Data-Driven Pricing: Building the Best Proposals

 

FieldNation-86-minCreating an accurate proposal in response to an RFP (request-for-proposal) can often be time-consuming and tedious, especially for large projects with many components in multiple geographies. To simplify the process of creating a project proposal, Field Nation has developed real-time pricing insights built right into our platform that make it easy to budget realistically, segment price estimates based on skill set, and offer pricing for bids that are competitive. Building the best proposal starts with making smart data-driven decisions and can lead to better long-term client relationships.

Create Accurate Proposals, Fast

Staying on budget is arguably the most important factor for clients when evaluating proposals. Field Nation market pricing insights allow users to view real-time pricing data segmented by type of work and geographic location.

Not only can market pricing insights help you win more bids, it can also help you turn a profit. Specifically, market pricing insights allow you to view historical pricing averages from the past 60 days which are segmented by location and type of work. For example, if you want to create a proposal for a new project in a new geographic area that you are not accustomed to doing work in. Market pricing insights allow you to search specific geographies and learn more about what a service provider in that market would make for a similar project, which allows you to create the most informed project predictions with less time and effort. These features enable your business to expand into new markets and bid on projects in any location.

Estimate Based on Skill Set

Contract workers are unique in that their hourly earnings are often quite different from W2 workers with similar qualifications, making broad industry averages found online difficult to use. With real-time pricing insights, you can see exactly how much similar service providers with those qualifications and specific skill sets have earned in the past 60 days. Additionally, segmenting based on specific skill sets can ensure your RFP’s are as accurate as possible since different skillsets require vastly different pricing based on supply and demand in that geographic area.

Stay Competitive

A best practice when using a data-driven pricing strategy is generally to price yourself competitively, not at the top or the bottom of a client’s price range. It’s important to consider that in contingent labor, you generally pay for what you get and quality is often reflected in the price. By pricing yourself at a competitive midpoint you can ensure you meet your clients budget and provide them with quality labor.

Making data-driven decisions when building the best proposal doesn’t have to be difficult. By filtering based on geographic location and skill set, you are able to create accurate proposals with less project uncertainty.

Are you ready to start making accurate proposals? Sign up for Field Nation and start planning your project today.