THE FORTUNE ONE
Is not a commercial company…..
This is a series on how you can build a successful Federal vertical to earn millions of dollars of revenue from the U.S. Federal Government.
You might be thinking, “The Federal Government is enormous. The bureaucratic red tape is legendary. The idea of landing a government contract is just too daunting to even bother trying.”
With an introduction like that, why would you keep reading? Here’s why. The Federal Government is the Fortune One. According to ITDASHBOARD.GOV, Information Technology spending in the 2017 Fiscal Budget year will be about $86 Billion (yes, that is billion with a B) and that doesn’t include classified or IT Modernization funding.
How do you capture just 1 percent of this market?
That question is the main premise of this blog series.
By reviewing the ITDASHBOARD.GOV website, you can begin to understand just how much money the Federal Government spends each year. That money is your tax dollars at work! Every Federal department and agency is provided funding to accomplish its mission. The website also provided three key insights to the Federal Government-wide IT spend from FY 2011 to FY 2017.
- CIO Risk ratings for all major IT investments
- Who uses the data provided on the website
- Understanding of the total FY 2017 IT spend by agency
ITDASHBOARD.GOV is just a single point and perspective of the overall market. Now we’ll transition this discussion in how to use this data and a collection of other sources to build your Federal market.
Many people and organizations have had their own experiences, both success and failure in this market. I want to use those experiences to help you navigate the Federal customer. I want to help you review and deep dive in your company’s objectives to properly align your people, process and technologies to minimize missteps and win consistent Federal customer dollars.
In this series of blog articles, I’ll open the discussion on a company’s goal and objectives in penetrating the Federal vertical. This discussion will focus on a company’s executive internal planning requirements from the Venture Capital, Board and C-Level personnel purview. To even begin the discussion, you have to answer a few questions:
- What does the company want to achieve with the Federal market?
- What are the company’s expectations? (Revenue, Timeframe, Commitment, Resources, etc.)
- Do you have the correct product(s) or service(s) aligned to the Federal market?
- Do you have the right people to execute your goals and objectives to be successful?
- How will this impact other investments of the business?
Answering these questions will help you determine if you want to even begin the journey.
In addition, this journey needs to include all of the other business areas of the company (i.e. Marketing, Product, Sales, Engineering, etc.). I will also transition to topics for internal discussions so you can make informed decisions about your overall investment to sell to this perspective customer.
NOTE: This is not a civics class, but sometimes it will feel like it. You have to know how the Federal Government works in order to successfully navigate all the intricacies (cloud, certifications (FEDRamp), contracting, data center, budgets, terminology, FAR’s, etc..) to close Federal customer dollars.
A little about me. I have over 25 years’ experience in all aspects of selling to the Federal Government. I have been involved in every aspect of the Federal Sales cycle. Over these years, I developed a successful process and methodology that is repeatable, trackable and transformational. In fact, I have used this methodology with seven start-ups achieving triple digit growth in targeted Federal verticals. This methodology is proven to work with technology companies and resellers, both large and small. My background includes executive management, sales, marketing, engineering and business development, generating millions of dollars in revenue specifically from the Federal market. I love what I do for a living!
What I have found in all my years in building a Federal vertical:
Leadership, planning and knowledge are the keys to ensure you are successful in building this market vertical.
Because no two experiences are identical, I will have many special guests that will provide additional superb intellectual content to ensure a rich and diverse conversation. This will help you better understand the complexities and commitment it takes from the entire company to be successful.
In the next article, I will be directing my attention to the Venture Capitalist, Board and C-Level personnel on “Managing Expectations.” I hope you will join me.
Article 2: Managing Corporate Expectations for the Federal Market