How to Get the Most Out of Your Marketing Research Budget
The goal of marketing research is to collect information on your target audience and provide data to assist you with difficult business decisions. Is the time right to expand into a new market or open a second office location? Are there enough potential candidates in this new field for us to carve out a niche in the industry? Business owners rely on marketing research to reduce the risks associated with growth and major shifts in business or marketing strategy; however, it is important to determine the potential return on investment (ROI) on your marketing research to make sure you are getting the most value out of your budget.
Many firms choose to defer marketing research in an attempt to save money, but this move is potentially a very costly one for your staffing firm. Although the goal is certainly to not overspend and conduct research on every possible move you make, it is important to remain current in the industry. Staffing firms exist within a very dynamic environment and in order to stay at the top of the industry it is imperative that you gather information on what clients and candidates want, what your competition is offering, any demand shifts within the staffing industry, and potential future trends.
The easiest way to blow through your marketing research budget is to lose focus. While it is tempting to gather information on all aspects of the industry that have the potential to impact your staffing firm, spreading your market research across too wide of an area is bound to result in frustration and a lack of definitive results. In order to get the most out of your staffing firm’s marketing research budget, sit down with your team and develop a plan that details your areas of concern or goals you hope to accomplish. Ensure that your marketing research focuses on those exact points and do not stray from your plan.
Cost Effective Strategies
If the goal is to get the most out of your staffing firm’s marketing research budget, start by gathering any relevant information that already exists within your staffing firm. Depending on your marketing research goals, pertinent data might include client statistics, candidate preferences, financial records, current trends that your recruiters have noticed, etc. Create targeted surveys and ask your clients and candidates to provide feedback on your current efforts or future goals. Use the internet to access online articles and market trends for the staffing industry. After you have gathered as much of the free available data as possible, enlist the services of a reputable marketing agency to conduct primary research or contract with them to deliver specific reports on a fee-based schedule.
Would you sign on with a contractor and walk away to let him build your new house, or would you frequently be on-site to monitor the progress and stay on top of any potential issues? When you invest money in a project, it is essential that you remain involved and monitor the progress as well as any set-backs. Set goals and ensure that your marketing research team is achieving those goals and adhering to your established schedule. Holding everyone accountable for their individual responsibilities is the best way to ensure you get the most out of your staffing firm’s marketing research budget.
After the marketing research has been conducted, the return on investment (ROI) will be determined after some action has been taken (or not taken) by your staffing agency. Remember to keep accurate records of your efforts and track all new business. Your ultimate goal is for the investment in your marketing research efforts to result in long-term financial benefit to your staffing firm.
- Invest wisely in periodic market research efforts to ensure your staffing firm remains relevant
- Focus your marketing research goals on specific tasks
- Make use of cost effective strategies when collecting market research data
- Monitor your marketing research budget and adhere to a specific schedule
- Track your efforts to determine the return on your marketing research investment
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.