The Value of Market Research
Do you know the value of market research? Have you done your homework on the subject? As is the case with any business, a successful staffing firm demands profits. In the world of staffing, profits are achieved by delivering superb services to satisfied clients and candidates. Market research can help you to set goals and exceed them. Are you on top of the current trends? Do you anticipate your clients’ needs even before they approach you? Before convincing yourself that you don’t have the time or money to invest in staffing firm market research initiatives, take a look at the following points.
What Do You Need to Know?
If you are looking to run a successful staffing firm, there is a lot that you need to know. Who are you marketing your services to? What trends are prevalent within the industry? How do different factors impact the staffing cycle? When are clients most likely to have open job requisitions? Market research has the power to be an effective tool that allows businesses to gather and analyze data and apply that information to future marketing efforts. By anticipating industry trends and identifying new potential markets, your staffing firm can stay a step ahead of the competition and build your brand.
Know Your Audience
Do you think that you already know who your ideal clients are? Are you positive that you are marketing your services to the best pool of candidates? If you haven’t conducted any staffing firm market research initiatives lately, then you may be surprised by what the data reveals. Surveys, focus groups, and secondary research are all helpful in trying to get a better understanding of who your target audience is and where to find top talent for your clients. By gathering relevant data and carefully analyzing the facts, you are better able to plan a comprehensive marketing campaign and guarantee a return on your investment (ROI).
Know Your Competition
After you have identified who you should be marketing to, you need to know what you are up against. How aggressively are your competitors targeting this same population? What are you up against when it comes to oversaturation within the same demographic? Do other staffing firms have pre-existing relationships with clients in your area and how satisfied are these clients with the services they have been receiving? Is there an area of unmet need that you could be filling through your sales and recruiting teams? Keep in mind that competition is fierce in the staffing industry, so whatever you can do to differentiate your firm from the competition is well worth the effort.
Know Your Niche
Are your sights set on becoming an industry influencer within a specific staffing niche? If so, have you thought about how much you really know about that niche? Take the time to create some staffing firm market research initiatives that focus on the industry’s current needs and trends. Use market research data to create campaigns that show you have your finger on the pulse of the industry. Build solid client relationships with both clients and candidates by demonstrating that you understand what they are looking for and by showing them you are prepared to fill those areas of need. Be on top of fluctuations in the client hiring cycle and anticipate the constraints and pressures that hiring managers are under.
Know Your Data
Market research data comes in all shapes and forms, so you must do your homework to make sure that you understand what you are getting. Secondary research that has already been collected by others is usually available online and can be an economical place to start. Use this information to hone your efforts and determine what topics you want to gain insight into. Conduct surveys, focus groups and even exit interviews to identify areas where your services are in need of a tune up. Don’t make the mistake of gathering all of this research and then putting it on the back burner. Carefully analyze the data while it is still current and relevant, or else you run the risk of not showing a return on your marketing investment.
Key Takeaways for The Value of Market Research: 
- Do your homework so you know the capabilities of market research
- Use market research to better understand the frustrations of your target audience
- Identify the areas of need within your competition
- Know your niche of the staffing industry
- Carefully analyze your data and use the insights to shape your marketing initiatives
About S.J.Hemley Marketing
S.J.Hemley Marketing is a marketing and sales consulting firm focused on driving tangible results for professional services firms. Brand matters, but not without ROI. With over 20 years of sales and marketing experience within staffing and recruiting, we have helped to drive successful branding, sales training, lead generation activities as well as defining marketing strategy for top organizations.