The best market research is based on actual procurements. With the recent improved visibility into federal spending, why is the value so limited for market research? Most solutions rely on NAICS or PSC search results, but the real value comes from line-item level (Level 3) data. By understanding market research at the core, you will be able to use it to find qualified vendors, including small business and other set-asides and arrive at the most appropriate acquisition approach.
What is Market Research?
Market research is the business practice of continuously collecting and analyzing data on products, business practices, vendor capabilities, and services to satisfy agency needs. Market research is conducted to make educated and appropriate decisions regarding acquisitions. Conducting good market research is required for building a successful contract and an effective solicitation. In order to conduct successful market research, one must make the process an ongoing priority.
Why Conduct Market Research?
- Locate qualified small business vendors
- Market research can be used to help your agency meet overall small business goals, including but not limited to HUBZone WOSB and SDB
- Document compliance with small business requirements.
- Arrive at the most suitable acquisition approach
- Build a successful contract and an effective solicitation
- Make informed business decisions regarding acquisitions
Why Do Business with Small Businesses?
Over half of American workers are employed by one of the more than 27 million small businesses in this country. Crucially, small-scale businesses are the largest creator of net new jobs in the USA.
Awarding contracts to qualified small businesses:
- Promotes competition in the procurement process
- Grows the overall economy
- Provides jobs and innovation
- Provides “maximum practicable” prime and subcontract opportunities to small firms
Impacts of FASA and FARA
The Federal Acquisition Streamlining Act (FASA) and the Federal Acquisition Reform Act (FARA) include rules that focus on maximizing the acquisition of commercial items and services and allow for an acquisition process that is comparable to the commercial business sector. Both above policies bring increased attention to market research and allow for significant discretion in acquiring commercial items.
To Comply with FASA and FARA, Make Sure You:
- Collect and analyze market information about small business capabilities
- Focus on government-wide small business goals
- Document compliance with small business through conducting market research
- Encourage maximum participation by small businesses in agency acquisitions
- Make every reasonable effort to find qualified small business sellers before a solicitation is even issued
- Assists in locating qualified small business vendors
- Empowers your buyers with actual results from line-item level searches
- Helps to guide contract and set-aside strategies
- Allows buyers to easily convert their set-aside strategies to a solicitation
- Increases the richness of your data and capitalizes on the efficiency, competition, and documentation the system provides
Let Unison Marketplace simplify your market research process and help you maintain compliance.