In this episode, I share one extremely helpful tool for conducting market research, the Federal Procurement Data System (FPDS), which is a database of government contracts. By searching for contracts related to your industry or product, you can gain valuable insights into which agencies are buying what, how much they are spending, and who the top vendors are.

To use FPDS effectively, it’s important to understand the various codes and classifications used in the system. PSC codes, for example, are used to categorize products and services, and can help you identify potential markets within your industry. By sorting contracts by PSC code, you can get a sense of which products or services are in high demand and which areas may be oversaturated with competition.

Another useful classification in FPDS is NAICS codes, which are used to classify businesses by industry. By searching for contracts related to your industry’s NAICS code, you can see which agencies are most likely to be interested in your product or service and who your main competitors are.

By understanding the data available in FPDS and using other research strategies, you can identify the most promising markets and position your business for success. Tune in to this episode to learn how.