Market research is something you can expect to see throughout the life of your GSA Schedule. Market research can be used to determine ‘fair and reasonable pricing’ during the offer stage and for modifications. Market research can also be used during the procurement process for the buyer to determine the ‘best’ price for their needs. As a Schedule contract holder, it’s important for you to have a better understanding of why GSA collects market research and how this data shapes future purchasing decisions.
Since market research is so crucial to government contracting, GSA has created a streamlined process to make this information more readily available. This process is called MRAS or Market Research as a Service. MRAS allows GSA to conduct research through surveys and Requests for Information (RFIs) and distribute it to the necessary agency. Here’s what you need to know about responding to these RFIs and engaging with GSA’s market research.
As we mentioned above, market research is important for agencies to determine best value and see what solutions are out there. Agencies are looking to meet their needs in the most efficient way possible, and through market research, they can identify what is available to them. Market research is often required by law as well. But why is market research important to GSA contractors? We have listed 5 important reasons below:
1. Gain knowledge
Market research can be a conversation starter with an agency and helps you better understand the market that you as a contractor rely on. You’ll get a better idea of what the agency is looking for, and you’ll have a chance to share your solution and how it may help them achieve their goals. Once you understand the market better, you can interact within the relevant agencies more efficiently.
2. Make informed decisions
An essential feature of the GSA Schedule is that it’s a competitive vehicle. Market research allows you to analyze the competition and make informed decisions about your business practices. Research allows you to see the possible solutions and understand the impact.
3. Drive mission capabilities
By responding a market research survey or RFI, you have the possibility of shaping the future Request for Proposal (RFP), giving you an edge on other contractors. The information gathered during the market research process ultimately affects the acquisition strategy, requirements, evaluation factors, and terms and conditions to name a few.
4. To remain relevant, gain efficiency, and innovateClient engagement and relationship maintenance is essential to being successful with government buyers. Market research helps gather feedback and allows stakeholders to be heard.
5. To ensure regulatory compliance, understand market constraints, and recognize opportunities
A large part of market research is figuring out what parameters need to be set and what solutions are out there that can operate under these requirements. It can also identify if the need can be met solely by small businesses, lending an opportunity for a total small business set-aside, or another more specialized set-aside such as Women-Owned Small Businesses.
GSA provides Market Research as a Service or MRAS to help facilitate the above-mentioned benefits. They do this through a commercially available software that helps streamline the process. This process helps simplify the research specifically by asking “yes” or “no” questions and requesting direct values and ranges. GSA asks questions with a purpose while also considering how they want to visualize the data received. To make the data more digestible, GSA uses video, website, demos, manuals and more. These visuals can be used to help identify recommended parties, recommended North American Industry Classification (NAICS) Codes, and interested parties as outlined by Socio-economic Status/Business size.
All MRAS surveys/RFIs are posted on GSA’S eBuy site under Source Selection under the applicable Special Item Numbers (SINs) and contracts. This means that you won’t see opportunities that are not relevant to your offerings.
You’ll also periodically get notified of any MRAS surveys that are related to your SIN(s). These RFI request emails will be sent to the email address located in eLibrary, so it’s essential your email is current and up to date, and whoever is the main Point of Contact is frequently monitoring the emails.
After having a better understanding of what market research is and why it’s important to be involved as a contractor, here are some tips:
As mentioned above, you will be given an opportunity to include a capabilities statement. This is a chance for you to give unique information about your company and explain how your solutions may fit their needs. It should be tailored to every agency/market research response. Here are some tips about capabilities statements in eBuy:
A market research report summarizing your response is sent to agency acquisition professionals. The agency acquisition professionals take the responses and provide agencies with visuals and data, narratives they can leverage for acquisition planning, and gives agencies an outlook on whether competition and socio-economic participation is likely. Then, an agency Point of Contact (POC) is provided to you if you have further questions regarding the RFI or survey.
As a GSA contractor, it’s important you stay on top of government solicitations including RFIs, Requests for Proposals (RFPs), and Requests for Quotes (RFQs). We cannot stress enough how important it is to get involved in the solicitation process early and respond to RFIs and surveys that you are interested in pursuing in the future. This is your chance to tell the government about your products and services and how your company stands out among your competitors.
For more information on government opportunities check out our blogs below:
If you have questions about support with government contracting opportunities or about your GSA Schedule in general, please contact one of our consultants. They would be happy to steer you in the right direction and help you get the assistance you need.