Bid Management Statistics 2024 – Everything You Need to Know

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Are you looking to add Bid Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Bid Management statistics of 2024.

My team and I scanned the entire web and collected all the most useful Bid Management stats on this page. You don’t need to check any other resource on the web for any Bid Management statistics. All are here only 🙂

How much of an impact will Bid Management have on your day-to-day? or the day-to-day of your business? Should you invest in Bid Management? We will answer all your Bid Management related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Bid Management Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 195 Bid Management Statistics on this page 🙂

Bid Management Market Statistics

  • In a 2021 HubSpot Blog poll of 1,000+ global marketing professionals, 79% of marketers report buying paid advertising on social media. [0]
  • According the same poll, 85% of marketers rank shortform videos as the most effective type of social media content in 2021 64% of marketers plan to invest more in short form video in 2024. [0]
  • 82% of marketers repurpose content across various social media channels. [0]
  • 83% of marketers believe the quality of social media posts is more important than the quantity. [0]
  • In a 2021 HubSpot Blog poll, 79% of marketers report buying paid advertising on Facebook. [0]
  • According to the same poll, more than 50% of marketers plan on increasing their investments in Facebook, YouTube, and TikTok in 2024. [0]
  • Facebook ads are used by 70% of marketers, and there were 10 million active advertisers on the platform in Q3 2021. [0]
  • 81% of businesses prefer video marketing on Facebook. [0]
  • In a HubSpot Blog poll of 1,000+ global marketers, 79% of marketers plan to continue investing in Twitter Spaces in 2024. [0]
  • In a 2021 HubSpot Blog poll, 58% of marketers plan to leverage Instagram Reels in 2024. [0]
  • 98% of marketers say Instagram is the most influential platform for influencer marketing, which is 44% higher than Facebook. [0]
  • In a 2021 HubSpot Blog poll of 1,000+ global marketers, 73% of marketers prefer Instagram for influencer marketing. [0]
  • In a 2021 HubSpot Blog poll of 1,000+ global marketers, 44% of marketers plan to leverage YouTube for the first time in 2024. [0]
  • 54% of all people want marketers to put out more video content, and this is an excellent place to begin. [0]
  • In a 2021 HubSpot Blog poll of 1,000+ global marketers, 61% of marketers plan to increase their investment in TikTok marketing in 2024. [0]
  • 73% of marketers believe that their efforts through social media marketing have been “somewhat effective” or “very effective” for their business. [0]

Bid Management Software Statistics

  • 69% of companies use an RFP tool or software. [1]
  • Teams that use software have an average 45% proposal win rate. [1]
  • Response teams who use a dedicated RFP response software win 45% of the bids they participate in. [1]
  • On the flip side, teams that don’t use software have an average RFP win rate of 41%. [1]
  • Proposal teams using software report 14% more manageable stress levels. [1]
  • 68% of teams that use proposal software say their stress levels at work are “almost always manageable” in comparison to their peers without dedicated tools—54% of non users report manageable stress levels. [1]

Bid Management Latest Statistics

  • The average RFP win rate is 44%. [1]
  • On average, organizations win 44% of their RFPs. [1]
  • 17% of teams report winning 3039% of RFP bids, while another 15% win 50 59% of their RFPs. [1]
  • A shocking 7% of teams report an 80 100% proposal win rate. [1]
  • Enterprise companies win 48% of the RFPs that they participate in. [1]
  • But Mid Market companies aren’t far behind, with an average 47% win rate. [1]
  • Small companies win 38% of their proposals. [1]
  • Small & midsize companies are the group’s outlier, only winning 38% of bids on average. [1]
  • The average RFP advancement rate is 53%. [1]
  • On average, companies progressed 53% of the time on average, although this varies by company size. [1]
  • Mid Market teams proved most likely to advance (58%). [1]
  • On average, companies source 33% of their sales revenue through deals involving RFPs. [1]
  • The industries that generate the highest percentage of their revenue from RFPs are Advertising, Media & Telecom with 46%, as well as Manufacturing, Supply Chain, Construction & Retail with 40%. [1]
  • The most commonly tracked RFP metrics include number of bids won (57%), and the number of bids submitted (48%). [1]
  • Only a small percentage of teams are tracking employee satisfaction or sentiment (14%). [1]
  • Most organizations (42%). [1]
  • Process satisfaction correlates with an 8% higher win rate. [1]
  • Those who are satisfied with their process have a win rate of 48%, compared to 40% among those who are dissatisfied. [1]
  • A quarter of RFPs (25%). [1]
  • The majority of organizations (44%). [1]
  • The next largest group (25%). [1]
  • Only 10% involve 15 or more people in the creation of every RFP. [1]
  • This increase of contributors likely reflects increased scrutiny during the buying process, which began during COVID. [1]
  • 52% of RFPs are completed in less than two business days. đŸ€Ż. [1]
  • On the flip side, 23% of teams take 610 business days to turn around responses, while 15% take 11 20 days , and less than 10% take more than a month to complete and submit responses. [1]
  • They are 23x more likely than mid sized companies to reply within five hours. [1]
  • But they also have the lowest win rates of any company size (37%). [1]
  • But interestingly, more than half of companies surveyed (51%). [1]
  • Top performing teams—who win more than 50% of the RFPs they bid on—submit a higher volume of RFP responses annually. [1]
  • On average, organizations respond to 62% of the RFPs their company receives—meaning most teams deem two thirds of bids to be worth answering. [1]
  • This year, 76% of teams assess if they’re likely to win using a go/no go decision template for RFPs. [1]
  • 43% of RFPs were submitted through an online portal. [1]
  • This year, the number of bids submitted through an online portal increased slightly, up from 41% last year. [1]
  • Interestingly, this number is even higher among top performing teams, who submit 49% of their bids through an online portal. [1]
  • Despite making up a majority of the industry (71% of those surveyed), women were found more likely to fall into the lowtomid pay bands, while the male minority (23% of those surveyed). [1]
  • 27% of proposal professionals were promoted in the last 12 months. [1]
  • Those already earning midtohigh salaries or in the 25 44 age range were the most likely to be promoted this year. [1]
  • Mid Market companies are by far the most likely to use it (80%), followed by Enterprise (67%) and Small & Midsize (58%). [1]
  • The top reasons cited for using an RFP solution are improvements to content storage (61%), closely followed by time savings (57%), and the automation of tedious and manual tasks (48%). [1]
  • They’re also 11% more satisfied with their team’s good proposal win rate. [1]
  • RFP teams report that their top challenges are collaborating with subject matter experts (45%), finding upto date accurate answers (42%), manually formatting responses (36%), and choosing the right answers from a group of potential answers (34%). [1]
  • RFP win rates dropped 9% between 2020 and 2024. [1]
  • In 2019, win rates were 53%. [1]
  • In 2021, they dropped to 44%. [1]
  • RFP influenced revenue dropped 8% between 2020 and 2024. [1]
  • Sales revenue sourced from RFPs dropped from 41% to 35% —which isn’t surprising, considering the turbulence of the buying cycle during the pandemic. [1]
  • In 2021, RFP influenced revenue dropped another 2%, which may still be an indication of delayed economic activity during the pandemic, as many deals with RFPs have long sales cycles. [1]
  • 15% of sales led proposals were lost due to a missed deadline. [1]
  • 0% of proposals led by an RFP manager were lost due to a missed deadline. [1]
  • The top areas for RFP resource investments in 2024 are team training (44%), hiring more staff (41%), and investing in new technology (40%). [1]
  • 57% of organizations intend to submit more RFPs in 2024. [1]
  • More than half of organizations (57%). [1]
  • It’s worth noting, this number is 10% higher than last year’s predictions (47%). [1]
  • This change can likely be attributed to businesses bouncing back after the economic slowdown in 2020. [1]
  • In the U.S. women make up 70% of bid managers and men make up 30%. [2]
  • In fact, 14 percent report regularly working more than 50 hours per week. [3]
  • In addition to those hours, 45 percent of respondents have secondary duties. [3]
  • In addition, there’s a correlation between teams with executive involvement in these areas and teams that report a win rate above 50 percent. [3]
  • This proposal statistic is particularly interesting when you consider that 41 percent of APMP members report an impressive win rate of more than 50 percent. [3]
  • In fact, according to a survey conducted by Strategic Proposals, more than 88 percent of proposal professionals have faced a mental health problem related to their work. [3]
  • Interestingly, according to the The Deloitte Global CPO survey 2019, CPOs report that only 32% of suppliers are digitally enabled. [3]
  • Additionally, each of these tools is rated useful or extremely useful by more than 80 percent of respondents. [3]
  • Accordingly, it was named a key area for improvement by 68 percent of CPOs. [3]
  • According to the key takeaways report from Gartner’s CEB Sales and Marketing Summit, only 17 percent of a buyer’s time is spent meeting with potential suppliers. [3]
  • With over 53% of the world’s population on social media, it’s critical that your business has an effective social media strategy that helps you reach your intended audience. [0]
  • 54% of social browsers use social media to research products. [0]
  • While 71% of teens claimed to use the platform in 2015, the number has now dropped to 67%. [0]
  • 69% of U.S. adults use Facebook and 76% have visited the platform in the last month. [0]
  • 98.3% of Facebook users access the platform on mobile devices. [0]
  • 16% of all Facebook profiles are fake or duplicates. [0]
  • In 2019, 22% of U.S. adults used Twitter, down from 24% in 2018. [0]
  • Link clicks account for 92% of all user interaction with tweets. [0]
  • Tweets with hashtags get 100% more engagement. [0]
  • Socially responsible ads on twitter perform 12% better than standard ads. [0]
  • 93% of Twitter community members are open to brands getting involved in conversation, such as providing help and support. [0]
  • 67% of Gen Z and 57% of Millennials use the platform,. [0]
  • in comparison to only 38% of Gen X. 64% of Instagram users are under the age of 34. [0]
  • Videos get 21.2% more interactions compared to images and 18.6% more interactions compared to carousels. [0]
  • 90% of people on Instagram follow a business. [0]
  • 83% of people use Instagram to discover new products and services and 87% said they took specific action, like making a purchase, after seeing product information. [0]
  • eMarketer estimated that Instagram added 26.9 million users between 2016 and 2020 — almost double the incremental users expected for Twitter, and far more than any other social platform tracked. [0]
  • As of July 2021, 51% of Instagram users were female and 48% were male. [0]
  • As of Q2 2021, 60% of LinkedIn users were between 25 and 34 years old. [0]
  • In Q1 of 2021, LinkedIn revenue is up 16% in YoY growth. [0]
  • LinkedIn made more than 8.1 billion in revenue in 2020, a 20% increase from 2019. [0]
  • It grew 44 percent yearover year in Q1 of 2019. [0]
  • 82% of B2B markers report finding the greatest success on LinkedIn. [0]
  • Over 46% of all social media traffic to company websites comes from LinkedIn. [0]
  • 18to34year olds use YouTube to view video content on TV, 7.9% more often than basic cable, and 14.5% more often than premium cable. [0]
  • YouTube accounts for more than 25% of total worldwide mobile traffic. [0]
  • 85% of U.S. teens were active on YouTube in 2019. [0]
  • 41% of global TikTok users are between the ages of 16 and 24. [0]
  • 58.8% of U.S. TikTok users are female. [0]
  • In 2020, Reddit had 52 million daily active users, up 44%. [0]
  • Most Reddit users in the U.S. are male, but 15% of U.S. adults say they use the platform. [0]
  • Only 8% of female U.S. adults say they used Reddit in 2019. [0]
  • Answering a complaint on social media can increase customer advocacy by 25%. [0]
  • 79% of consumers expect brands to respond within a day of reaching out over social media, but average brand response rates across all industries is lower than 25%. [0]
  • 54% of social browsers use social media to research products. [0]
  • 54% of Gen Z and 49% of Millenials say social media is their preferred channel for ad influence. [0]
  • 79% of people say that user generated content on social media significantly impacts their purchasing decisions. [0]
  • Comparatively, there are 11.9% of the Hispanic or Latino ethnicity and 8.1% of the Asian ethnicity. [4]
  • White, 70.3% Hispanic or Latino, 11.9% Asian, 8.1% Black or African American, 7.0% Unknown, 2.1% American Indian and Alaska Native, 0.6%. [4]
  • Using the Census Bureau data, we found out how the percentage of each ethnic category trended between 2010 2019 among Bid Managers. [4]
  • Interestingly enough, the average age of Bid Managers is 40+ years old, which represents 71% of the population. [4]
  • 69% of Bid Managers earn that degree. [4]
  • A close second is Master’s Degree with 15% and rounding it off. [4]
  • Bachelors, 69% Masters, 15% Associate, 9% High School Diploma, 4%. [4]
  • Other Degrees, 3% Bid Manager Wage Gap By Education. [4]
  • By looking over 375 Bid Managers resumes, we figured out that the average Bid Manager enjoys staying at their job for 1 2 years for a percentage of 36%. [4]
  • College President 14.77% Slot Operations Director 14.43% Social Director 12.85% Clinical Laboratory Manager 10.10% Bid Manager 8.41% Product Engineering Manager 8.13% Construction Trades Contractor 2.16% Profession. [4]
  • The most common foreign language among Bid Managers is Spanish at 22.6%. [4]
  • The secondmost popular foreign language spoken is German at 12.9% and Portuguese is the third most popular at 6.5%. [4]
  • Spanish, 22.6% German, 12.9% Portuguese, 6.5% French, 6.5% Hungarian, 3.2% Other, 48.3%. [4]
  • Share*your % of impressions in the top #4 ad spots Absolute Top Impression. [5]
  • Share*your % of impressions in the #1 ad spot. [5]
  • If your ROAS is higher than your goal, but your Top Impression Share is in the >80%,don’t increase your bid. [5]
  • This is because, if you are already in the top positions 80% of the time, there isn’t necessarily much to gain by increasing your bids. [5]
  • A general guideline is that bid changes of 10% to 30%work pretty well. [5]
  • 15% to 50% is a typical frame for most accounts, with the sweet spot typically being 15% to 30%, but it really depends on the individual product/keyword and your current bids. [5]
  • Changing a $0.03 bid by 30% doesn’t do much if you are not getting any clicks. [5]
  • But changing a $3 bid by 30% can really move the needle if you are right on the cusp of being in the top four. [5]
  • And yet, if you are bidding $10, then a 30% increase might not make a big change, surprisingly enough. [5]
  • But more noticeably, only 58% of the revenue is measured on day one following a click. [5]
  • If you spend $1,000 in a day and get $5,800 in revenue, that is a 580% ROAS. [5]
  • But when you wait “5.2 days,” you’ll get to a 1,000% ROAS. [5]
  • Now, I can simplify it a bit for you already because four of these points are not a huge deal for 70% of PPC accounts in ecommerce. [5]
  • A 10% increase for mobile, a 30% decrease for an audience, a 10% increase for Sundays, and a 25% increase for 25–34year. [5]
  • Mobile gets between 50–80% of clicks today. [5]
  • If a keyword has an 800% ROAS, and the audience you have added has an 800% audience, then you can’t do anything. [5]
  • The only caveat to this rule is when a segment makes up +75% of the clicks. [5]
  • If you have a campaign where you get 80% of the conversions/clicks/cost from mobile, then you don’t need to set a bid adjustment. [5]
  • The challenge is, if you decrease a keyword’s bid by 20% and add a 20% bid adjustment for mobile (which accounts for 80% of your traffic). [5]
  • It’s so narrow minded, but many people are still either 100% Smart Bidding or 100% manual bidding. [5]
  • The projected percent change in employment from 2020 to 2030. [6]
  • The average growth rate for all occupations is 8 percent. [6]
  • The percent change of employment for each occupation from 2020 to 2030. [6]
  • It could be evaluated and represented as a percentage of contract cost, either itemized or total cost, or defined through probabilistic models, e.g. PERT or Monte Carlo. [7]
  • The standard deviation of the sample is 33% and the Chi test result confirms that the engineer’s estimate distribution over the sample projects follows a normal distribution at 99.44% confidence level. [7]
  • The cost estimate at project initiation varies within ±80% of the final cost. [7]
  • The major qualitative improvement in cost estimate occurs in design stage, where engineer’s estimate varies within ±40% of final cost. [7]
  • In an alternative approach, all low and high bids, beyond 68% middle population , are removed before evaluating the average bid amount. [7]
  • For comparison, the error values for the median bid, at 50% percentile, are also provided. [7]
  • This distribution is close to the normal distribution with 99% confidence. [7]
  • Further analysis reveals that bids are distributed with average standard deviation of 11.6%. [7]
  • Considering each bid as an expert opinion on the project cost, and disregarding the engineer’s estimate, the variation of cost estimate is practically higher than 8 at 99% confidence level. [7]
  • In this distribution, the lowest bid is within 0.004–4.237 percentile of bids, which is at the average of 1.34 percentile of sample bids for the first data. [7]
  • The average ratios of the lowest bid to engineer’s estimate is 84%. [7]
  • The confidence level for normal distribution of lowest bid ratio to engineer’s estimate is 90.2% only, which is much less than bids distribution in Figure 4. [7]
  • This distribution has the average of 86%, with 99.9% confidence level for normal distribution. [7]
  • The median is the same as average, at 86%. [7]
  • This graph indicates that the lowest bid would fall within 69–96% of average bid at 95% confidence level. [7]
  • Further, assuming no discrepancies between the average bid and engineer’s estimate, the expected value of lowest bid is 18% below the engineer’s estimate, or 82% of engineer’s estimate. [7]
  • This number is very close to the average ratio of the lowest bid to average bids, 84%, evaluated from distribution shown in Figure 5. [7]
  • Assuming 95% confidence level, the standard deviation of bids would be 9.6%. [7]
  • The engineer’s estimate at this standard deviation would be within ±20% of the average bid with the same confidence level. [7]
  • The confidence of level of normality of this distribution is only 80%, which would reject the normal hypothesis. [7]
  • Nearly 64% of bids are below engineer’s estimate in sample projects. [7]
  • Summary of observed variations in cost estimate of sample projects indicates that the accuracy of cost estimates is improved from 80% deviation to 40% deviation as the project makes progress from programming to design. [7]
  • The lowest bid may also deviate from the final cost by 20%. [7]
  • Median bid (%). [7]
  • The lowest bid ratio limits at 95% confidence level. [7]
  • 76.1 74.1 75 Upper bound (%). [7]
  • For example, imagine that for one of your campaigns you are bidding manually, set a +50% mobile device adjustment. [8]
  • CPA bidding, in this case, will use the +50% device adjustment to increase your target CPA. [8]
  • Statistics Effectiveness rate remains high at 48 percent. [9]
  • Takeaways GAO’s effectiveness rate of 48 percent in 2021 dropped slightly from the record high of 51 percent in 2020. [9]
  • GAO’s sustain rate of 15 percent in 2021 is the same as in 2020. [9]
  • The use of ADR dropped in 2021, but the ADR success rate increased to 84 percent. [9]
  • The sustain rate of 15 percent for 2021 remained the same as in 2020. [9]
  • The ADR success rate, however, increased to 84 percent in 2021 from 82 percent in 2020. [9]
  • The total number of protests filed at GAO in 2021 was down 12 percent from 2020 and continued a downward trend from the high in 2018. [9]
  • The report also illustrates that GAO only used hearings in 1 percent of developed protests, which is the same percentage as in 2020. [9]

I know you want to use Bid Management Software, thus we made this list of best Bid Management Software. We also wrote about how to learn Bid Management Software and how to install Bid Management Software. Recently we wrote how to uninstall Bid Management Software for newbie users. Don’t forgot to check latest Bid Management statistics of 2024.

Reference

  1. hubspot – https://blog.hubspot.com/blog/tabid/6307/bid/23865/13-mind-bending-social-media-marketing-statistics.aspx.
  2. loopio – https://loopio.com/blog/rfp-statistics-win-rates/.
  3. rfpio – https://www.rfpio.com/blog/the-state-of-the-proposal-management-industry/.
  4. rfp360 – https://rfp360.com/rfp-statistics/.
  5. zippia – https://www.zippia.com/bid-manager-jobs/demographics/.
  6. savvyrevenue – https://savvyrevenue.com/blog/manual-bidding/.
  7. bls – https://www.bls.gov/ooh/business-and-financial/management-analysts.htm.
  8. tandfonline – https://www.tandfonline.com/doi/full/10.1080/23311916.2015.1133259.
  9. adalysis – https://adalysis.com/ppc-bidding-tools/.
  10. pillsburylaw – https://www.pillsburylaw.com/en/news-and-insights/gao-publishes-fy-2021-bid-protest-statistics.html.

How Useful is Bid Management

In essence, bid management is about making well-informed decisions regarding how much to pay for each click on an ad, based on a variety of factors such as target audience, keyword relevance, competition, and desired outcomes. It’s a meticulous process that requires a keen understanding of the digital advertising landscape and a strategic mindset to navigate the complexities of online advertising platforms.

So how useful is bid management, really? The answer is: very. In fact, bid management is integral to the success of any digital marketing campaign. Without effective bid management, businesses risk overspending on irrelevant clicks, underbidding on high-value keywords, and ultimately missing out on valuable opportunities to reach their target audience and achieve their marketing goals.

One of the key advantages of bid management is that it allows businesses to optimize their advertising budget by allocating resources where they will have the most impact. By continually monitoring and adjusting bids based on performance data, businesses can ensure that their ads are being shown to the right people at the right time, and that they are getting the best possible return on their advertising investment.

In addition, bid management also allows businesses to stay ahead of their competitors and maximize their visibility in the crowded online marketplace. By strategically bidding on relevant keywords and targeting specific demographics, businesses can not only increase their chances of capturing leads and conversions but also enhance their brand awareness and establish themselves as industry leaders.

Furthermore, bid management is a valuable tool for achieving long-term success in digital marketing. By analyzing performance data and identifying trends and opportunities, businesses can continuously improve their bidding strategies and refine their targeting to drive continuous growth and success in their online advertising campaigns.

Ultimately, bid management is an essential component of any successful digital marketing strategy. It provides businesses with the tools and insights they need to optimize their advertising campaigns, reach their target audience, and achieve their marketing goals. By investing in bid management, businesses can gain a competitive edge in the digital marketplace and set themselves up for sustained success and growth in the long run.

In Conclusion

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We tried our best to provide all the Bid Management statistics on this page. Please comment below and share your opinion if we missed any Bid Management statistics.




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