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Track all of your bids by dollar size category, winning profit margin percentage, locations or industries where you are winning or losing, which customers are choosing you and which are not and other pertinent data for your type of business. When you lose a bid, were you second or tenth? If you lost, what was the winning bid? If the buyer who asked you to bid will discuss it, ask by how much you were too high? The buyer wants you to bid again so he may give you good information or at least hint at the results. Did the winner of the bid offer something you did not? You need to know who wins these bids and how they did it. It may be a part of the market you need to leave if the margins are too low. Analyze the bidding process and press for feedback when you lose. That is more important many times more than winning
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IDEA: Track your win ratio to improve your future bids. Always ask “Why did I lose?”
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