Understanding Market Research in the System for Award Management (SAM)
Explore the importance of market research in SAM for identifying customers, analyzing competition, and leveraging reporting tools. Learn about APEX Accelerators, NAICS codes, and key buyers. Discover the benefits of gathering information systematically to make informed business decisions.
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CONDUCTING MARKET RESEARCH in the SYSTEM FOR AWARD MANAGEMENT SAM Presented By : Fabiela Kemble, M.Ed Tsanceria Hernandez, MBA, MHA
INTRODUCTION OK APEX ACCELERATOR Fabiela Kemble, M.Ed Indian Capital Technology Center Fabiela.kemble@ictech.edu 918-348-7938 2 OK APEX ACCELERATOR Tsanceria Hernandez, MBA, MHA Gordon Cooper Technology Center Tsanceriah@gctech.edu 405-214-3294
During this training, you will understand how to use the contract data bank to: Identify prospective customers and their buying preferences. Understand the competitive landscape and how to set your business apart. Use Reporting tools and techniques to get your business questions answered. 3
ABOUT US APEX Accelerators, formally known as the Procurement Technical Assistance Program (PTAP), was authorized by Congress in 1985 in an effort to expand the number of businesses capable of participating in the government mareketplace. More than 90 Apex Accelerators across the US Provide Education and Training Assist with finding opportunities Assist with finding sources for agencies/primes Networking Events One-on-One Counseling 4
WHAT IS MARKET RESEARCH? Systematic gathering and analysis of information Helps entities make informed decisions Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is an important component of business strategy and a major factor in maintaining competitiveness. Wikipedia 2023 5
Important Codes to Know NAICS Codes Product Service Codes A four-digit code that classifies a specific group of services or commodities purchased by federal agencies. Optional in SAM but now recommended. The North American Industry Classification System is a six-digit code that classifies the industry from which the government procures goods and services. Required entry in SAM. 6
Who are the largest buyers? 1 2 3 US Federal Government State, Local, Education Corporate Buyers Annual contract spending is over $600 billion per year. Contract and grant spending was nearly $2 trillion in FY2021. Aggregate contract spending is estimated at $1.5 trillion. Large corporate buyers and prime contractors could be in the billions. 7
Market Size Market Research Terminology Understanding the size and scope of the market for the desired goods or services. Competitive Landscape Identifying existing vendors, their strengths, and their weaknesses. Trends and Innovation Identifying Needs Defining Requirements Staying up-to-date with industry trends and emerging technologies. Market Analysis: Market Research begins with an analysis of the relevant market. This involves gathering data on potential government agencies Pricing and Cost Estimates Estimating the cost of goods or services in the market. 8
Benefits of Market Research Helps allocate your time, energy, and money in the right places. Can help you uncover opportunities before they are posted to the general public. Gives you a better understanding of where your company fits in the big picture. Provides your company with competitive intelligence and opportunity insights. 9
Limitations of Market Research The federal government has tons of data available at no cost to you. Depending on what you are selling, results in federal data may vary. Subcontracting data is difficult to track. Unfortunately, state and local data, along with large corporations are not as easy to find. We suggest connecting with your local APEX Accelerator to gain insight into these areas. 10
Market Research Sites Agency Forecasts Many federal agencies provide forecasts on future potential funding and solicitation opportunities. www.sam.gov www.fpds.gov Used for registering to do business with the federal government, listing contract opportunities, capturing contractor performance, viewing contract data, search assistance listings, reporting subcontracts and more. The Federal Procurement Data System is the real- time, relational database that serves the government acquisition community as the authoritative source of contract information. Does not show subs. www.usaspending.gov www.dsbs.sba.gov The official open data source of federal spending information, including federal awards such as contracts, grants, and loans. They track how federal money is spent in communities across America. The SBA maintains the Dynamic Small Business Search database. As a small business registers in SAM, part of the profile is listed in the DSBS database along with any certifications. 11
Walk Through SAM Data Bank 12
Simple Techniques Ask APEX Accelerator Teaming Partner Others Read Read the info provided on agency OSDBU/small business websites. Build Relationships Interview small business reps, end users/decision makers, and supplier diversity contacts at large corporations. Review Review the target agency agency s forecast contract opportunities. 13
Q & A 14
CONTACT US Fabiela Kemble 918-348-7938 Fabiela.kemble@ictech.edu Tsanceria Hernandez 405-214-3294 Tsanceriah@gctech.edu 15
References Bernard, C. (2022). Market Research for Small Businesses Selling to Big Buyers. Govology. Govology Learning. Frank, J. (2021). Who Buys What You Sell? A Step-by-Step Process. Govology. RSM Federal Learning. Lejeune, M., & Frank, J. (2020). Game Changers for Government Contractors. Saint Louis: RSM Federal. 16
