Every successful construction contractor knows that you can't bid everything. With limited estimating resources and the real costs associated with preparing proposals, developing a strategic bid hit list is essential for growing your business profitably. This guide will show you how to create and manage a hit list strategy that focuses your efforts on the most promising opportunities.
What Is a Bid Hit List?
A bid hit list is a curated selection of upcoming projects that your company has specifically targeted for pursuit. Rather than reactively bidding on whatever crosses your desk, a hit list approach involves proactively identifying and tracking projects that align with your company's strengths, capacity, and strategic goals.
Think of it as your business development roadmap—the projects you're actively working to win.
Why You Need a Hit List Strategy
The Cost of Bidding
Preparing a competitive construction bid isn't free. Consider these costs:
- Estimator time: 20-100+ hours per bid depending on complexity
- Site visits: Travel, time, and per diem expenses
- Document fees: Plan costs, specification printing
- Opportunity cost: Time not spent on other bids or operations
If your bid-to-win ratio is 10:1, you're spending significant resources on nine unsuccessful efforts for every win.
Improved Win Rates
Contractors who strategically select their bids typically achieve:
- 15-25% win rates vs. industry average of 5-10%
- Higher margins on won work
- Better project outcomes due to stronger fit
- Reduced estimating burnout
Strategic Growth
A hit list approach enables you to:
- Build relationships with key owners and GCs
- Develop expertise in profitable niches
- Plan resource allocation effectively
- Track market trends and opportunities
Building Your Hit List: The Qualification Process
Step 1: Define Your Sweet Spot
Before evaluating specific projects, clearly define what makes an ideal project for your company:
Project Size
- Minimum contract value
- Maximum contract value
- Ideal range
Project Type
- Building types you excel at
- Work you want more of
- Work you're avoiding
Geographic Range
- Primary market area
- Secondary markets worth travel
- Distance limits
Owner Types
- Government agencies you know
- Private developers you've worked with
- New relationships to develop
Step 2: Create Scoring Criteria
Develop a systematic way to evaluate each opportunity. Here's a sample scoring matrix:
| Criteria | Weight | Score (1-5) | |----------|--------|-------------| | Project type fit | 20% | | | Size within range | 15% | | | Geographic location | 15% | | | Owner relationship | 15% | | | Competition level | 10% | | | Schedule feasibility | 10% | | | Profitability potential | 10% | | | Strategic value | 5% | |
Projects scoring above your threshold make the hit list.
Step 3: Research Early
The best hit list opportunities are identified months before bid dates:
Public Projects
- Capital improvement plans (CIPs)
- Bond measure project lists
- Agency master plans
- Pre-solicitation notices
Private Projects
- Planning and zoning applications
- Building permit filings
- Developer announcements
- Commercial real estate news
Relationship Intelligence
- Owner conversations
- Architect/engineer project pipelines
- GC bid invitations
- Industry networking
Step 4: Active Pursuit
For projects on your hit list, go beyond passive bidding:
- Attend pre-bid meetings
- Ask questions during bidding
- Visit the site multiple times
- Research the owner's priorities
- Identify decision-makers
- Understand the evaluation criteria
Managing Your Hit List
Tracking System
Maintain a centralized tracking system with:
- Project name and location
- Estimated bid date
- Current status
- Owner and key contacts
- Competition intelligence
- Your pursuit actions
- Win probability assessment
Regular Reviews
Hold weekly or bi-weekly hit list reviews:
- Add new opportunities
- Update project status
- Adjust priorities
- Assign pursuit tasks
- Remove projects that no longer fit
Capacity Planning
Your hit list should align with realistic capacity:
- Current backlog and commitments
- Estimating team availability
- Bonding capacity
- Key personnel availability
- Equipment and resources
Hit List Categories
Tier 1: Must-Win Projects
These are your top priorities—projects with the best fit and highest win probability:
- Allocate maximum pursuit resources
- Senior leadership involvement
- Multiple site visits
- Relationship building focus
- Premium estimating attention
Tier 2: Strategic Pursuits
Good opportunities that advance your business goals:
- Standard pursuit process
- Assigned estimator ownership
- Regular status tracking
- Selective relationship building
Tier 3: Opportunistic Bids
Worth bidding but not heavy pursuit:
- Efficient estimating approach
- Standard bid preparation
- Limited pre-bid investment
- Fill capacity when available
Intelligence Gathering for Your Hit List
Competitor Analysis
For each hit list project, understand your competition:
- Who else is likely bidding?
- What are their strengths/weaknesses?
- What's their current backlog?
- Do they have incumbent advantage?
- What's their typical pricing approach?
Owner Research
Learn everything about the decision-makers:
- Past project preferences
- Evaluation criteria priorities
- Budget constraints
- Schedule drivers
- Risk tolerance
Project-Specific Intel
Gather detailed information:
- Design team track record
- Funding status and source
- Political considerations
- Community concerns
- Technical challenges
Common Hit List Mistakes
Chasing Too Many Projects
Having 50 projects on your "hit list" means you're not really targeting anything. Be selective—most successful contractors maintain 10-20 active targets.
Ignoring Capacity
Don't pursue projects you can't staff if you win. Nothing damages relationships faster than winning work and struggling to deliver.
All Eggs in One Basket
Diversify your hit list across:
- Multiple owners
- Different project types
- Various sizes
- Public and private sectors
Neglecting Follow-Through
A hit list without active pursuit is just a wish list. Assign specific actions and deadlines for each target.
Static Lists
Markets change, circumstances evolve. Review and adjust your hit list regularly.
Measuring Success
Track these metrics to refine your strategy:
- Hit rate on Tier 1 projects: Should be 25%+
- Overall hit list win rate: Target 15-20%
- Proposal cost per win: Calculate and minimize
- Margin on won work: Should exceed random bidding
- Strategic goal achievement: New markets, owners, types
Technology and Tools
Modern bid tracking platforms can help you:
- Monitor upcoming projects automatically
- Score opportunities against your criteria
- Track pursuit activities and contacts
- Analyze win/loss patterns
- Share intelligence across your team
Sample Hit List Workflow
- Monday: Review new opportunities from bid services
- Tuesday: Score projects against criteria
- Wednesday: Hit list meeting—add/remove/prioritize
- Thursday: Assign pursuit tasks
- Friday: Update CRM and prepare for following week
Building Relationships Through Your Hit List
Your hit list isn't just about projects—it's about relationships. For your target owners:
- Introduce yourself before bid advertisements
- Offer helpful information without strings
- Attend their industry events
- Provide references from similar work
- Follow up after bid results (win or lose)
Conclusion
A disciplined bid hit list strategy transforms construction business development from reactive scrambling into proactive pursuit. By clearly defining your ideal projects, systematically evaluating opportunities, and focusing your resources on the most promising targets, you'll win more work at better margins with less wasted effort.
Start building your hit list today. Define your sweet spot, create your scoring criteria, and commit to the process. The contractors who thrive aren't necessarily the ones who bid the most—they're the ones who bid smart.
ConstructionBids.ai makes building your hit list easier by aggregating opportunities from hundreds of sources and providing powerful filtering tools to identify your ideal projects. Start your free trial and focus on the bids that matter most.
