When the call comes in for you to put together a bid for a project, how do you handle it? Do you ask the right questions to create an estimate that’s going to give you the best advantage for winning the project? It’s okay to ask questions and in fact, I encourage it wholeheartedly. Ask questions like: Who is your competition? What’s the budget or range? Will the lowest bid win the job or will it be a combination of bid and creative choice? Does the creative have a first choice to win the project? You may feel uncomfortable being so forward, but if you want to put together a suitable bid, making sure that you have asked enough questions to appropriately prepare your estimate is KEY to winning the bid.
Where to Start
When you first start putting an estimate together, I recommend starting with the hard expenses. These are the items that you must have to do the job, like: crew members, digital files, equipment rentals, location or studio needs. After you’ve got these costs together, you can then start thinking about the other items that support these requirements, including props, surfaces and wardrobe, talent, and stylists.
All about Competitive Bidding
Competitive bidding doesn’t mean undercharging so much that you don’t get the budget you need to competently complete the project. Your estimate needs to demonstrate that you clearly understand the creative vision and goals and show that you can smartly problem-solve the project. As well, you need to be able to speak to the line items in your estimate to show how they solve your client’s problem. I suggest making it clear that you really want to discuss your ideas with the art buyer, producer and/or creative once you’ve submitted your estimate.
You’re Worth Your Fees
Fees are line items where you need to carefully consider a number of factors. Be sure to consider: the type of usage that your client is asking for, who the client is, the complexity of the project, the amount of time the project will take from prep work to completion and last, the relationship you have, or want to develop with the client. ALL of these pieces need to play a role in your determination of the fees for projects you estimate.
A Final Note
A good thing to find out is what role the client sees you having on the project. This will help you understand how much leadership you’ll need to provide. Also, think about how, creatively fulfilling the project is - is it something you would just die to shoot? Just because today’s market is terribly competitive doesn’t mean that you shouldn’t value your work, usage, creative perspective or time. DO NOT sell yourself short, but balance all of these pieces and factor them in to create an informed, fact-based decision.
