Like what you’ve read? Protel can give you access to project information at an early stage and provide you with all the necessary information to choose your perfect projects. Contact us now to find out more.